IndyMac Mortgage/Refinance tracking thread

I thought it would be a good idea to start a dedicated thread since there are a lot of people who have applied for a mortgage or refinance and are having issues. This keeps the other thread clean.

Please update the Quick Summary with your latest issues!

Here's my timeline:

Dec 17. Locked 4.625 with 0.325 rebate points for a conforming jumbo with an LTV < 50% (SF Bay Area)
Dec 18. All docs sent.
Dec 19. eDisclosures received.
Dec 20. Appraiser called.
Dec 22. House appraised - nice guy, haven't received anything back yet.
Dec 23. GFE received after multiple requests with a loan amount about $7000 higher than requested.
- Closing costs about $2800.
- Sent email off to loan agent, and he said the discount points aren't factored in yet, and that the principle will change.
Dec 31. IndyMac receives my appraisal.
Jan 8. Mortgage note provided.
Jan 14. Estimated closing statement ordered.
Jan 20. Notary came over. All paperwork in order. Successfully signed! Funding on Friday.
Jan. 25. Funding day passes, and I get a call saying that I need to sign some more paperwork. Annoyed. Paperwork signed and sent back.
Jan 29. Officially funded. Awaiting final settlement paperwork.
Jan 30. Received check from title company for difference in interest payments.
Feb 2. Original BofA mortgage is off my online account. Guess the refi went through!
Feb 20. Received my first statement. Loan number on invoice doesn't match my original loan application. Registered online using the new number. I did submit a payment through BofA using my original loan number and that was reflected online.
Mar 29. IndyMac charges my AMEX for mortgage payment even after I withdrew from the program and never paid a fee. Go figure.

-- Rebate paid for the closing costs except the Origination of $495.
-- Never paid the $290 lock/application fee.
-- Just had to pay the interest and origination.
-- My Loan Consultant was JO and my Loan Processor was KC, in Irvine, CA.
-- Both were super responsive via email.
-- Overall very satisfied.

Good thread. Where are the people getting these rates? I've been checking the site for three weeks now and the best refinance rate I've seen is 4.75 with .5 additional points (not rebate). Do you get better rates when you call? Is it also driven by the property location?

They show me GFE and they have fees

origination fee 495
loan discount fee 223
processing fee 395

along with other fee. Is it normal?

Just a guess, but the sale of IndyMac will probably not take place (close) for several months, so those of you whose loans are in the pipeline now will probably be OK.

12/24 Called and locked at 4.875 with 0 points - worth noting that he waived the origination fee entirely, received eDisclosures and confirmation in email of the origination fee waive

12/28 Faxed all requested documents

12/30 Appraiser called and made appointment for 01/02

12/31 Received GFE - origination fee showed up as $495, emailed and got it removed and new GFE received, total closing costs $1831

01/02 Appraisal done

01/07 Indymac emailed me the appraised value and it was good enough to move ahead. Rep says close by end of next week. I also asked for a copy of the appraisal since it was below my tax assessed value. L.O. said he would give me a copy at closing.

01/26 Notary came over, I signed all the paper

02/02 All done! Total closing costs was reduced to just over $1400 - GFE was a little high.

Overall, I've received very prompt service - keeping my fingers crossed that it goes through problem free.

What are the rules regarding PMI, as my home has lost value I can no longer qualify for <80% LTV.

Do you have to pay PMI until the loan reaches 80% of the original appraised value? Is it possible that in a few years when prices go up (hopefully) you can have the house reappraised and if current level of the mortgage is less than 80% of the appraised value then you can have PMI dropped?

You can get there by payments or by the house appreciating.

However, your lender is not required to accept a new higher appraisal as a basis to cancel PMI.

See this article:
rules for dropping PMI

Just curious innuen6o-I am having the same problem with the rebate not showing up on the eDiscosure. Did you sign and send the docs with the wrong numbers on them? I've been assured that the numbers will be changed on the docs as it gets closer to closing, and I also want to send the docs to them by the date it says on them so it's not an excuse later, but the wrong numbers are on them. Should I sign but change numbers first? Locked a 4.625 with rebate to cover all costs on Dec. 17th AM.

Great thread idea.

12/17: Applied for 4.625 with .378% rebate. Received GFE via email. Fields 803, 804, 810, 811, 824, 1101, 1108 zeroed by rebate.
12/18: Received eDisclosure. Origination reduced by $500, 803, 804, 810, 824 has shown back up on borrower's side. No AMEX payment line.
12/19: Emailed agent regarding discrepency. Agent sent updated GFE with 803, 811, 1101, 1108 removed but 804, 810, 824 still on (~$15).
12/23: Appraiser came

Current:
- Waiting for appraisal results
- Waiting for AMEX to be listed
- Waiting for confirmation of discount points, fully updated GFE, etc.

