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max1026
Posts: 4
Registered: ‎02-07-2013
0

So many problems with Parkside Lending on a condo loan

I am trying to purchase a condo. My friend who is a loan broker submitted my loan to Parkside Lending. They are unresponsive, un-operative and pick on every unrelated little thing. I have a FICO score of over 800, stable job and good income. After writing letters after letters of explanation, they wanted me to provide transcripts from college that was dated years ago. After finished picking on me, they start picking on the HOA. They keep asking for data that had been uploaded again for multiple times and each time, we were put back to the 48 hours queue and the clock starts all over again.

 

The final straw now is they want the HOA to explain some silly random questions like when they are going to do the chaulking of the building (the complex is only 7 years old, What the ???), why there are HOA delinquencies and what are they going to do with it, and why the Fidelity bond deductible is $25k. The HOA is not getting a loan and they have not the slightest interest whether I get one or not. They told me that these are the silliest questions that they have encountered; they had dealt with many banks like Bank of America, Citi and it is on the preapproval list of Wells Fargo. In fact, all loans get sold to Fanny Mae so as long as the HOA satisfy the Fanny Mae guidelines which include the number of rented vs. owner units and the percentage of overall HOA delinquencies, I really don’t see the point of these extra explanations. The borrowers will bend over backwards to accommodate these silly things because they want the loan but the HOA simply doesn’t have the time and has no interest to care.

 

The closing deadline is next Friday and I still don’t see the end of the saga. I am going to lose this deal along with the money that I already spent on inspection, HOA doc and appraisal. The seller will probably want to retain part of the deposit due to non performance. I am so regretting going with Parkside Lending; I should have gone with the more reputable mortgage companies such as BOA or Wells Fargo.  

Regular Contributor
Adam070
Posts: 113
Registered: ‎07-31-2012
0

Re: So many problems with Parkside Lending on a condo loan

just switch to wells/boa and ask seller for extensions

Visitor
max1026
Posts: 4
Registered: ‎02-07-2013
0

Re: So many problems with Parkside Lending on a condo loan

We already asked for one extension and this is a short sale. I don't think we can get another 45 days extension if we start over.
Contributor
Ptowner
Posts: 38
Registered: ‎06-27-2012
0

Re: So many problems with Parkside Lending on a condo loan

Since you already have all your document ready, switching to another lender. It will take you 10-15 days to get it done. as far as what I heard from the loan agent. Some of the banks is slow and picky, they don't have enough fund to lend, they couldn't unload the loan to Fannie/Fredic fast enough.

Gold Super Contributor
Jil
Posts: 3,135
Registered: ‎10-24-2011
0

Re: So many problems with Parkside Lending on a condo loan

[ Edited ]

max1026,

 

This is very common mistake the first time buyer makes often. Here is some tips. Look out mortgage banker instead of big banks or brokers. I have sent Private message to you some contacts available locally (cupertino and willow glen), explain the situation, they can do it in 21 days (if all things are clear - i can not guarantee). Going to big bank is again nightmare.

 

There are two mortgage bankers in redfin mortgage forums, they are very good in response. MassLoanOfficer or loansbyjw consult them whether they can do in 15 days or 21 days. This is the best bet you have can now! 

 

Lending has direct banks, direct lender(mortgage banker) and mortgage brokers. There are pros and cons in choosing them. Over all, given the situation of strict financial rules and timely closing fo the loan (especially purchase loans, not refinance), direct lender is best over the banks and mortgage brokers.

Big Banks (BOA,chase, CITI..etc) ==> Best loan rate, but you never know when they close! Nightmare delay very likely!!
Mortgage brokers ==> Zero Cost, Low Interest Rate, very nice talking, local people. They simply serve you, but they are depended on another lender (Big banks, Direct Lender or some finance company). You do not know or do not have any control on their timely closing as they depended on others. Neither they can be blamed for delay or rejection.

Both have the inherent weakness/Risk that may likely spoil your purchase (If you are lucky, exceptions are there!).

