topic Re: Still waiting on underwriting in Mortgage Loans

Still waiting on underwriting

Watching — Sun, 22 Apr 2012 20:33:14 GMT

Ok so we were supposed to hear about Underwriting on Thursday.. Of course Thursday came and went... On Friday Processor told me she called one of the managers in underwriting because it had been longer than 48hrs... She told me 2X's Friday that she promises there would be an answer Friday (I had said I didn't want to spend another weekend wondering and hoping) at 5pm she told my the underwriter had the file right then and that she was going to be in the office on Saturday so she could call me and let me know what the stipulations were... Saturday came and went and still nothing... Of course not going to hear anything on a Sunday... I have been so stressed over this whole thing... I just want everyone to know it's been great being able to read everyone else's stories... It's great knowing I'm not the only one going thru this...

But, for all of you that has went thru this... Is it normal to be lied to? It's already went thru the LO and Processor... Should it make it thru underwriting? Does underwriting normally turn it down or do they just give the conditions? You would think if there was a reason to deny it, it would of happened between the LO or the Processor..????

Re: Still waiting on underwriting

Nathan326 — Sun, 22 Apr 2012 21:11:23 GMT

I have to say this has been one of the more, if not most, stressful things I have done. We are almost through the process and hope to close on Friday (4/27) but are waiting on a firm closing date. In my experience, I would say that it is NOT normal to be lied to. At every step of the process, I feel that I have had timely responses from all involved even if it wasn't what I wanted to hear.

Re: Still waiting on underwriting

Watching — Sun, 22 Apr 2012 21:49:30 GMT

See that's how I feel... She keeps telling me to let her do all the worrying but, kind of hard when you're in the situation we are in... And then every time I turn around it's another day... On Wednesday of last week she said they have time lines they have to meet.. I'm just so beside myself it isn't even funny... I mean if there's other things they are having to do that is fine... I'd just like to know what's going on...

Re: Still waiting on underwriting

Watching — Sun, 22 Apr 2012 21:54:51 GMT

And I don't understand that fact that I keep reading from what everyone is saying on here and apparently we are in underwriting (which seems to be a manual underwriting to me) and we haven't had appraisal yet... The house we are buying is going to be short sell... And the sellers already have a letter from their bank say whatever the appraisal comes in at they will take for the home but, WF hasn't even asked for the address of the house... The LO said they would order the appraisal after underwriting...

Re: Still waiting on underwriting

CaliforniaGirl01 — Sun, 22 Apr 2012 22:07:45 GMT

I went through the same thing you went through and that was for 2 1/2 month. We finally got the clear to close last week. Hang in there...it will get better. From the beginning to the end, we went through all kind of emotional roller coaster ride with this house. There were many times our LO told us one thing and didn't follow through with it or left us hanging on many occassions. I remember just sitting there and waiting for call backs one day at a time to see where our loan stands and what was the status on certain conditions. For the most part, he came back with "it's still in uw, I'm still waiting on it...we should hear something back soon." For the other part he didn't even call back at all. The part that got to me was that our LO never gave us a straight forward answer or it seem like he was always going around the questions being asked. I would call and email almost everyday to check on the status of our loan just to keep myself sane LOL. After two months of this hell, I already feel like I am needing all kind of therapy cause of all the stress and emotions that I never thought I would endured. However, at the end it is so worth it because this is our first home and we feel like we have finally accomplished something for our family. Just keep in mind and remember that it is only temporary and once you get the keys in your hand...you will feel like it was so worth it.

Re: Still waiting on underwriting

Watching — Sun, 22 Apr 2012 22:23:02 GMT

Oh Lord I can not imagine going thru this for 2 and a half months... I don't think we would need a home then because I think my husband would divorce me.. ha ha.. Did the people selling the home you wanted really wait that long? I told the processor last Wednesday that if it was going to be longer than Thursday I really thought I needed to call my Dr to get Velum... She told me it would be ok... But, I thought process now is... Why should I think it's all going to be ok... she's already told me 3 things that wasn't true...

