Customer Support Questions

LISTED BELOW ARE THE TOP FREQUENTLY

ASKED CUSTOMER SUPPORT QUESTIONS.

1. We completed an application Online and no

one has contacted us ?

When you submit an Online application, you will

automatically receive an email confirmation within

minutes. If not, maybe the email you entered on the

form was incorrect. Not sure? Just resubmit your

request! If it was correct, please check your junk mail

or spam folder. Why? Sometimes certain email

clients may not recognize emails from

1floridalending.com. If you find our email domain

name 1floridalending.com in your Spam or Junk

folder. Just add the @1floridalending.com domain or

specific persons at the www.1floridalending.com to

your email contacts and/or safe senders and/or white

list. Also, some email providers allow you to mark

certain message as “NOT SPAM” or “ALLOW

SENDERS” etc. If your still having issues, please

contact Customer Support using the form below.

2. We have not been updated on the status of our

loan for many days?

There are no set update timelines on an active loan

file. The frequency of a loan updates varies

throughout the loan process, but are generally sent

twice weekly after your loan documents are submitted

to our processing/underwriting department. Updates

may increase depending on the type of loan, requests

for additional documentation, underwriting issues,

holidays, and secondary reviews. The delivery

methods for updates may vary from email, text

message and/or by telephone.

3. Why are there delays?

Generally speaking, most loans take 21 to 35 days to

receive final approval from underwriting. This timeline

starts when a completed loan file and the required

documentation are submitted to underwriting for

approval. It is important to note, that there can be a

host of reasons for delays any time throughout the

loan process. On the underwriting side, the most

common delay is when underwriting requires

additional documentation and/or requests updated

documentation even after issuing a conditional

approval.

On the borrower’s side, there could be document

errors, incorrect information, missing bank statement

pages, unreadable or illegible documentation, credit

rating changes during the review period and not

providing documents in a timely manner when

requested or sometimes borrowers fail to disclose

recent purchases, litigation, child support etc...

Needless to say, there are too many variables to list

here and borrowers should expect the unexpected.

The good news is that these are the exceptions and

not the rule with most of the "issues" listed above are

resolved quickly.

4. Why are the cost, fees, rates and other charges

higher that what is discussed on the Initial Loan

Estimate and/or Closing Disclosures?

Based on new laws initiated back 2005 that mandated

that lenders issue Initial Loan Estimate and/or Closing

Disclosure. This forced all lenders to overestimate

cost, fees etc ..the Initial Loan Estimate and/or

Closing Disclosure and then provide borrowers with

the final "actual " numbers (which is usually lower)

once underwriting sends you the Final LE/Closing

Disclosures.

Why, because the new law makes it illegal for any

lender to surprise a borrower with higher charges on

the Final LE/Closing Disclosures that underwriting

sends you to sign. Simply stated, we can always

raise and overestimate charges, but we can never

change or reduce fee, charges etc. on the Final

LE/Closing Disclosures once sent by underwriting. In

that case we would have to pay the difference

Below is a broad outline of why lenders sometimes

overestimate fee, charges etc on a Initial Loan

Estimate and/or Closing Disclosure

•

A change of circumstance

•

You decide to change the kind of loan, for example

moving from an adjustable-rate to a fixed-rate loan

•

You decide to reduce the amount of your down

payment

•

The appraisal on the home you want to buy came

in lower than expected

•

You took out a new loan or missed a payment on

another loan, and your credit score has changed

•

Your lender could not verify your overtime, bonus,

or other income

•

The interest rate on your loan was not locked, and

locking the rate caused the points or lender credits

to change

Once you receive the "Final LE/Closing Disclosures"

from underwriting will reflect the locked rate and

actual accounting of all charges, fees etc including

settlement charges.

5. Processing Fees (1st Florida Lending) • Current Cost: $1,199 per file (this fee can change without notice) • What It Covers: The initial processing of the loan application and file from start to closing •

If you have any further questions. Please email

customer services at

support@1floridalending.com