Office of Foreign Assets Control.....THANKS FOR THE CLOSING NIGHTMARE!

By
Mortgage Banker with Larry Bettag - Cherry Creek Mortgage

So...I have a closing today that closes at 1:00 pm.  We're done in less than 60 minutes.  Smoooooooooth as can be.  Now.....

Just waiting on the wire...

Wire was released, but the warehouse lender has to check with the Fed as well as OFAC or Office of Foreign Assets Control.  Check out the site from the Treasury.... http://www.treasury.gov/about/organizational-structure/offices/Pages/Office-of-Foreign-Assets-Control.aspx

The primary hold ups are really twofold.....

  1. Terrorism threats
  2. Determining if the individual has controlled or seized assets

I have had some hold ups before with names like Bob Smith and Julio Lopez...very common names coming on the terrorist list that always get cleared.  The controlled assets I have yet to encounter until today, but again....a very common name.  Sooooooo.....the warehouse bank says that they have the clear from the lender, but the Fed is holding up the release because of OFAC.

I kinda want to say "O F__ on OFAC, but I suppose....if it's a matter of national security....  But the buyer will really be put out if things don't get funded by tomorrow.

 

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Topic:
ActiveRain Community
Location:
Illinois Kane County Saint Charles
Groups:
ETHICS and the REALTOR
1st Time Buyers
Best Business Practices
Local Expert
Almost Anything Goes
Tags:
headaches
buyer headaches
government intrusion into lending
office of foreign assets control
ofac

Comments 4 New Comment

Ambassador
777,071
John McCormack
AlbuquerqueHomes.com
Albuquerque Homes Realty * www.AlbuquerqueHomes.com

Larry, the first of the month I had a buyer who's 'transfer' was MIA from Thursday morning till the following Monday.  It was a first for me but it was the big box banks bad.  Made for an otherwise smooth transaction.

June 28, 2012 11:10 AM
Rainer
276,566
Steven Cook
- Pierce, King, Kitsap, Thurston, Mason Counties

Larry -- if there weren't last minute issues like this, ANYONE could do our job.   RIGHT!  ;-)

June 28, 2012 01:22 PM
Rainmaker
159,969
Louise Thaxton
Military Mtg Specialist - 866-960-9115 VA FHA USDA NMLS 69996
Fairway Independent Mortgage Corp Louisiana NMLS#2289

Good grief, Larry!  Sometimes it just makes you wonder .......you do your job perfectly and then something way, way, way beyond your control.....hopefully everyone was understanding.

I guess that what drives me crazy - all the stuff that there is no way to forsee or control......

June 28, 2012 02:48 PM
Rainmaker
779,473
Joe Petrowsky
Your Mortgage Consultant for Life
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709

I feel your pain. In our line of work, you see new things today that make a simple process, take much, much longer.

I have been in the mortgage business since the 70's, there are days I feel like I just started the day before.

June 29, 2012 12:34 AM
Ambassador
872,143

Larry Bettag

Regional Vice-President
What to know how to buy if you're a bit credit challenged?
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