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Automated UW vs. The "Final" UW

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Anonymous
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Automated UW vs. The "Final" UW

Hi guys! We are soooooo nervous! We have applied for our first mortgage loan and have been approved through the automated UW. We sent all of our paperwork and our first born child in yesterday, so I guess the next step is to hear from the actual FINAL (human) UW. Is it normally much harder to get through the human UW if you've already gotten through the automated UW. I guess our question is... do we have a chance in H*&^. We cant believe this is happening! We never ever thought we'd qualify for a mortgage right now, especially with the economy the way it is and such. Our middle score is 619, if this helps at all. Any thoughts?! We are so nervous we cant eat or sleep! Smiley Wink
Message 1 of 8
7 REPLIES 7
Anonymous
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Re: Automated UW vs. The "Final" UW

I don't know if this helps, but we are actually in the same situation.  Our middle score is 617 we have AU approval.  Our file was looked at by the manual underwritter yesterday and she denied.  Our mortgage broker called her and asked her if she noticed we had an AU approval, she said she didn't look at it.  She told him she would look through the entire file and would get back to him.  She did and she approved with a few conditions.  We have to submit a few documents and once we do we will be approved.   We were scheduled to close by the 30th, but my guess is we will not close until the end of next week.
 
Good luck to you!  I really dont think you have anything to worry about.
Message 2 of 8
Anonymous
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Re: Automated UW vs. The "Final" UW

Thanks! That does help! Do you mind me asking what type of documents did you have to provide? How long did it take your loan to go to the MU? We just turned all of our paper work in on Friday. So how long should we expect before we hear?
Message 3 of 8
MichiganMommy
Frequent Contributor

Re: Automated UW vs. The "Final" UW

HouseDreamer,
 
Congrads! I closed over 3 weeks ago and I have been SO busy moving into my new home, I haven't posted in awhile, but I still lurk on the forum.
 
I decided to reply because I remember how I felt in your shoes...if it weren't for people on the forum, I would have probably gone crazy, so I hope this helps:
 
AU is way easier than manual underwriting (human). It usually ALWAYS goes through, UNLESS some of the information put in to get the AU (income, DTI, reserves, etc.) cannot be verified with the "acceptable" documentation. I say acceptable, because what I have learned from working with more than one LO (long story) what may be acceptable to one, may not be totally acceptable to others. For example, one LO (or lender, because it is really isn't at the LO discretion) may accept a VOD (verification of deposits) from your bank in lieu of 2 months bank statements.  Another LO will say that you cannot submit a VOD for a FHA loan. No need to argue with them, just understand that some will say these sort of things, just comply and be prepared to deal with it or find another LO...
 
What you will have to supply is all of the documents that support the information you gave for your AU.
Personally, I would recommend you make two copies of everything and have them with you (and your spouse have a copy) at all times. I cannot tell you how many times I was called and asked to submit the same paperwork. 90% of the time I was at work, if I did not have access to the paperwork then I would have held things up for another day or so.... Make it real simple for yourself, organize your documents by either putting them in different color file folders OR putting different color flags on them. I actually made myself a binder and bought sheet protectors. I kept each doc (pay stubs, bank statements, taxes, whatever) in plastic sleeves and in ABC order so that I could find them quickly. Also, make a sheet with important contact/fax numbers and put it in front of your binder or folder for easy/quick access.
 
People think the hard part is getting the loan and yes, this can be a difficult process. But, the part that makes you insane is all of the waiting and BACK AND FORTH between you and the loan processors and between the LO and the underwriter.
 
On final note, even if you are approved with conditions and meet those conditions, it may not end there. Keep a separate folder ( or section of the binder) of documents that are required to meet conditions after approved. I found (and read enough post to know that others found) that even after you send the paperwork for the FINAL approval, they can easily call you back the next day and ask for it againSmiley Indifferent
 
Good luck! Organization is key....
 
MM--
Updates scores...inching along. Waiting for 7 recent medical collections to fall off!! (seriously working since END of May): EX 519 TU 576 EQ 449
8-02-08 EX 644 TU 647 EQ 575...650s here I come....700club, get ready!!!
Message 4 of 8
Anonymous
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Re: Automated UW vs. The "Final" UW

May I ask what else could happen after approval with conditions.  I was under the impression from my LO that once the conditions are met we are good to go.  I agree with you on the waiting.... it can make a person crazy!  Cranky and very Frustrating!
 
Thanks.
Message 5 of 8
Anonymous
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Re: Automated UW vs. The "Final" UW

As far as conditions go, usually as long as you comply with them, you are OK.  That said, the UW can always add more if they find something or if they start to get a shaky feeling on the deal.  Up until you sign the closing papers, things can come up that will have to be either re-done or can delay.
 
 
Message 6 of 8
DallasLoanGuy
Super Contributor

Re: Automated UW vs. The "Final" UW

if the loan officer put in correct data, then the human review is a breeze. so, basically, your automated approval is as good as the loan officer.
Retired Lender
Message 7 of 8
Anonymous
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Re: Automated UW vs. The "Final" UW

Thanks so much guys! Wow! I'm so excited!!! We still havent heard yet. Any idea how long that process takes? We sent in all of our papers last friday, which means they should have gotten them yesterday. How long before it goes to UW and how long does the UW take? Will the appraisal take place before or after the UW? I'm sooooo excited! Also, how is the economy effecting this at all? Our bank didnt say a thing about it being hard to get a loan right now but on the today show they talked like it was super hard to get a mortgage right now?? Any ideas??
Message 8 of 8
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