clear to close - the fastest bank

Allan Traub of Guardhill Financial.

It's not the bank so much as the individual at the bank. My two cents: David Axelrod at BofA.

Some lucky nites. I can get her to close the deal in 60 seconds.

Joshua Michelman at wells fargo. joshua.michelman@wellsfargo.com

He's the best. I'm currently scheduled for a co-op closing. We were "clear to close" about 2 weeks before the co-op board interview.

flarf is right on the mark. I went to a branch of Wells Fargo highly recommended by my employer. It was a nightmare and took twice as long as it should have. I tried to switch the loan application to another branch but it was too late in the process. I wound up calling their headquarters to get things moving along.

Mind you, I had submitted all the documents to Wells Fargo and they were reviewed as the contract was being negotiated on my new place. I was putting down 65% and could have paid cash for the new place, so our finances were not an issue.

Jelj, I put down 75% and with Wells Fargo, they kept asking for more and more documents.When I finally got pissed and said screw it, I'll close without your loan and pay it all, they succumbed.

Banks aren't used to people telling them they are not needed.

But in my case it wasnt the "branch mortgage broker" but the bank itself.

I assume that you're trying to push through a 2013 purchase, which might be tight....sunny hong isn't on these boards as much as he used to be, but I recommend speaking with him. He's been able to fast-track things for my clients when they needed it.

ali r.
DG Neary Realty

Had a terrible experience with HSBC underwriting so I would advise avoiding. Good experience with First Republic.

The worst: Guaranteed rate

I'd caution against using HSBC for mortgages. It's a foreign bank that doesn't necessarily need to adhere to all of the relevant consumer banking protections here in the U.S.

Is NYCMatt suggesting that HSBC gives a mortgage and then takes the money back and so the owner/tenant gets evicted/foreclosed upon?

what truth is saying is what I am afraid of- the mortg officer can be the best, but it is the underwriting is where things get messed up with countless requests for more docs and clarifications, etc excuses for delays.

wonder is it possible a bank to do everything in 30 days - organize the appraisals, review them and process all docs successfully?

"wonder is it possible a bank to do everything in 30 days - organize the appraisals, review them and process all docs successfully?"

Depends on the bank.

Mellon can close the whole thing in 15 days. I've even seen them do it in as little as a week. But you need to be a client.

Mellon was taken over by Bank of New York. Sorry Richard King.

Actually, it was MELLON who took over BoNY. Get your facts straight.

Anthony Sherman first republic. 2 week close. Not a ton of paperwork. Best bank ever.

I second Flarf, David is pretty amazing. renewed my faith with BofA (whom I previously thought should be avoided). The point is that it is the person you are dealing with at the Bank, don't under estimate this. Do not just walk into Chase etc and ask to see a mortgage specialist, you MUST have a solid recommendation. The banker you deal with will either make it a bearable experience or absolutely have you pulling your hair out!!

In the past I made no referrals (you know what they say about taking a referral from your RE broker :) Now we have a team of some of the best; architects, bankers, contractors, engineers, attorney's etc.

Keith Burkhardt
the burkhardt group

I think someone mentioned it already but it is more the individual than the bank. I always said that you can go to 2 different mortgage bankers at the same bank and get 2 different results. There are many moving parts in the loan process so talk to the mortgage banker and have them explain a step by step timeline and they should give you updates as certain things get accomplished. A clear to close in 30 days is certainly feasible. And remember, it also takes the buyer's cooperation in getting documents in asap when needed. Avoid a banker who is going to just start the process and then pass it off to someone else to finish. Make sure they will be your point of contact from start to close. Sunny.hong@decapitalmortgage.com NMLSR 483661