Day 4 in underwriting and I have heard nothing

[Chbraswell]

AGing that is awesome!!!  I wish more LO's where that hungry for the business. I feel like my LO told me 24-48 hrs in u/w and now it's been 7 days! I hope we all get the loans!

[kezia2410]

My LO has been great. He responds to all emails and voice mails quickly. But the processor that our file was assigned to is a whole different story. We went to underwriting on 7/09 and was told by the processor it take 24-48hrs. We didn’t hear back til 7/13 when I emailed the LO and he check on the status with the processor. On 7/15 we finally received an email from the processor with a conditional approval. I sent back the conditions that same day ..within in a few hours.

Here it is 7/22 and we have not heard back if we received a full approval or not. I emailed her Fri 7/18 and received no response so I emailed the LO and he responded back within 15min telling me he will get the processor to give us a call. She finally called me yesterday at 5pm but had no status on the loan. She did however tell me that she needed another copy of a bank statement that we sent her and the LO 3 times. And that out closing date has moved from Aug 15th to who knows. The house was supposed to be finished by July 31st now it won’t be finished by Aug 29th. No one can tell me why the date changed. I have called the LO who referred me to the sales guy (new built) who gave 20 million reason why A house won’t be finished. But no specific reason why MY house won’t be completed by July 31st. I am so stressed out right now cause we have to be out our apt by Aug 31st and school starts Aug 25th…..ugh.

I am hoping we will have an answer by the end of the week to whether we have a full approval or not and why the date was changed!!!!

Sorry for the long post...Guess I needed to vent!!! 

[TimeToRecover]

I think the house completion date changing is actually normal.  I am doing a new build and my contract is actually written to allow the building an extra month if needed.  So the "everything is perfect" date is October the "theres lots of rain, the granite didn't come in, etc..." date is November.  BUT if it goes beyond November then they are not meeting the contract.

Since the closing was changed by your builder and not your lender.

[kezia2410]

TimeToRecover wrote:

I think the house completion date changing is actually normal.  I am doing a new build and my contract is actually written to allow the building an extra month if needed.  So the "everything is perfect" date is October the "theres lots of rain, the granite didn't come in, etc..." date is November.  BUT if it goes beyond November then they are not meeting the contract.

Since the closing was changed by your builder and not your lender.

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I understand the date changing for the house completion can happen and I know it up to the builder not lender. But when I call the builder I can get no information. I am just trying to find out a date so I can know if I need to make other arrangement. I have to be out of my apt by Aug 31st and we have no where to go. And school starts Aug 25th.  It's just a frustrating process when you can not get information. 

[dreamer2014]

Heard from the processor yesterday about my file. I had 10 items that I needed to get back to her. Turn those around in a few hours and got an email this morning that she will review them today and get back with me. Ugh! The wait continues as I am slated to close 7/28....

I am at peace about it all though.  Hopefully it will last. Lolololol

[Laura1369]

Dreamer, 

Hear anything yet?? I found out yesterday that the 6 conditions asked for won't be submitted back to underwriting until the appraisal comes in. At that point I think they are hoping for final approval and c2c. Which would be nice since we would like to close ASAP.... 

[dreamer2014]

After emailing the processor back and forth tonight for over an hour, she emailed the appraisal which was 4,000 above the list price. Then, I get an automated email from the lender that the title policy has been ordered and recieved. Somebody please tell me where I am now in the process. Closing is Monday, July 28.

[ShanetheMortgageMan]

After a loan is reviewed, the underwriter issues a conditional loan approval... meaning your loan is approved based on certain conditions (documents/information the lender needs).  Ask your loan what remaining conditions need to be signed off, and that will give you a clear idea of what else needs to happen before you can close.  The appraisal & title are the big ones, but there are usually a lot of small ones too.

[dreamer2014]

Thanks ShaneTheMortgageGuy- I think rent verification because that's what the processor said was left of the 11 conditions we had to turn. We turned them around in 3 hours.

[kezia2410]

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@ShanetheMortgageMan wrote:

After a loan is reviewed, the underwriter issues a conditional loan approval... meaning your loan is approved based on certain conditions (documents/information the lender needs).  Ask your loan what remaining conditions need to be signed off, and that will give you a clear idea of what else needs to happen before you can close.  The appraisal & title are the big ones, but there are usually a lot of small ones too.

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Shane, Once the conditions are sent back to the processor/ under writer how long do it take for them to review it? Either for a full approval or any more conditions? We recieved a conditional approval on 7/15 and sent back the conditons on 7/16 but have not heard anything back. We spoke with the processor Mon and she said it takes a few days and she would call us on Tues. Should I continue to wait for an answer or email/ call for for an update???

thanks.