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National City Mortgage / mortgage underwriting incompetence

1 St Louis, MO, United States
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Upon submittal of loan package to the lenders loan officer we moved forward with our due diligence. It is Jan 25th.
We were told underwriting was "working on it" .
We moved on and received all our inspections and got all our approvals.. and got the sellers lender to approve all credits and changes to contract. We submitted all changes to our lender. We are ready to close on the 20th.
oh but wait;
Underwriting is still reviewing an appraisal that came in on the 13th of Feb. they still cant get the appraisal corrected/changed to meet their guidelines of having 2 comps less than 6 months old. the comps dont exist we tell them.
they charge us for a second appraisal.. saying that if we do that then all will be ok.
well, guess what? all is not ok still! big surprise.
underwriting is reviewing the first appraisal still to see if it can be corrected to say that there is comps available... .which their are not!
they now bring up a completely different appraisal issue on the 25th of Feb. the day before closing. saying it has to be resolved right now! we did on the 25th.
here we sit still on the 27th.. still dont have their approval.. they have so many files to deal with they say... oh we will get to it soon... they say..
the sellers lender will charge us now for every day we dont close timely... and the bank still cant make a decision...
that is what is happening with these banks that dont know how to lend money anymore.
when will the regulators get it right???

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