I'm not sweating it since the GFE difference is so small now. Figure I'll clear everything up after the appraisal's done and they get back to work on Monday. I will NOT sign any eDisclosure until I'm sure of the terms, especially the eDisclosure GFE.

Things have been dragging with my Indy refi so I asked my loan consultant if my rate lock would be extended if necessary and he replied that it would. He said things are moving slowly because they are swamped.

Wed 12/17  Applied/Locked (4.5% w/ 0.328pts, conforming jumbo, 80% LTV)         
Thu 12/18  Sent in all requested documents       
Thu 12/18  Requested & rec'd $500 off orig fee 
Fri 12/19  Rec'd eDisclosures, GFE looked good (missing AMEX)     
Sun 12/21  Appraisal               
Sun 12/21  Assigned Loan Processor 
Wed 12/31  Rec'd Appraisal Results       

tazzy531 said: Sorry for dumb question, but what is the AMEX line?Referring to a $395 charge that should appear on the GFE for this program

Are people refinancing from other banks or modifying outstanding Indymac mortgages? The mortgage tax in NYC where I live is very high, but can be avoided I believe by modifying an existing mortgage instead of originating a new one. My mortgage is a 5/1 I/O ARM, which Indymac no longer offers, which will probably make modification a harder task as well.

Asked my Loan Agent if I could get a discount on the Origination. He said he had no control over those fees but will try to make other concessions. Go figure

mountv said: This is just an FYI.. I spoke with Indymac today to get some questions answered. The LO did mention that your Debt-to-Income ratio has to be no greater than 50%. That wasn't a problem to me but thought I would post that up for others to know.

It seems like many of you guys refi'ing through Indymac are having your GFE differ from what you were told.. how are you getting this corrected in writing? Esp. those with rebates, 0 Points, and having your Origination fee reduced?

Also those of you who have had appraisers come out.. did you find that they were appraising the value of your home current market value, or way under? The LO asked me what I thought my home was worth and I told them what zillow said but also stated that I thought zillow was off considering we just remodeled.

The Debt-to-Income ratio that they quoted of 50% was that for ALL regular bills or just mortgage/PMI/taxes/property insurance? I was wondering because I have heard some places want to look at your utility bills and even cable TV.

mountv said: EEngineer said:
The Debt-to-Income ratio that they quoted of 50% was that for ALL regular bills or just mortgage/PMI/taxes/property insurance? I was wondering because I have heard some places want to look at your utility bills and even cable TV.

The LO said not including utilities..but I am not sure if cable would count as a utility.

If you intend on only refinancing your first mortgage and currently have a mortgage that is subordinate for 10% LTV with another lender do they include that in the debt-to-income?

KingCheap said: jayK said: KingCheap said: So, are any of you at all worried about the fact that Indymac is about to be sold? Did you know about their financial difficulties? I'm not trying to burst anyones hopes. If you can lock a good rate then the worst that could happen is your mortage servicing might get sold to someone else. As long as that doesn't bother you, then okay. Fannie says Indymac owes about 1 billion in mortgage obligations. Is this another Countrywide mess about to explode?Which financial difficulties? The private equity firm that is buying Indymac is getting a great deal...the FDIC will assume 80% of Indymac's accrued losses.

http://www.latimes.com/business/la-fi-indymac3-2009jan03,0,7974615.story

Debtors of firms with financial difficulties have nothing to worry about, it's the creditors who need to be concerned.

Read this:
http://www.foxbusiness.com/story/markets/industries/real-estate/...OK, so Indymac may be on the hook for $1B in mortgages that it sold to Fannie Mae. Of course, Indymac may provide warranties for some of those loans, the loans it does buy back obviously still have value, and the PE firm acquiring Indymac will only be responsible for 20% of the loss.

Some SWAG figures here: if Indymac cannot provide warranties for any of the 1B in loans, and the value of those loans ends up at, say, 70 cents to the dollar on average, the total loss would be $300M, of which $60M would be the responsibility of the acquiring firm (the rest would be absorbed by the FDIC).

These "financial difficulties" are a rounding error considering Indymac's purchase price of $14B.

http://www.google.com/hostednews/ap/article/ALeqM5iDylzMGO3EPFlhl_0MVcrH0mbanwD95FOTJ80

Odd, I receive a rate of 5.75 with 0 pts when I use their online quotation tool. Any idea why my rate is a full point higher than other posters? I'm in SC. Thanks!

Can you apply without locking? Meaning.. give them all the info but don't lock until you're ready? Also is there any pre-payment penalty? With all the LO being swamped and I imagine even busier the next couple of weeks I don't want to miss out on a rate because they are buried in applications.

innuen6o said: mountv said: Can you apply without locking? Meaning.. give them all the info but don't lock until you're ready?
I had to give them all my info (including credit pull) before I could get an accurate rate. I had the choice to lock at that point.

mountv said: Also is there any pre-payment penalty?
No prepayment penalty.

