topic Re: Finally got Conditional Approval!? UPDATE 01/08 in Mortgage Loans

APPROVED!!! Update 01/25/13

Mike_B03 — Sat, 26 Jan 2013 02:35:06 GMT

Just logged into my online loan aplication to see if there were any status updates (I usually check at least a couple times per day) and noticed it changed from "Loan Approval Status: In Process" to "Loan Approval Status: Conditional Approval"! :smileyvery-happy:

We had 12 conditions that were previously "Under Review" that now show as "Completed". There are still a few conditions that show "Required" but they are related to thinks like "Provide 2013 Tax Return" and stuff that needs to be done prior to Closing.

They do also want to know about an unsufficient funds fee on a bank statement but that's an easy explination letter, so I think we should be good to go! Still very cautiously happy though until they send over the Conidtional Loan Approval (Loan Commitment Letter) for us to sign.

Re: Finally got Conditional Approval!? Could it be?

tooleman694 — Fri, 04 Jan 2013 02:00:58 GMT

Congrats dude. Im counting the days till we close too.

Re: Finally got Conditional Approval!? Could it be?

JM-AM — Fri, 04 Jan 2013 02:11:43 GMT

I agree with tooleman694 congrats...

Re: Finally got Conditional Approval!? Could it be?

Mike_B03 — Fri, 04 Jan 2013 02:14:54 GMT

Anyone know if once we sign the "Conditional Loan Approval" document (which is one of the required conditions still needed to be met), can they still continue to add conditions or is it a done deal (assuming nothing changes on our end credit wise between now and closing)?

Re: Finally got Conditional Approval!? Could it be?

JM-AM — Fri, 04 Jan 2013 02:21:33 GMT

Yes there is always the possibility of additional conditions.

Your on the home stretch now, just keep satisfying conditions and you should be closing shortly after they are satisfied.

Re: Finally got Conditional Approval!? Could it be?

Mike_B03 — Fri, 04 Jan 2013 02:24:36 GMT

JM-AM wrote:
Yes there is always the possibility of additional conditions.

Your on the home stretch now, just keep satisfying conditions and you should be closing shortly after they are satisfied.

Ah man it's going to be a long stressful journey then since this is a new build not scheduled to close until June. I was hoping that once we satisfy the current conditons and they give send us the "Conditional Loan Approval" to sign off on, that it was locked in and a done deal (again, pending that nothing changes on our end in a negative way, like credit score going down or income decreasing).

Re: Finally got Conditional Approval!? Could it be?

leppy2 — Fri, 04 Jan 2013 02:29:26 GMT

Congrats Mike!

Re: Finally got Conditional Approval!? Could it be?

JM-AM — Fri, 04 Jan 2013 02:32:13 GMT

Mike you are good to go. Additional conditions will not be difficult an example may be updated appraisal on new home.

The only issue I see is the house not being completed in time cause of weather delays or something to that nature. But thats a small delay and then you always have the chance it can be completed earlier and close sooner.

Nothing to stress over unless you have changes in your income and non complying scores as you mentioned.

Few more months and you will telling us you are in your new home!!!

Re: Finally got Conditional Approval!? Could it be?

Mike_B03 — Fri, 04 Jan 2013 02:57:37 GMT

Thanks JM-AM, I hope you are right.

Now I'm stressing about the LOE to explain the NSF fee. Basically, due to a judgment, there was a hold placed on my bank account which made an online payment that was already scheduled go negative and I was charged an insufficient funds fee. I have since setup a payment plan for the judgment so it's being handled, and I told the loan officer about it and even sent them the payment agreement so they should be aware of it, but what if the underwriter doesn't know about it? The payment is included already on the loan application and in the monthly debt-to-income ratio. It doesn't however appear on my credit report.

Guess I'll see tomorrow when I talk to the loan processor what they say, it's the last thing I'm worried about, unless they ask for some other condition that I'm not anticipating.

Re: Finally got Conditional Approval!? Could it be?

Mike_B03 — Fri, 04 Jan 2013 16:37:59 GMT

I knew I shouldn't get excited too early...it's nothing bad yet, but that "Conditional Approval" status change is just something that it says when it comes back out of Underwriring with additional conditions. Once you provide the new conditions, the status will change back to "In Process". From what I understood, if they need more stuff, it'll change back to "Conditional Approval" again. Once they don't need any other conditions, it will change to some other status I guess.

Re: Finally got Conditional Approval!? Could it be?

JM-AM — Sat, 05 Jan 2013 04:12:25 GMT

Additional conditions could be anything. Some times the conditions have nothing to do with you. I wouldnt stress over it, once you receive the conditions (only if conditions have to do with you), just satisfy them as quick as you can. If the conditions have nothing to do with you, maybe LO or Broker, or whatever has a small error in their paperwork or possibly purchase contract issue, they will just handle those conditions themselves.

Re: Finally got Conditional Approval!? Could it be?

Mike_B03 — Tue, 08 Jan 2013 17:08:38 GMT

Gah! This is so confusing!

I followed up with the Loan Processor this morning on the letter of explanation for the insufficient funds fee and he says "We have everything we need from you, we have approval so we're good to go." I got all excited of course then asked "What happens next?" to which he says "I'm going to send the file back to Underwriting and that's is until it gets close to closing when we'll need updated bank statements and credit report." Of course the part of "back to Underwriting" caught my attention so I asked why it's going back there, and he said to review the letter I sent.

How are we "good to go" and "approved" if they still have to review the letter?

I actually asked that "Could the insufficient funds fee and the letter be a problem?" and he said that it won't be, it's just standard procedure that they have to ask for a letter whenever there is an NSF fee.

