"Things went (ended) well, but there were hick-ups in the processing. Merilee and I are a "commuting couple". I'm in Helena, MT 3 weeks a month and in West Jordan (the house we refinanced) one week. ...Things went (ended) well, but there were hick-ups in the processing. Merilee and I are a "commuting couple". I'm in Helena, MT 3 weeks a month and in West Jordan (the house we refinanced) one week. Because I initiated the loan process and am not in the hose more than half time, this seemed to stump the the processors. Apparently, had Merilee initiated the loan process there wouldn't have been a problem since she lives there full time. Both our names are on the loan, this seems completely aribitrary about who initiates the loan. Second, they didn't count all my income initially. I'm a pastor, so I my income contains both a Salary and a Housing Allowance. Over a month into the loan there were messages that we didn't quite meet the debt/income ratio. First the processors were trying to deal with a credit card's reported monthly payment (was it overstated), and then it came to light that only a portion of my housing allowance was being attributed to my income. Rocket Mortgage was only allowing what the new mortgage payment would be toward my Housing Allowance. Two big problems: a)housing allowance covers rent/mortgage plus utilities, and anything I purchase to equip/maintain the house (furniture, yard equipment, decorations, repairs, appliances, etc.), b) it only makes sense to overestimate your Housing Allowance. If you overestimate, what wasn't "used" turns back into Salary on your tax return. If you underestimate you can't after the fact claim some of your Salary as Housing Allowance. So, pastors overestimate, and convert the excess back to taxable income. Rocket Mortgage should count the entire Housing Allowance as part of a pastor's income. Additionally, the fact this took more than a month to come out is a problem. I could have pointed out the error in Rocket Mortgage's processing if anyone would have made it clear not all of my income was being counted early on. These delays caused my loan not to close in the 45 day window. Then Rocket Mortgage added a quarter point fee to the loan for extending the lock. After I explained that I wasn't the delay in the loan closing (I always got info in right when requested) but the fumblings over the above to issues the agent said he would seek removal of that "penalty" point. I'm pleased that it's removal was promptly approved and removed. Lastly, as I included you in a message, after the first loan estimate, the subsequent loan estimates kept showing a one point origination fee. It was explained that that was an error, and there would be no fee, but with each new iteration of paper work I was forced to call and inquire again that no origination points were being added to the loan. It would have been more reassuring if the erroneous points didn't show up on the Loan Estimates. Matt, if you helped in resolving any of the issues that came up I sincerely appreciate your efforts in helping the loan proceed. Ultimately the loan closed under the terms I anticipated (terms as we discussed); it would have been nice to have the loan close in the original 45 days."
