topic Re: At the underwriter for a week now in Mortgage Loans

At the underwriter for a week now

crunching_numbers — Wed, 24 Oct 2012 22:30:28 GMT

The waiting is just awful. Nothing. Not a word. No requests for more information. not a peep. File went to the underwriter on the 17th. All I can do is wait and wait.....

Re: At the underwriter for a week now

webhopper — Thu, 25 Oct 2012 00:01:36 GMT

When your file is at the underwriters; no news is good news... Keep positive :)

Re: At the underwriter for a week now

beb86 — Thu, 25 Oct 2012 04:49:51 GMT

webhopper wrote:
When your file is at the underwriters; no news is good news... Keep positive :)

haha +100 its a whole lot worse when the call you every day needing this and that

Re: At the underwriter for a week now

webhopper — Thu, 25 Oct 2012 14:45:34 GMT

beb86 wrote:
webhopper wrote:
When your file is at the underwriters; no news is good news... Keep positive :)
haha +100 its a whole lot worse when the call you every day needing this and that

When they want this and that, it means that your file is marginal and they are beefing it up...

On my most recent journey, the FHA Streamline Refi... All they needed was most recent paystubs, and bank account statements, along with a letter of explanation for deposits and where they came from.

That part was easy because my deposits had come from expense reimbursements, rent received from tenants of the subject property, and normal payroll.

I also got a settlement from my insurance for a vehicle which was owned free and clear. The vehicle was involved in a collision, and was declared a total loss while in the underwriting process. The payout was $13k, so I had to write a standalone letter and provide documentation from the claim.

Re: At the underwriter for a week now

webhopper — Thu, 25 Oct 2012 14:49:40 GMT

I also had to sign a document stating that I wasn't using my investment property for Transient Use... which means that my leases must be for terms exceeding 30 days.

Re: At the underwriter for a week now

beb86 — Thu, 25 Oct 2012 15:52:30 GMT

My wife wasn't on the loan but we have a joint checking account and she lost her job during the whole process and she had to fill out gift letter for her unemployment benefits for me. Oh and I made the mistake of putting 1k in cash in the bank, yeah don't deposit cash.