Direct Lender (mortgage banker) ==> They verify documents, straight forward and upfront information, fast review, fast approval and fund within time. But may have cost and/or little interest rate additionally. They are incredibly fast and very good timing to close the loan. They will later sell your loan to other parties.

I had all these experiences during the past 2 years on finances and refinances. If I were you, I would choose Direct Lender (mortgage banker) over the other parties, especially purchase loans.

 

Good luck.

 

Silver Regular Contributor
Fishmarty
Posts: 681
Registered: ‎08-25-2012
0

Re: So many problems with Parkside Lending on a condo loan

I strongly suggest that you try Prospect Mortagage:

 

Risha Kilaru

Cell: 510-209-7374

Office: 510-580-2755

 

She is based at Fremont, CA. Call her whereever you are. She can refer you to a local Prospect Mortagage office.

 

My first rental purchase loan (short sale) was denied and we switched to her. We closed in 15 days! And I only went to her for our next rental purchase.

 

Like our case, you have all the documents, appraisal, HOA and realtors' information and terms on the condo. Prospect can review and decide if they will accept you loan application and then speed to the underwritter to close your loan.

 

If they take your loan you can ask for a 2nd extension. Don't worry the seller, by this time he doesn't have any backup buyer left. But you need to show him solid evident you are working with 2nd lender who will close the loan soon.

Gold Super Contributor
Jil
Posts: 3,135
Registered: ‎10-24-2011
0

Re: So many problems with Parkside Lending on a condo loan

[ Edited ]

Fishmarty wrote:

I strongly suggest that you try Prospect Mortagage:

 

Risha Kilaru

Cell: 510-209-7374

Office: 510-580-2755

 

She is based at Fremont, CA. Call her whereever you are. She can refer you to a local Prospect Mortagage office.

 

My first rental purchase loan (short sale) was denied and we switched to her. We closed in 15 days! And I only went to her for our next rental purchase.

 

Like our case, you have all the documents, appraisal, HOA and realtors' information and terms on the condo. Prospect can review and decide if they will accept you loan application and then speed to the underwritter to close your loan.

 

If they take your loan you can ask for a 2nd extension. Don't worry the seller, by this time he doesn't have any backup buyer left. But you need to show him solid evident you are working with 2nd lender who will close the loan soon.


True, they are they best mortgage banker locally, I have given the  Prospect Mortagage (willow glen) contact to you in my PM, Billy Cunningham, 408-792-2085 Direct, 408-203-1126 Cell . Choose the nearest  Prospect Mortgage person and sit with them for an hour.

 

Just two days before too, I went for refinance with five different agencies, BOFA,Wellsfargo, 2 Mortgage Brokers and  Prospect Mortagage. All four failed to lock the rate and Prospect Mortagage locked finally. They gave me 3.5% of a super jumbo loan with some cost, I am ready to accept the cost! My previous purchase, they closed it in 25 days incredibly. This is my realtor's reference, they are very fast, in house underwriter review and fastest approval.

 

 

Super Contributor
PoorOwner
Posts: 215
Registered: ‎10-08-2012
0

Re: So many problems with Parkside Lending on a condo loan

Here are some reviews of the lender you used..

read the filtered reviews too, some of them sounds similar to what you posted here

 

http://www.yelp.com/biz/parkside-lending-san-francisco

 

Silver Trusted Contributor
SamShuehRealtor
Posts: 930
Registered: ‎10-27-2008
0

Re: So many problems with Parkside Lending on a condo loan

[ Edited ]

Why did your friend even suggest this lender? Bigger institutions look at more important issues. College transcripts is not one. If you recently graduate from medical school, they want a proof of job offer. What does your lender care about your gpa?

 

You can contact your agent to extend the contract so it will not fall through.

Regular Contributor
Siccished
Posts: 67
Registered: ‎12-05-2011
0

Re: So many problems with Parkside Lending on a condo loan

That sounds like the same story that happened to me with Amerisave, except it was a SFR so no HOA nightmares. I sent them my transcripts as proof that I went back to school during a period of unemployment. I think in my situation they wanted me to prove I was truthfull with a story i gave them.