Jump to content

Loan application submitted to underwriter


The last post in this topic was posted 2479 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Recommended Posts

My Loan app was submitted with all requested docs to the underwriter for review on WED 5/14 and I was told that I should have the final word by Mon/Tues next week. I'm nervous that something will go wrong. I have an anticipated close date of July 10th. I also received my GFE and lenders version of anticipated closing costs- cash to close. The seller is paying $8640 toward closing and I paid a $500 earnest deposit. Total on GFE is 12035.41. Per the lender's estimate: My total cash to close is $5399 (but my lender says it will be less because this # includes fees that I have to pay up front- such as appraisal and 1 yr of Homeowners Ins)- so we figure $4300. Any thoughts? I am concerned that I am going to need significantly more at closing than I will have in funds. I will talk to him Monday but just wanted other opinions.

Link to post
Share on other sites

Cash to close estimates are normally slightly inflated at beginning of process. Most don't show credit for taxes paid by the seller thru the month or day the loan closes. If #s change to increase your overall cost to borrower the lender is required to re-disclose a min of 3 days before closing.

Link to post
Share on other sites

Just an update:

 

Received the "loan comittment" letter with conditions......there were 18 "conditions" but only 8 of which I need to do and my lender takes care of the rest.

 

Found out from inspection that the garage roof needs to be replaced and there may be an oil tank under the driveway- which would need to come out.

 

Otherwise, all is going as planned. We have a tentative close date of July 10th. I'm nervous that I will get to the end and be denied but I am making sure all payments are up to date, on time and no new credit is acquired. So hoping for the best.

Link to post
Share on other sites

Just an update:

 

Received the "loan comittment" letter with conditions......there were 18 "conditions" but only 8 of which I need to do and my lender takes care of the rest.

 

Found out from inspection that the garage roof needs to be replaced and there may be an oil tank under the driveway- which would need to come out.

 

Otherwise, all is going as planned. We have a tentative close date of July 10th. I'm nervous that I will get to the end and be denied but I am making sure all payments are up to date, on time and no new credit is acquired. So hoping for the best.

I would be more worried about those items - are they requiring a new roof and the tank removed?

Link to post
Share on other sites

My inspection said new roof and tank removed- it was not part of the conditions........

 

The conditions included things like an updated bank statement, proof that my earnest deposit cleared.....things like that.....minor things. Now just hope it appraises at what I am paying.

Edited by brookesmommy2006
Link to post
Share on other sites

The last post in this topic was posted 2479 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Similar Content

    • By MJPEREZ77
      Just wondering if anyone has ever app'd with BofA and had it take the full 30 days that they say it may take. Just app'd with them on the 1st day of the app spree for DW (8/30) and they still say it is under review. Wondering if she should call and try talking to the UW dept, any suggestions?
       
      Thanks,
      BD
    • By prosper711
      I will be going to grad school next year, and it is a very expensive school. I will be taking a Stafford loan, but will still need a plus loan to afford school. I have many baddies and charge offs, but they are all from 5-6 years ago with the exception of a 200 charge off from Verizon from a year ago.
       
      My questions: will the older baddies keep me from getting approved for a plus loan
      and
      will the small and recent verizon charge off keep me from getting the plus loan?
       
