Freedom Bank is underwriting our loan. It went to UW from processing yesterday. We submitted LoEs for anything questionable and even went as far as to submit our monthly budget. We wanted to upfront explain any baddies and also give the underwriter confidence in our ability to pay on time. Luckily we have low DTI and about 4 months of reserves. Plus all debt is paid way down. which acted as compensating factors.
Anyway, the reason for the question today is they started working on the file yesterday (or perhaps today) and asked for an updated 4506 but nothing else yet. I guess I was expecting this barrage of information requests. Can someone from UW or somebody that has recently been through UW tell me about their experience day to day? Our LO seems to think we will be out by Friday as his experience with this bank.