Did you have to pay any app fees before locking?

Spoke with my loan agent a while ago...my appraisal is still in appraisal review, once that is approved then it goes to underwriting. IndyMac has not set up the time and date with the title company yet and we have to close next week. The loan agent says that we should still fine to get it done on time.

I got the form for the AMEX Express Rewards Mortgage program, I don't think I'm going to do this. In the disclosures:

Eligibility. To be eligible for the Program, you must qualify for and close on a
participating loan under IndyMac Bank’s Program, and you must be authorized
by the issuer of your American Express Card to make the anticipated monthly
payment. This authorization does not guarantee that the issuer of your
American Express Card will authorize your first monthly payment or any of your
ongoing payments on the Card. If you are not approved for the Program, you still
may be eligible for a non-Program mortgage loan from IndyMac Bank.
American Express is not responsible for the financial services offered by
IndyMac Bank, for any loan decisions of IndyMac Bank, or for any loan that is
made under the Program. IndyMac Bank is not responsible for the issuer not
authorizing your first monthly payment or any of your ongoing payments on
the Card.

Program Fee. You must also pay IndyMac Bank loan-related fees, including a
one-time Program participation fee of $395. This fee is non-refundable and shall
not be returned to you even if the Program terminates, if your loan is removed
from the Program, or if the charging of your monthly payment to your American
Express Card is declined.

Program Termination. It is expected that the Program will extend, at a
minimum, through April 8, 2011. However, it is possible that the Program will
terminate at any time, that IndyMac Bank will choose to remove your loan from
the Program under certain circumstances, and/or that your American Express
Card will be declined for payment for any reason. If the charging of the
mortgage payment to your American Express Card is declined for two
consecutive months for any reason, IndyMac Bank has a right to remove your
loan from the Program. In any of these cases, you will still be responsible for
making the monthly payment on a timely basis, and for paying any related fees
and expenses, by using another form of payment that is acceptable to
IndyMac Bank.

If the program ends in April 2011, I will have barely broken even on the signup fee. (I am not doing escrow which would increase the rebate but I'd rather keep control of my money since I can do better than the 1.5% rebate on it, plus not be stuck with escrow if the program ended.) Sure I'd also get a little float on the funds with the AMEX billing cycle, but considering there is no guarantee the program will continue after April 2011 (and could be terminated before that), and with AMEX cutting credit lines, closing cards, etc., this probably would not pay off in my case since it would rely on the program being extended. If the loan amount was higher it might work, but I'd still be skeptical of AMEX continuing to allow mortgage payments on their card.

Anyone getting annoying phone calls from IndyMac? I closed in March and have been on time with all my payments.

Here's the text of an email I just sent them:
This evening (8:10 PM EDT, 09/04/2009), I received a phone call from a XXX XXX (ID #XXXX) who claimed to be from Indy Mac.

Overall, his tone and demeanor was very suspicious, and it was not clear to me whether or not he was truly from IndyMac, or if this was a fraudulent call. Additionally, he had a very strong accent and was hard to understand, which made me even more suspicious.

Given that mortgage information is part of the public record, you can understand why I did not immediately trust him. Only when I pressed for proof that he was from Indy Mac did he provide my loan number and other personal information. He seemed very offended about my suspicions and my asking for additional verification, and he seemed offended that he had to provide it.

He began asking what date I was planning on paying my mortgage and whether I planned to continue to use electronic payments. (again, he was very hard to understand, so I had to have him repeat this a few times).

I immediately asked if everything was ok and if there was a problem. He said there was no problem; Indy Mac just wanted to have on record when and how I planned to pay my mortgage each month.

I replied that I planned on paying each month as I have been (before the grace period) and electronically. I asked why was he asking for this information but I did not get a good answer. I asked him to confirm again if there was a problem and he said there was no problem. (again, this had to be repeated a number of times due to the accent)

Overall, I do not understand the purpose of this call. It's not clear to me what information he (or you, Indy Mac) were trying to find out. The tone of the call was very poor, as he kept badgering me to provide information that I did not understand why I needed to provide, and I found myself feeling defensive (for no reason) as well as suspicious. (The agent's extremely thick accent contributed to this situation.)

Frankly, I feel this call was completely unnecessary and bordered on harassment. If IndyMac requires information from me, you should be requesting it via more formal channels such as postal mail. You should also instruct your agents to be friendlier and non-aggressive when calling a relatively-new customer such as myself who has a perfect payment record.

I would like this email to be escalated to a supervisor, and I would like a reply explaining the purpose of this call that I received and why it was necessary. I would also hope that any future communications are conducted in a more cordial manner.

larryc

I did a quick google, and found a posting here: http://www.complaintsboard.com/complaints/endless-phone-calls-c187094.html