      I really want to attend the school. Thanks.
    • By Misty120
      AmEx Oasis Program: 888-232-3261 AmEx: 800-567-1083 (App Status – Use with caution if attempting a denied app recon; have been advised by one member that they can only resubmit app with another hard pull) AmEx: 800-230-1284 (Account Services – handles accounts with issues) AmEx: 800-700-7619 (Reserves – handles closed and charged-off accounts) AmEx Executive Office: 800-297-6197 American Express Credit Bureau Unit: 800-874-2717. (Must have a current credit report before calling. They will ask for the account number from the credit report, which is different from your card number.) Barclays: 888-232-0780 (Customer Care) Barclays: 866-408-4064 (Credit Analyst) Best Buy: 800-365-0292 (CSR) Best Buy App Status: 800-811-7276 Best Buy Store Card: 800-305-0533 BofA: 866-421-8153 (Credit analyst – existing cardholders) BofA: 888-503-6090 BofA: 877-721-9405 (App Status – Choose Option 3) BofA: 800-732-9194 BofA: 888-260-4696 (secured accts.) BofA: 800-824-5895 (secured & partially secured accts.) BofA: 800-718-6072 (Credit analyst – for existing cardholders only) BofA: 800-881-4730 (Loan Dept.?) BofA Credit Dept. Fax: 888-500-6270 BofA/FIA: 888-831-4181 BP/Amoco App Status: 800-365-6204 Cap1: 800-625-7866 (Account Specialist) Cap1: 800-951-6951 (cust. relations) Cap1: 800-548-4593 (application status – automated only) Cap1: 800-889-9939 or 800-625-7866.(Account Specialist) Cap1: 877-513-9959 (Account Retention?) Cap1: 800-258-9319 (Debt Recovery) Cap1 Secured Platinum: 800-219-7931 (deposit taker, can speak to credit analyst) Cap 1: 800-707-0489 (Senior Escalation Account Mgrs.) Chase: 800-436-7927 (App status – automated) Chase: 888-270-2127 (App recon) Chase: 888-245-0625 (Credit Analyst – Recons) Chase: 888-622-7547 (Chase Executive Ofc. in IL) Chase: 800-955-9900 (Product change status questions) Chevron/Texaco Biz Card App Status: 888-243-8358 Chevron Underwriting: 800-243-8766 Citi: 888-201-4523 (New App Approval Status) Citi AA: 888-662-7759 Citi App Status: 800-645-7240, 800-288-4653, 800-750-7453 Citi: 800-444-2568 (Retention Dept.) Citi: 800-763-9795 (App status?? They ask for your app #) Citi Credit Bureau Dispute Fax: 866-713-5028 Discover: 888-676-3695 (Recon) Discover: 866-219-0214 (Retention Dept.) Elan Financial Services: 800-685-7680 ExxonMobil Biz Card: 800-903-9966 FIA: 866-421-8153 (credit analyst) FIA: 800-893-6032 (credit analyst; 8 AM-7 PM Eastern, M-F) GE Moneybank (except WalMart): 866-419-4096 GE Moneybank: 866-519-6441 (Credit Analyst/Credit Solutions) Home Depot Store Card: 800-677-0232 (Credit Analyst) Home Depot Store Card: 423 467 6957 (App Status/Recon) Home Depot MC (Commercial): 800-720-0649 Hooters: 801-545-6705, 800-850-4668 HSBC: 866-574-4421 (App Status) HSBC: 866-551-0258 (Credit Analyst) HSBC: 866-280-0118 (Executive Resolution Unit) JC Penney: 800-542-0800 Juniper: 866-408-4064 (Credit Analyst) Juniper/Barclays: 866-750-6031 (Corp. Offices) Key Bank: 888-201-4523 (App status) Key Bank MC: 800-288-4653 Keybank Credit Research Fax: 216-357-6404 Lowes: 800-445-6937 (App Status) Lowes: 866-232-7443 (Biz Acct. Underwriting) Lowes Fraud/Underwriting/Credit Dept.: 800-444-1408 Macy’s: 800-627-2909 (Credit Dept. – new credit, inquiries on upgrade to Visa AmEx, credit reporting issues) Macy’s: 800-543-9617 (Recovery Services) Meijers MC: 801-517-5560 National City: 800-762-0974 (Credit Dept.) Nationwide Visa: 866-757-2720 (App. status) Philips 66: 866-289-5630, 800-610-1961 Sallie Mae Visa: 877-564-7965 (Credit Dept.) Sallie Mae Visa: 877-903-7968 (Credit Analyst) Sam’s Club: 800-301-5546, 866-246-4282 (Underwriting) Sam’s Club/WalMart: 877-294-7541 (escalated help desk) Sears: 800-599-9710 (Comm’l Accts.) Sears: 866-533-1820 (Sears credit bureau dispute FAX number) Shell Fleet Card: 800-223-3296 (App status) Shell: 800-223-3296, 866-438-7435 Shell: 800-377-5150 Staples: 800-767-1291, 800-282-5316 Sunoco Corp. Card: 800-935-3387, 800-278-6626 Sunoco: 800-310-4773 Target Biz Card: 800-440-5317 Target CSR No.866-225-7041.
      Tiffany: 800-770-0800 US Bank: 800-947-1444, 800-685-7680 (Underwriting) US Bank Corp. & Comm’l Cards: 800-344-5696 (may not be true backdoor number – someone please PM me if this is frontline CS. Thx! – Scamp) Valero: 877-882-5376 Wal-Mart: 800-480-0205 (personal accounts) Wal-Mart: 800-301-5546 (commercial accounts only) Wal-Mart Underwriting: 877-294-7548; 877-294-8770 WalMart/Sam’s Club: 877-294-7541 (escalated help desk) WaMu CSR: 800-356-0011, or 800-280-9441 WaMu: 888-687-2273 (Apps/New Accts) Wells Fargo: 866 677 1128 (credit analyst) Wright Express: 888-743-3893
    • By ta1967
      Hello to everyone.
      I’m going through the process of buying a home. I did a pre-qualification with Navy
      Federal back in July. We really
      couldn’t find anything we were that interested in and wondered if we should
      wait until our credit is a little better. We’ve been rebuilding over the past year and have really
      crossed some hurdles.

