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Automated Underwriting, Appraisal and Closing

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Anonymous
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Automated Underwriting, Appraisal and Closing

Thursday April 28 2011, Went to lender to sign papers and update my stubs and statements. He said that the Automated underwriting Approved the loan, and he said hes going to send it to underwrting. Is this a bad thing or a good thing because the AUS Approved the loan without any refers or caution. I looked up my credit report and saw that RELS credit pulled up my credit report. Is this company the underwrting company or are they just part of wells fargo???? My lender also said that he sent  the papers to underwriting and that TODAY hes going to order the appraisal. Does this mean that he didnt send the papers to underwrite? I know that for some underwriting you need the Appraisal, or can this be given later? will this make the loan take a long time to close? I have a home inspection this wednesday (4th) coming up, will the underwriter want to see this as well??  My FICO' are EFX: 663, XPN 674, TUC 662. These FICOS were from febraury and at that time my FAKO score for EFX was 711. Payed all my bills my FAKO went from 711 to 724. Does this mean that my FICOS went up 13 points to, or more? Im just confused about the whole RELS credit company I have heard many complaints about them. Im a little concerned now.

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ShanetheMortgageMan
Super Contributor

Re: Automated Underwriting, Appraisal and Closing

The next step after the automated underwriting approval is to send the loan to the underwriter.  RELS is the credit vendor that Wells Fargo uses.  Some lenders need an appraisal to underwrite, most do not, when we do business with Wells Fargo they can underwrite without an appraisal.  The home inspection is for you to be OK with the condition of the property, the underwriter doesn't need to review it.  The underwriter reviews the appraisal to make sure they are OK with the condition & value of the property.  I'm sure your FICO scores probably increased if your FAKO scores increased, but it is not always a direct correlation.

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