Being the way I am, I am still very skeptical of course. I logged into the online portal to check on the status of the loan and it still shows "Conditional Approval" and the letter of explanation for the NSF fee changed form "Required" to "Pending Review". I guess once that changes to status "Completed" I'll finally be able to relax a little, I hope.:smileytongue:

Re: Finally got Conditional Approval!? Could it be?

tooleman694 — Tue, 08 Jan 2013 17:27:27 GMT

Sounds like this is about done. Worst case they don't like the letter and deny you. But I really really doubt it.

Start packing

Re: Finally got Conditional Approval!? Could it be?

Mike_B03 — Tue, 08 Jan 2013 17:30:01 GMT

tooleman694 wrote:
Sounds like this is about done. Worst case they don't like the letter and deny you. But I really really doubt it.

Start packing

Haha...that's it, that's the worst case? No biggie! :smileylol:

Re: Finally got Conditional Approval!? Could it be?

tooleman694 — Tue, 08 Jan 2013 17:33:32 GMT

Remind me again, why did you get the NSF fee.

Re: Finally got Conditional Approval!? UPDATE 01/08

JM-AM — Tue, 08 Jan 2013 17:44:19 GMT

Most of the time they will let you revise your letter of explanation. But YMMV depending on UW.

Brokers, LO's, and processors see LOE all the time and usually know if its sufficient. If they resubmitted your file then in their opinion its good to go.

I do not see any issues.

Re: Finally got Conditional Approval!? Could it be?

Mike_B03 — Tue, 08 Jan 2013 17:47:40 GMT

tooleman694 wrote:
Remind me again, why did you get the NSF fee.

I had a judgment against me back in 2008 (which I actually thought was gone and taken care of, but that's another story) and they put a levy/garnishment on my bank account, totally blindsided me. The levy caused all the funds in the account to be placed on hold, so while the funds were still in the account, I couldn't have access to them.

Coincidently, I had scheduled an electronic payment for that same day when the funds were put on hold and I couldn't cancel it. Since the funds weren't available to use, it caused an insufficient funds fee because the bank still paid out the payment. The timing could not have been worse, right in the middle of our loan application.

I have since setup a payment plan for the judgment, so no more bank levy. This was the only NSF on the bank account all year, it's never been an issue, and the bank actually refunded the NSF fee back to me.

Re: Finally got Conditional Approval!? UPDATE 01/08

Mike_B03 — Tue, 08 Jan 2013 17:54:59 GMT

JM-AM wrote:
Most of the time they will let you revise your letter of explanation. But YMMV depending on UW.

Brokers, LO's, and processors see LOE all the time and usually know if its sufficient. If they resubmitted your file then in their opinion its good to go.

I do not see any issues.

At this point I think they just like messing with me! :smileylol: I just logged into the online account again to see the status, and the condition for the LOE for the NSF fee is completely gone, not even on the list anymore! What the heck?! Haha.

Same thing happened with the conditions for bank statements. It was initially on the conditions list (provide 2 months of most recent bank statements) and then it disappeared.

I'm wondering if because we're not scheduled to close until June, they don't need (or want) the statements until then? Which at that point the NSF won't show anymore, therefore no letter would be needed? Does that seem plausible?

Re: Finally got Conditional Approval!? UPDATE 01/08

JM-AM — Tue, 08 Jan 2013 18:00:56 GMT

Usually just before home is done your file will be reviewed again. Check your credit and bank statements updated and give you clear to close.

Much faster process the second time around.

Re: Finally got Conditional Approval!? UPDATE 01/08

Mike_B03 — Tue, 08 Jan 2013 18:03:34 GMT

JM-AM wrote:
Usually just before home is done your file will be reviewed again. Check your credit and bank statements updated and give you clear to close.

Much faster process the second time around.

Do you think it's possible that they no longer want the bank statements and LOE for the NSF fee right now because when it's time to close, new statements will be needed anyway, so what's the point of complicating things with the LOE now? Does that make sense?

topic Re: Finally got Conditional Approval!? *UPDATE 01/08* in Mortgage Loans

APPROVED!!! *Update 01/25/13*

Re: Finally got Conditional Approval!? Could it be?

Re: Finally got Conditional Approval!? Could it be?

Re: Finally got Conditional Approval!? Could it be?

Re: Finally got Conditional Approval!? Could it be?

Re: Finally got Conditional Approval!? Could it be?

Re: Finally got Conditional Approval!? Could it be?

Re: Finally got Conditional Approval!? Could it be?

Re: Finally got Conditional Approval!? Could it be?

Re: Finally got Conditional Approval!? Could it be?

Re: Finally got Conditional Approval!? Could it be?

Re: Finally got Conditional Approval!? Could it be?

Re: Finally got Conditional Approval!? Could it be?

Re: Finally got Conditional Approval!? Could it be?

Re: Finally got Conditional Approval!? Could it be?

Re: Finally got Conditional Approval!? *UPDATE 01/08*

Re: Finally got Conditional Approval!? Could it be?

Re: Finally got Conditional Approval!? *UPDATE 01/08*

Re: Finally got Conditional Approval!? *UPDATE 01/08*

Re: Finally got Conditional Approval!? *UPDATE 01/08*

topic Re: Finally got Conditional Approval!? UPDATE 01/08 in Mortgage Loans

APPROVED!!! Update 01/25/13

Re: Finally got Conditional Approval!? UPDATE 01/08

Re: Finally got Conditional Approval!? UPDATE 01/08

Re: Finally got Conditional Approval!? UPDATE 01/08

Re: Finally got Conditional Approval!? UPDATE 01/08