Citywide Home Loans

When Mr*** came to Citywide Home Loans for a loan to fund the purchase of a remote cabin in Utah, he had already been denied financing by his credit union. Due to the nature of the property, it was difficult for the appraisal management company to find an appraiser and set up the
appraisal time since the seller and agent were away on vacations. There were additional delays that occurred during the process of originating the loan. Although there were delays in the origination process, Citywide does not believe they should be attributed to poor performanceCitywide’s loan officer explained that it was possible for the loan to close in days if there were not issues. However, with appraiser availability issues, non-year round access issues to the cabin, underwriter conditions requiring satisfaction, second underwriting review, and borrower unavailability, the loan did not fund until July 15th. Citywide’s records reflect that its staff was in regular contact with Mr*** regarding the issues that arose during the origination process. Additionally, the loan officer went over the 15% down requirement for the investor’s program in detail with Mr*** who agreed to the term. The loan has been closed and, although Mr*** was not able to enjoy it on the July 4th weekend, he can enjoy it for many years to come