My current lender got bought out by a new lender. My home is scheduled to be completed by the 6th of October with loan closing about a week later. Sales thinks the current lender wont be able to fund the loan in time and closing may get held up up to 30 days while the licenses are transferred to the new lender. My current lending team is moving to the new lender. My current lender says they will still be able to close the home loan on time. The new lender wants me to transfer my FHA case number and appraisal but I really don’t want to do so until I get a loan commitment from the new lender and know for sure that my current lender wont be able to perform timely.
Has anyone ever experienced this?
Any words of advice or recommendations?
How long will it take for the licensing to transfer to the new lender? Would this prevent my home from closing on time?
Is it wise to proceed with the rate lock with my current lender?
Should I ask the new lender, which would be a back up lender, for a written loan commitment? Is there anything else I should request?