Bad Experience with Approved Funding

We used Approved Funding for a loan on an apartment at the Edge and are unhappy with the experience. Approved Funding repeatedly issued rate locks and commitments with tight expiration dates, then had the processing drag out on their end beyond these dates. Although we responded promptly to every request, the process took over three months and we had to settle for a rate 0.625% higher than... [more]

We used Approved Funding for a loan on an apartment at the Edge and are unhappy with the experience. Approved Funding repeatedly issued rate locks and commitments with tight expiration dates, then had the processing drag out on their end beyond these dates. Although we responded promptly to every request, the process took over three months and we had to settle for a rate 0.625% higher than originally promised. Here is the timeline of our experience: October 8: Received contract from the Edge and given contacts for their preferred lenders, Approved Funding and Met Life. October 26: Signed contract and received quotes of 4.125% from Approved Funding and 4.25% from Met Life. For the sake of a mere 0.125%, we chose Approved Funding and the painful process began. October 29: Received application with rate quote at 4.125% and closing date of December 2. November 5: Submitted application including rate lock at 4.125% and credit card authorization for rate lock fee of $695, to be refunded at closing. November 12: Told “expect to have the conditional approval next week”. November 18: Told “expect the commitment today or first thing tomorrow”. November 29: Closing is adjourned without a new date. December 7: Received commitment letter with 4.125% rate and expiration of December 31. December 15: Told not to schedule a closing yet. December 30: Told “waiting on one item from the Edge which is the fidelity insurance other then that everything else is cleared”. January 5: Approved Funding office phone number stops working. January 7: Told that due to the expiration of paperwork associated with the Edge that the rate lock no longer applied and that we have to decide within hours to lock in a 4.75% rate or go with market rates at the closing. January 10: Received rate lock at 4.75% expiring on January 21. January 11: Told “we should be a go for clearance any day now”. January 19: Received new commitment letter with 4.75% rate and expiration of January 27. January 20: Confirmed closing date of January 27 and told rate lock extended at no extra charge. January 27, 10am: Seller’s attorney cancels closing due to snow. January 27, 11am: Approved Funding says extending the loan will cost 0.125% for 10 days. January 27, 12pm: Seller’s attorney is convinced to proceed with closing. January 27, 6pm: Finally closed and will never have to deal with Approved Funding salespeople again! By the way, the $695 is not really refunded at closing, it’s just a pre-payment of the underwriting fee. [less]