Re: Still waiting on underwriting

Catacam — Mon, 23 Apr 2012 04:21:10 GMT

Breathe!!! Mine originally was 48 hour, then 72, then 5-day, then at 18 days, we got our conditions...... Ours was the Total Desktop Underwriting with a quick review from an underwriter. Ours was slow because they are one of the few sub-620 lenders, so they have lots and lots of files. I think underwriting will take less/more time depending on how you pass through automated underwriting and what the bank overlays are for the loan program. We were fortunate that we passed AU and didn't need to go through manual.

Stay strong, and remember that this IS going to happen for you and that you just have to wait for the dumb process!!!

Re: Still waiting on underwriting

Watching — Mon, 23 Apr 2012 11:42:57 GMT

Thanks Catacam... I'm just so beside myself on the whole waiting game... I'm really worried we are going to miss out on this house because, I keep telling them "We should hear something tomorrow"... Then tomorrow comes and tell them "we should hear something tomorrow".. I'm sure these people that have no clue who we are feels like we are jacking them around just as much as we feel like we are being jacked around...

Re: Still waiting on underwriting

DallasLoanGuy — Mon, 23 Apr 2012 13:24:26 GMT

Watching wrote:

But, for all of you that has went thru this... Is it normal to be lied to? It's already went thru the LO and Processor... Should it make it thru underwriting? Does underwriting normally turn it down or do they just give the conditions? You would think if there was a reason to deny it, it would of happened between the LO or the Processor..????

It is an easy trap for loan officers to fall into..... Trying to ease the fears of their clients with updates and promises. Thing is, the loan officer doesn't sit with the underwriters. The loan officer doesn't get told when the 'boss' rolls thru there and bumps a file ahead of the others. The loan officer can ONLY rely on the promises he/she is given.

Underwriters CAN find reasons to deny that LO and processor miss.

LO = production/commission

Processor = doesn't always know loan guidelines like a loan officer is expected to know.

If the loan officer is pretty good..... then underwriting is just a formality.

Re: Still waiting on underwriting

Watching — Mon, 23 Apr 2012 13:35:24 GMT

That's true Dallas... and I do understand that... I've even tried thinking "well, maybe there was a sick kid at home" and that's why she didn't make it into the office Saturday... I really have been trying to be optimistic thru this whole thing... It's just getting harder and harder when you know the house you are trying to get is slipping away... The sellers are still showing the house until we get this pre-approval letter...

Re: Still waiting on underwriting

djacks — Mon, 23 Apr 2012 13:36:39 GMT

The whole process for for me start to finish (finish being conditional approval) was 2 months. So once all the document fetching, sending and signing was done, waiting on underwriting was 3 weeks. I was told when the whole process started at the beginning of the 2 months I'd know something in 48 hrs. Obviously that was not the case and I just rolled with it. Getting impatient wasn't going to get anything done any faster and may have served more harm than good on my part. Even though my broker wasn't extremtly forth coming with information, she did a good job. She didn't want to say something she'd have to take back. I do respect her for being optimistic while not painting herself in a corner so to speak.

Re: Still waiting on underwriting

djacks — Mon, 23 Apr 2012 13:41:04 GMT

Watching wrote:
That's true Dallas... and I do understand that... I've even tried thinking "well, maybe there was a sick kid at home" and that's why she didn't make it into the office Saturday... I really have been trying to be optimistic thru this whole thing... It's just getting harder and harder when you know the house you are trying to get is slipping away... The sellers are still showing the house until we get this pre-approval letter...

Of course my situation was just a streamline refinance i was waiting to hear about and not buying a home. I had my home so I wasn't worried about an optunity passing me by while waiting. That probably would have made me more crazy.

Re: Still waiting on underwriting

seemund — Mon, 23 Apr 2012 15:06:40 GMT

This must be very stressful ....

Quick question:

So let's say you find a LO that doesn't have enough experience and make a mistake (thinking you can get approved for something while you can't).