      As it turned out, we found a house a couple of weeks
      ago. We made an offer and it was
      accepted. So, we did an
      application over the phone with NFCU.
      By the way, they have the absolute best people working for them. I spent over an hour chatting with the
      girl taking my application. She
      was so helpful and inspiring!

      Next, I was contacted by the LO with an email asking for
      some info on employment (we are self employed), and an explanation letter
      regarding a couple of charge offs on my husbands report. They also wanted an explanation letter
      for that as well as inquiries in the past 120 days.

      My middle number was 695 but my husband’s was 658. I didn’t realize that they base it on
      the lowest score.

      So I sent everything to her and waited on pins and
      needles. I finally called her on a
      Friday just before they closed – (about 3 days later) and she told me we were
      approved! I was beyond happy. She gave me a long list of the things she
      needed (taxes, rent contact information for the past 2 years, bank statements. I got nearly everything ready over the
      weekend and started sending on Monday.

      Later that week, I was contacted by a processor, who asked
      for more information – 1099s , explanations for every address on both our
      credit reports and a few other things.
      I got all of those together as quickly as possible and sent them to
      her.

      Now comes the waiting game and let me say that it is harder
      than waiting for an overdue baby to be born. I literally can’t sleep. I check my email a few hundred times a day and find it
      nearly impossible to concentrate on work.

      I did hear from my realtor that the appraiser came out this
      weekend but I have heard nothing about it. Does anyone know how long the appraisal process takes? How long before the credit union gets
      the info before I hear? I have a
      million questions.

      I also keep wondering if there is any special meaning to the
      appraisal being ordered. In my
      heart of hearts, I really want to believe it is something positive relating to
      the loan – like they feel it might turn out okay??? Hopeful! Or is
      it just another step in the process.
      I have no idea where I am at this point and don’t want to call and bug
      them.

      I must say, they have the nicest – most professional people
      working for them. My loan officer
      was so incredibly nice and helpful.
      I feel as if I’ve made new friends – which is a far cry from what I’m
      sure the old stuffy banks would feel like.

      I’m just really looking for any info anyone can give me on
      the process – especially if you have dealt with NFCU doing a mortgage. I have nothing but wonderful things to
      say about them in regards to checking, savings, credit cards and LOC.

      Until I hear something, I am in the process of reading every
      single post on every board I can find about the mortgage process and everyone’s
      experience.

      This is a great board.
      I’ve taken my scores and reports to places I could not have imagined a
      year ago. Please keep your fingers
      crossed for me that this will be my next giant step into home ownership!
       
      Thank you!
       
      P.S. Would love
      to hear your thoughts and where you think I am now. We are scheduled to close on October 14 but I would love to
      do it sooner. We have a lease that
      is up at the end of this month and we really need to let our landlord know by
      the end of this month. I’m hoping
      to get some sort of answer by then.
       
       
    • By babyarho2010
      I am new to the mortgage process, and I have a question regarding underwriting. What is the REAL difference between manual and auto approval? For instance, if my mid score is say 700, but there is a baddie present, will an auto approval guarantee loan funding or at some point will human eyes review each tradeline and possibly place conditions on the loan? Thanks all!



  • Member Statistics

    • Total Members
      180,258
    • Most Online
      2,046

    Newest Member
    KeepItMovin
    Joined
×
×
  • Create New...

Important Information

Guidelines