VA Vendee--My experience with this loan progam Part 3 of 3 The Closing

By
Real Estate Agent with South Metro Property Management, LLC

lonely road in Henry CountyWill I ever recommend the VA Vendee program?  NO. My conclusion after this experience with the VA Vendee loan program has been that it is typical of other 1-800 or other internet-based lenders. You as an agent or as a buyer or both of you are going to have to to follow-up and follow-up some more. It's a loan program  offered through a Bank of America call center in Texas. You will not get the same service as you will from a reputable local lender.

You will find little information regarding this program on the internet because there are very few home buyers using this loan program. There are very few home buyers using it because it is a very difficult process. Hence, the long and lonely road. 

You can read Part 1 here. And Part 2 here about my buyer's experience buying a home in Georgia. 

Do you qualify for the VA Vendee program? Click here.

The closing was a great mystery. There were no answers from the loan originator. There were no answers from Bank of America. The loan processor for Bank of America demonstrated repeatedly that she knew very little about real estate transactions. She asked me several times if she should order title? Yes, yes, yes. Then she asked if she should arrange for closing. YES!! YES!! YES!! I gave here names and numbers galore for a closing attorney.

NOTHING.

After many many phone calls and emails we finally find out that she didn't know she was supposed to use a title company contracted by the VA for VA Vendee loans. That title company was Service Link, which is a the closing service for Fidelity National. 

How can a loan processor not know this? She kept asking me what she should do because she was getting no answers from her own company. She even told the listing agent that she couldn't let her know the status of the buyer's loan because that was private. WHAT???

Well, Service Link finally gets the package together from VA Vendee/Bank of America, sends an attorney to my buyer's workplace to have her sign the loan papers, and declares the transaction closed. (The attorney first shows up with completely wrong papers.) 

NOT. 

More than two weeks after closing my buyer and myself had to scream in emails and phone calls to get her copies of the loan papers. She was left with none. The closing coordinator thought the B of A loan processor would take care of sending them and vice versa. Finally, they sent them. 

Two months later my buyer has to jump up and down to get a copy of the warranty deed, which 2 months later was still not filed. Oh, because it wasn't signed and notarized at closing. 

This is what you get with Service Link, an attorney who at first shows up with the wrong loan docs, then doesn't make sure everything is signed properly. 

Did I mention the HUD had many mistakes? 

Beware of Service Link. Watch them like a hawk. It was later revealed that this sloppy closing was one of their firsts with the VA Vendee program and that they genuinely cared about these details. They did finally take care of the mistakes on the HUD, the copies of the loan papers, and filing the warranty deed. But, it was only through prodding. 

Perhaps there are success stories out there of "smooth as butter" transactions with VA Vendee. Perhaps now, they have worked out the kinks. 

Remember the squeaky wheel.

 

 

 

 

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Topic:
ActiveRain Community
Groups:
1st Time Buyers
Georgia Real Estate
Military Relocations
Mortgages
Realtors®
Tags:
va vendee
georgia
bank of america
experience
va
service link
fidelity national

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Anonymous #34
Anonymous
Sheri

Heather, ASK FOR HER MANAGER AND A NEW LOAN OFFICER: DEMAND IT. YOU TALK TO WHOEVER IT IS. NO EMAIL. BECAUSE THIS IS NOT RIGHT. YOU PAID MONEY AND YOU GET YOUR COMMENTS OUT THAT I POSTED: DISCRETIONARY SPENDING. NOT A DEBT.

March 27, 2012 11:48 AM
Anonymous #35
Anonymous
Sheri

If you keep up the pressure: she will KNOW that someone is behind you. KEEP UP THE PRESSURE AND GO OVER HER HEAD. EVERYONE HAS A BOSS.

 

March 27, 2012 11:51 AM
Anonymous #36
Anonymous
Sheri

Resubmit some other document that shows child care is not a debt. I'm not sure what you submitted that shows it's a debt. If she's so convinced she's right. Maybe that's why.... if that's what she's saying. If she's bs'ing you and shooting you a line, then call her bluff. However, if not, then challenge her subjective reasoning. Best to you, my friend. 

March 27, 2012 11:59 AM
Anonymous #37
Anonymous
Heather

Thank you Sheri for all of your great advise. Waited for a call back from the Vendee Manager, but no such luck. I explained to the processor that I felt it was unfair and that she needed to help me with this situation- 45 minutes later, she finally said that she would try to look into it. The offer is already off of the table and I just want to know whan I can reapply (or IF I should...). I have an appointment to look at a different home today- 40k below what I was trying for~ so we may go the smart route and aim for the smaller price. Not as big, but less of a headache with the lending. Thanks again for all of the support! I will write again if they change their mind. Thanks and have a wonderful day!

March 28, 2012 05:13 AM
Anonymous #38
Anonymous
Sheri

I wanted to post two links and info. BOA lost the contract to process Vendee loans. (No surprise there.) VRM will now process them and won the new contract beginning Sept. 28, 2012. http://va.equator.com/ More information is here: http://www.housingwire.com/news/va-hands-some-servicing-vrm .

Sincerely,


Sheri E. Chase, REALTOR ®
August 28, 2012 07:55 AM
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Rainer
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Karen Luke

Henry County Real Estate
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