Compliance Department..

[apeydee416]

Got an update saying that our file was sent to underwriting on Friday and is with the compliance department today - then it will be in the underwriting queue. Not to sound ignorant, but I didn't realize there was another department in between processing and underwriting. Can someone give me some insight?

[Anonymous]

Most lenders have compliance auditors that spot check loans to make sure they are being underwritten/processed correctly. Usually does not cause a problem unless the underwriter/processor missed anything they should have. Just slows you down a bit usually, but not by much.

[StartingOver10]

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@Anonymous wrote:

Most lenders have compliance auditors that spot check loans to make sure they are being underwritten/processed correctly. Usually does not cause a problem unless the underwriter/processor missed anything they should have. Just slows you down a bit usually, but not by much.

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Yes ^^^, completely normal. Also called QC or quality control dept.

[apeydee416]

I guess my confusion lies with it going to a QC check before underwriting.

Also, does the time the file spends in queue a part of the 3-5 days generic estimate they give?

[frugalQ]

it's not uncommon to go through QC before underwriting.  the hope is that underwriting will go quicker since it's been reviewed multiple times before it gets to them.  Mine went through QC before underwriting also.

[apeydee416]

Thats good to know, my LO emailed me a few hours ago and said that it cleared compliance and now its in the queue. He said that was a good thing, so here's hoping.

[Anonymous]

My loan has cleared underwriting and is now in final quality control since yesterday morning. Just waiting on the clear to close. They were hoping to schedule closing for tomorrow. Lender is in CA, so they are 3 hours behind me. I am SOOOOO TIRED of waiting. I am sure plenty on here feel the same. 

[apeydee416]

I feel like my whole process is going backwards - but heres hoping that clearing compliance results in a smoother trip to the UW.

I think what is making me so nervous is that my file has not even been seen by an UW at this point. We are talking 6 weeks later, after appraisal was done and homeowners was obtained and the rate was locked. It's all very bizarre.