At Underwriters Since May 6th, Should I Start To Worry?

[Anonymous]

Our FHA loan has been at the underwriters since May 6th, the LO had told me I should hear something within a 5 to 7 business days. Obviously that has come and gone and we haven't heard anything. No conditions or anything and I am sure there will be some. Is this a bad sign or am I just over analyzing the situation? Thanks!

[StartingOver10]

Contact your LO. Something is really wrong if in fact it is in u/w for two weeks. I suspect it is not in u/w, but still in processing 'waiting' on something. Get your LO to track it down. Normal u/w is 3 days. Not weeks.

[Anonymous]

Thanks I shot off an email to the LO to ask for a status update this morning. The appraiser was at the house on May 6th; but as of last week still no appraisal report either.

[StartingOver10]

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@Anonymous wrote:

Thanks I shot off an email to the LO to ask for a status update this morning. The appraiser was at the house on May 6th; but as of last week still no appraisal report either.

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Then it is probable that they are waiting on the appraisal before actually submitting to the u/w.

[Anonymous]

Thanks StartingOver10, finally got the appraisal today via email. appraised for 6k over the contract price. LO said it was accepted so I assume maybe now we can start the underwriting process  

[Anonymous]

I'm thinking a loan falling through last minute not common.  There might be conditions to be met, but a total collapse should not happen if the LO and Processor have done their jobs correctly.  I'm not in the business, but I assume those guys should only turn in files they are confident that will pass UW.  Any items that need to fixed should be handled before it gets that far.  The file might need to be tweaked in UW, but if a file has a deal killer in there somewhere, its not suppose to go to UW correct?  Perhaps one of the pros should chime in.  If I'm the UW and I keep getting files on my desk that have no chance to pass, I'm gonna get ticked off.  "Hey why ya wanna turn this file over to me knowing this joker has 8 late car payments last 24 months?"  LOL

[ezdriver]

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@Anonymous wrote:

I'm thinking a loan falling through last minute not common.  There might be conditions to be met, but a total collapse should not happen if the LO and Processor have done their jobs correctly.  I'm not in the business, but I assume those guys should only turn in files they are confident that will pass UW.  Any items that need to fixed should be handled before it gets that far.  The file might need to be tweaked in UW, but if a file has a deal killer in there somewhere, its not suppose to go to UW correct?  Perhaps one of the pros should chime in.  If I'm the UW and I keep getting files on my desk that have no chance to pass, I'm gonna get ticked off.  "Hey why ya wanna turn this file over to me knowing this joker has 8 late car payments last 24 months?"  LOL

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You are generally correct ... except that I have seen it happen. Usually the cause is loss of employment [of one borrower] or the buyer goes out and buys a new car or motorcycle thinking that no one will know ... until that final credit pull takes place. Sometimes it is a falling out between lovers and one refuses to sign an important document. It happens.

[Anonymous]

still employed, still at same income, mortgage scores (as per myfico pull) up 30 from the pull they did on April 27th (had a tax lein that was released that I didn't notice wasn't reporting as released and cc utliziation down to 33% vs 45%). I have 3.5% down and 3 months PITI in cash reserves. Up front DTI 16% and back end DTI 24% The only thing that worried me was a 30 day late on $14 from First Premier Nov 2014 (I thought account was closed) and a 30 day late from Credit One in Oct 2014 for $58 where I was traveling and when I went to submit payment I don't think I hit final submit, was in the airport trying to do too many things hehe. The LO was aware of these two items and said my explaniations were satisfactory and shouldn't be a problem. Hopefully she is right, told me appraisal is approved and we are now actually headed to underwriting. Thanks for the encouragement everyone!