Is there any accountability in this type of situation or does the buyer simply loses all the money invested? (appraisal, etc)

Re: Still waiting on underwriting

Watching — Mon, 23 Apr 2012 18:11:29 GMT

Well... I got a call today... No good news (but, not dead in the water news)

Apparently when they did a 2nd credit report pull So that they could add our rent payments to the report... Something that was supposed to be removed from the credit report (and WAS off the credit report) on a closed account... Somehow mysteriously showed back up.. It was a 30 day late payment that was not a 30 day late payment... So this made the score drop by 7 points... So when she called today she told me somehow it only got put back on to the TransUnion report... She told me if I got them something in writing saying that it is an error they would send it back thru Rells to get it corrected... So of course I called the company.. Within 5 mins they sent me the form that they say they sent to each credit bureau... So I scanned it in and sent it to the processor... I called her to confirm she got it... and of course she did get it... She said to give her ANOTHER couple of days for them to get it straightened out and she'll get ahold of me...

Re: Still waiting on underwriting

pengy_wi — Mon, 23 Apr 2012 20:21:13 GMT

I can relate somewhat, our file went to the UW last Wednesday and we're waiting too. Emailed for an update today and our LO said he's still waiting. I guess the only thing that makes it bearable is that we haven't actually found a house yet and DH refuses to look at any until we hear back.

Re: Still waiting on underwriting

brownplayboy310 — Tue, 24 Apr 2012 02:17:00 GMT

I hate this stuff, I thought I was going to underwriting weeks ago. For some reason I still havent, stuff keeps coming up. My problem is I thought I am set to close with the builder on the 30th.

Re: Still waiting on underwriting

Watching — Tue, 24 Apr 2012 13:04:36 GMT

Oh the waiting game is what has made this the worst... I've been so flustrated...

We weren't planning on looking to buy a home... Until last month the landlord told us he and his wife got divorced and she got the house in the divorce... and she wants to move back into it... So of course I just started looking at places on Craigslist... and started the home buying quest... (I'm determined to never be in this situation again)... I happened to stumble across a home close to where he are but, also real close to other family members... It is the perfect situation being that my husband leaves a lot for work... The people selling the home knows how bad we want this home... But, the problem is... until we get this pre-approval letter they are still showing the home - they already have a letter from their bank stating they can short sale the house... That the sellers bank will accept the appraised value... Plus side is... they aren't going thru a realtor... So advertising they are doing is a sign out in front of the house and craigslist...

At one time, they did tell us we could move into the house and take over their payments until we get all the credit stuff straightened out...

Re: Still waiting on underwriting

wally101 — Tue, 24 Apr 2012 15:30:32 GMT

First I want to say good luck with your home purchase. But I am confused... Are you waiting on a pre-approval letter or are you in underwiting? Have you made an offer on the short sale? And was the offer accepted? If you are still waiting on pre approval, I hate to say it, but you have a long wait ahead of you. I know... I got pre approved a few months ago. Put an offer in on a short sale that was accepted on March 13th. Didn't hear anything till April 5th when they wanted wet signatures instead of DocuSign. Then finally heard that the appraisal from the seller was done on April 13th. Got an email on April 17th that we are "still waiting". And today is the 24th, still haven't heard anything... Short sales take a LONG time. I wish you the best of luck.

Re: Still waiting on underwriting

Watching — Tue, 24 Apr 2012 15:46:21 GMT

We went to underwriting last Tuesday... They said we would get the pre-approval letter from underwriting... Wells said once we have the pre-approval they will order the appraisal... The sellers already have a letter from their bank stating they will accept appraised value... So we can't really "make an offer" until the appraisal comes back... and can't get the appraisal until it comes out of underwriting...

Re: Still waiting on underwriting

wally101 — Tue, 24 Apr 2012 16:10:30 GMT

I am going through WF also. So you are waiting for the "PriorityBuyer" pre approval letter? They put my info into the computer and I got the print out with a breakdown of closing costs the same day.