When interest rates are trending higher, the banks move very slow hopefully to get you to pay a higher mortgage interest rate. When interest rates are trending lower, the banks move very quickly to close at the higher rate. True cases:
Property 1: Under contract Sept 15, 2013 with closing date of Oct 30, 2013. The buyer was qualified, the appraiser went out quickly to the property and the settlement statement/HUD! was approved by lender Oct 25th and sent out to all parties. In the past you sometimes saw the HUD1 for the first time at closing.
Property 2: Under contract Sept 25, 2013 with closing date of November 27, 2013. The buyer was qualified, the appraiser went out quickly to the property and on October 24th the bank notified everyone they need to close on Oct 30, 2013. A whole month early.
These fast paced moves by the mortgage companies are just the opposite of what we have seen in the past two years. In the past two years the complaints have rolled in with the mortgage companies delaying things, asking for updated documents they already had, asking for a second appraisal, and many times not returning phone calls. One of two things are happening or maybe both. With the lowering of interest rates they want to lock in mortgages they quoted 30-45 days ago or with refinancing business slowing down, they want to hurry up and close so they can lay off workers in their mortgage departments before the end of the year. Either way, the banks just play with the money to their advantage not yours.