Hi all, I really need some advice!! LO originally pulled our credit 3/5. Whole file went to UW 3/26. We still have not received a Commitment letter! Appraisal was done and the Bank received the report 4/15 and they sent me a copy and a new GFE and a bunch of other things (rate lock, Truth in lending, blah blah!) My lawyer is working on the Title papers now!
Seller and lawyer are getting very anxious and pessimistic about the whole thing taking sooo long! LO assures me everything is fine and the banks are just really busy! I still have not received any conditions from the bank either! So after hounding my LO he finally told me last week that we had to do some painting and scraping of peeling paint! (FHA). We did that last week and appraiser is coming back out today to recheck!
The lawyer will not order a survey until they have a copy of a commitment and I can not order my Homeowners insurance until I get the commitment!! I am getting so frustrated, rate lock expires 5/25 and our purchase contract has a closing date of 5/20!
Should I try to go through a different Bank? How does that work? Would everything just get transferred over? Any HELP would be greatly apreciated!! 
Starting Score: 8/30/11 EQ 520 TU98 593
@m29 wrote:Hi all, I really need some advice!! LO originally pulled our credit 3/5. Whole file went to UW 3/26. We still have not received a Commitment letter! Appraisal was done and the Bank received the report 4/15 and they sent me a copy and a new GFE and a bunch of other things (rate lock, Truth in lending, blah blah!) My lawyer is working on the Title papers now!
Seller and lawyer are getting very anxious and pessimistic about the whole thing taking sooo long! LO assures me everything is fine and the banks are just really busy! I still have not received any conditions from the bank either! So after hounding my LO he finally told me last week that we had to do some painting and scraping of peeling paint! (FHA). We did that last week and appraiser is coming back out today to recheck!
The lawyer will not order a survey until they have a copy of a commitment and I can not order my Homeowners insurance until I get the commitment!! I am getting so frustrated, rate lock expires 5/25 and our purchase contract has a closing date of 5/20!
Should I try to go through a different Bank? How does that work? Would everything just get transferred over? Any HELP would be greatly apreciated!!
Every situation is different.. My lender, for example, wouldn't even send the loan to underwriting until the title report and appaisal were already done. My credit was pulled on Feb 27th and the scores are listed below. I am going FHA. I made an offer March 26th, The house was listed for 185,000, we eventually settled on 182,000 w/ seller covering closing. This took a little time.
My loan officer made me do all of the conditional style things prior to the application, to ensure everythign was good to go.
I submitted: 3 years of tax returns, the ordered the transcripts, 3 years of W2s, the bank statements, and LOE for basically everything we could think of. Took a week or so to get all of these things in order.
After all the appraisal, inspection, title report and feet dragging by the sellers attorney, My loan went to pre-underwriting on April 26th, and has been in the underwriting queue for my lender since May 4th -- My underwriting queue is 11 days, and my conditional approval is due on May 17th-18th. So far, my LO and I have been in constant contact virtually every business day, and we have been right on the money timeline wise.
I am slated to close between May 25th and May 31st, and my contract close is May 31st.
Although your timeframe frustrates you, it doesn't really feel that far out of the normal scope. My seller was dragging feet because they didn't wanna move before school ended, although they lied to us and said they were going to be able to do a quick close. When the contract was signed, I had my parts done (including appraisal) by April 10th.. Our lender was pushing to have us closed by May 4th, but the seller took their sweet time getting title report ordered and sent over, ect ect
-scott
Thanks for sharing with all of us beginning the process. I now know more things to look for and hope not to get too frazzled if any of this dragging out and dropping the ball occurs.
Thank you all for sharing your experiences!! I guess I jumped the gun a little bit!! WeFINALLY received the Commitment letter in the mail today with a few conditions that will be easy to meet!! Even before I got the letter in the mail the surveyor was here and the appraiser came back out. Hopefully things will run smoothly now until closing!!