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LegalEagle1
LegalEagle1, Attorney
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Experience:  Practicing attorney licensed for over 23 years.
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I am trying to refinance. Our credit score is high 700s we

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I am trying to refinance. Our credit score is high 700's we make 800K per year, we own a second home outright. There is an open permit on our two family house for work done but never got filed to 'sign off' that is the only thing the bank has. The permit clearly states no change of C of O or change of Egress. Is it legal for the bank to deny a refi based on this. We are trying to go from a 30 year to a 15 year loan. Thank you.
Submitted: 1 year ago.
Category: Legal
Expert:  LegalEagle1 replied 1 year ago.
Hello and welcome to JustAnswer. I would like to assist you with you question today.

Has the lender told you that this was the reason a loan was denied?
Customer: replied 1 year ago.

they have not yet denied but they are telling me that if the permit is not signed off (closed) they will deny. And we might not be able to get it inspected and closed before our 60 days because the NYC Dept of Buildings is very slow

Expert:  LegalEagle1 replied 1 year ago.
Is this loan through one of the federal refinancing programs? If so, which program?
Customer: replied 1 year ago.

its a conforming loan through a large well known commercial bank

Expert:  LegalEagle1 replied 1 year ago.
Most conventional loans require that a building be certified for occupancy at the time of closing. The underwriter for your loan most likely has underwriting requirements that there not be any open work permits on the property. They do this because work that is not completed properly can impact the certificate of occupancy. You may not think the work that you had done will impact the occupancy , but the lenders have there requirements which do not always make sense or seem fair to borrowers.

The rationale behind the strict requirements is that they resell the loans on the secondary market and they need to meet certain requirements in order to be packaged and sold on the secondary market to investors.

I hope that I have answered your question. Please let me know if you have more questions or need more information.

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Customer: replied 1 year ago.

thanks but the permits clearly state that there is no change to the C of O and no change to Egress. And the Title company told us that they were absolutely fine with the open permit based on this- the permits can be seen online and the title company told us all of this. So that is my question. And again this is a refi not a new mortgage. Just want to clarify this point as we believe they are acting in a manner to avoid giving us the better rate. We already have our mortgage with them but at 30 years and a higher rate. Thanks

Expert:  LegalEagle1 replied 1 year ago.
What type of work is the open permit related to?
Customer: replied 1 year ago.

Thanks..We redid the bathroom and kitchen the flooring..


this is copied and pasted right from the DOB website of my permit:


 











ALTERATION TYPE 2 - GEN. CONSTR
RENOVATE BASEMENT FLOOR. NO CHANGE TO EGRESS, OCCUPANCY OR USE.
Expert:  LegalEagle1 replied 1 year ago.
"NO CHANGE TO EGRESS, OCCUPANCY OR USE" is a remark related to the permit showing that the renovation work you are doing is not intended to change the egress, occupancy or use. If it was you there would be different requirements with the DOB, including a more detailed inspection related to the proposed change in either egress, occupancy or use.

If you call another lender and ask them if they would require the open permit be signed off on before closing a conventional loan. You will find that most (if not all) will have this requirement. If you think the lender making up the requirement ask them if they can show you what the underwriting requirements are with respect to permit.

Have you asked the lender if you can pay a fee to extend the closing date and keep the same interest rate. This normally done on purchase loans and new construction loans but might be available for refinancing.

I hope that I have answered your question. Please let me know if you have more questions or need more information.

_________________________________________________________________
Please rate my answers with a positive rating (three or more stars) as this is the only way I receive credit and compensation for my work. If you have additional questions or need more information, please ask.

My goal is to provide with best assistance that I can. Please keep in mind that I do not know what you already know or don't know, or with what you need help, unless you tell me. If I did not answer the question you thought you were asking, please respond with the specific question you wanted answered.

Also keep in mind that the law may not always be settled or may not support the position you want. My role is not to tell you what you want to hear. but to provide you accurate information as to what the law provides. Please do not rate me poorly just because the information I have provided does not support the outcome you desire.

You can always request me through my profile at http://www.justanswer.com/law/expert-legaleagle1 also begin your question with “For LegalEagle1”
_________________________________________________________________
Use of this service does not create any attorney client relationship. Information provided is intended to explain general legal principles and assist you in finding an attorney in your area.

Please click "Great" or better to rate service.

You are not the first borrower who has faced this issue.
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Category: Legal
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