The underwriter almost certainly already is working on it, or has conditionally approved it. The appraisal meeting the loan amount is just part of that process. There would be no point in an appraisal for an application certain to be rejected. Not saying it's a slam-dunk from this point, only that no roadblock likely has been thrown up yet.
Well, we hit a snag, since our LO was working with a lender that does under 620 loans, we were approved through automated underwriting and when she went to send them our app, the person on the other end said their guidelines changed and now along with under 620 mid score, we can't have any lates in the last 12 months. We have 1 account that went to collections end of 2008 but paid it off right away beginning of 2009. Unfortunately, it shows all the way from 30-120 days late. There are no other lates within 12 months on the account. Now we are doing another rapid rescore to gain the 9 points needed.....arrrgggghhhhh
Is this a medical collection or a plain cc account, phone bill? If its medical do research here on getting rid of medical collection through the hippa laws the scores would increase alot since its a fairly new collection. If its not talk with the collection agency and ask them if they would delete the paid collection off your credit report. They don't have to but maybe if you talk to someone in a supervisor role and tell them its holding up your mortgage approval they will do it