Had the same restrictions in 2013 and was surprised the amount of hoops I had to jump thru that I had not done when building a house a decade earlier. I went thru Merrill Lynch both times and used stock as collateral to secure the loan. Although the ML office I deal with is in Illinois...their home loan div. is in Jacksonville. The person in Jacksonville seemed very unconcerned about the 30 days, so much so that I contacted Illinois about this situation. They asked for the person's name I was dealing with and said they would get involved. I ended the conversation by politely stating that if the money wasn't there on the close date they had 2 options....1. Pay all fees, penalties and loss of discounts I may incur or 2. Have me pull all my stock out of there business. The money was there on my closing date at 11:00 am. I must say I have a great relationship with Merrill Lynch but, as previously stated, I believe this Dodd-Frank bill has many unintended consequences and still doesn't address the main concern of Fannie and Freddie.
|