They try to draw customers into their trap by offering the impossible low rate, and
then make a number of stupid requests and comments about documents you sent, just to make sure your case cannot be closed within 60 days. A number of fault statements made by mortgage processor. For example, the request for extensions of closing date one day before the closing day. Asking for additional documentation, again made after four weeks of their receipt of all my documents. One day before closing date, they requested me to quit my employment. After talking with my realtor lawyer and we realized that they played game of extending the closing date until the rocked low rate is expired. We then fired them and cancelled their mortgage service. One week later after my mortgage cancellation and 2 weeks after they missed the closing date,they issued the letter of mortgage declination. What a stupid mortgage service they provide!!!
December 2014 I was looking to buy my "retirement home". I would not actually retire
for 1 and 1/2 years. I was informed that my employment income for those next 18 months would NOT be calculated into my "ability to pay the mortgage" since that income would NOT continue for 3 years. And that they would only use my RMDs - which I would not have to do for another 5 years. Wow, what hogwash! However, I was informed that maybe a waiver could be done by the managers by using the balance in my retirement account (which was 3 times the mortgage amount for the house). You are a retirement account service and thus you not only have young people in the system who will be paying in for 25 years, but you also have people who are nearing or in retirement who are no longer paying in but may want to buy a property.
Bottom line is your mortgage service is a complete disaster for anyone other than a 30 year old.
Needless to say, I dumped you and went with another financial firm (bank) for the mortgage. I have closed on the house and am looking forward to retiring next year and moving into that house.
TIAA-CREF is the worst financial services company I have worked. And, I have worked with
many over the last 25 years. They have outsource their entire processing and sales operation to PHH Mortgage. It took them 3 months to close on my transaction. Processor would take 2 to 5 days to respond to status emails. Underwriting approval, for each step would be one week or more. Don't fall for these low rates. Pay more, close faster and avoid hassle and aggrevation with TIAA-CREF