Can someone "decode" this?

Anonymous · ‎07-28-2016

I sent my mortgage lady an email asking if she knew an approximate closing date because my car was recently totaled and I am need a new one. I want to wait to get a new vehicle until we close so I do not have any additional inquiries. We are thinking she submitted our loan for underwriting on Tuesday. She emailed me back this:

"If you can wait a few days to have your credit pulled. Let us get past tomorrow, the end of the month, then we should be ready to submit your loan. I don’t want to pull credit at closing and have inquiries on your credit for car dealers."

Can someone decode this for me... It sounds like "bank talk" to me. When she says "submit your loan" does she mean submitting it to underwriting or does she mean to the bank we are financing with. She said she would pull our credit the day we closed, which makes me think we will be finished with udnerwriting tomorrow and close next week.

Anyhelp would be appreciated!

Also, this lady is the best person ever to deal with. I just hate to bug her to decode it for me. Thanks!

Anonymous · ‎07-28-2016

It's part of her job to be of assistance with such matters and explaining things. I wouldn't hesitate to call/email my LO with any questions. As far as decoding goes, it sounds like your file is about to go to the underwriter.

DallasLoanGuy · ‎07-28-2016

doesnt make sense.

sounds like she hasnt submitted.

even so, a soft pull will happen near closing time.

Retired Lender

ezdriver · ‎07-28-2016

@Anonymous wrote:
I sent my mortgage lady an email asking if she knew an approximate closing date because my car was recently totaled and I am need a new one. I want to wait to get a new vehicle until we close so I do not have any additional inquiries. We are thinking she submitted our loan for underwriting on Tuesday. She emailed me back this:

"If you can wait a few days to have your credit pulled. Let us get past tomorrow, the end of the month, then we should be ready to submit your loan. I don’t want to pull credit at closing and have inquiries on your credit for car dealers."

Can someone decode this for me... It sounds like "bank talk" to me. When she says "submit your loan" does she mean submitting it to underwriting or does she mean to the bank we are financing with. She said she would pull our credit the day we closed, which makes me think we will be finished with udnerwriting tomorrow and close next week.
Anyhelp would be appreciated!

Also, this lady is the best person ever to deal with. I just hate to bug her to decode it for me. Thanks!

Your loan is not yet in the underwriting process. Files are not delivered to underwriting until a lot of documentation has been collected [VOE, VOR, tax transcripts, etc.]. This is a normal process. Be patient.

Anonymous · ‎08-02-2016

It hasn't been submitted to underwriting for approval yet. Lenders typically do a soft credit pull after you get loan approval but before you close. She doesn't want any new debt appearing on this soft pull. Sounds like you still have a couple weeks until you close.