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Regular Contributor
sgress1533
Posts: 166
Registered: ‎01-13-2009

Does my loan go to the underwriter after my appraisal was done?

My appraisal was done on Thursday and my LO said that she should get the report Monday or Tuesday. I was just wondering if our loan goes to the underwriter after the appraisal paperwork is in or is it already in UW? Thanks.
Fico Scores:

1/13/09 EQ-525, EX-519, TU-515
7/21/09 EQ- 616, EX-603, TU-652
(EX scores from LO)
7/24/09 EQ-626, EX-603, TU-652...Now we can get our home!
Frequent Contributor
oldhack62
Posts: 284
Registered: ‎12-14-2008

Re: Does my loan go to the underwriter after my appraisal was done?

 

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.

New Contributor
Adelaide
Posts: 74
Registered: ‎05-28-2009

Re: Does my loan go to the underwriter after my appraisal was done?

I guess each situation is different, but I also had an appraisal done on Thursday. My file is in in-house underwriting where they're just making sure everything looks good and is approvable before they send it to the bank underwriters. They're just waiting on the appraisal to complete my file and send it to the bank this week.
Regular Contributor
sgress1533
Posts: 166
Registered: ‎01-13-2009

Re: Does my loan go to the underwriter after my appraisal was done?

Thank you for the information. Just to go further into my situation, My husband and I met with our LO on Tuesday, I have been in talks with her for 2 weeks, she ran our credit but didn't apply us for a loan until Tuesday morning because my husband had just reached 620. This was over the phone since she is an hour away. About an hour later she called back saying that we were approved through automated underwriting, which I am guessing is a good thing. I sumbitted my gift letter and proof of funds from gifter to my LO on Wednesday and she ordered the appraisal and it was completed Thursday. I hate to bug her with these simple questions because I have asked so many, I was just wondering if it already went to the lenders underwriters. I think it has...
Fico Scores:

1/13/09 EQ-525, EX-519, TU-515
7/21/09 EQ- 616, EX-603, TU-652
(EX scores from LO)
7/24/09 EQ-626, EX-603, TU-652...Now we can get our home!
Super Contributor
ShanetheMortgageMan
Posts: 7,821
Registered: ‎09-28-2007

Re: Does my loan go to the underwriter after my appraisal was done?

Automated underwriting is just a computer program, not a human being, that reviews your loan.  The next step after running the automated approval is typically supplying your loan officer with your documents and a signed/dated application & disclosures, could be for a specific property address or for a "TBD" one.  Either way this information is then compiled by your loan officer and submitted to the underwriting queue to be assigned to an underwriter, depending on that lender's volume and what not the turntime for it to be assigned to an underwriter may vary from a day or two to several weeks, then once it's assigned to an underwriter they usually review it same day or within 24 hours.  Banks require a certain amount of minimum documentation to be submitted in order for it be reviewed by an underwriter, on a purchase transaction that information is typically just the purchase contract (unless you are going for a pre-approval with no specific property in mind), signed application/disclosures, income & asset docs, and also any explantions... the appraisal, title report & evidence of homeowners insurnace are not normally required, however some banks may make some or all of those a requirement too.
Regular Contributor
sgress1533
Posts: 166
Registered: ‎01-13-2009

Re: Does my loan go to the underwriter after my appraisal was done?

Well the appraisal came back and the value was fine. The only problems are that 2 windows need to be replaced and there is no stove, so I think one has to be put in. Seller gave us 6% towards closing, will fixing the windows and buying a stove be apart of this 6%?
Fico Scores:

1/13/09 EQ-525, EX-519, TU-515
7/21/09 EQ- 616, EX-603, TU-652
(EX scores from LO)
7/24/09 EQ-626, EX-603, TU-652...Now we can get our home!
Super Contributor
ShanetheMortgageMan
Posts: 7,821
Registered: ‎09-28-2007

Re: Does my loan go to the underwriter after my appraisal was done?

If the seller just has those items fixed, and doesn't give you $ to do it, then it wouldn't be considered part of the 6%.
Regular Contributor
sgress1533
Posts: 166
Registered: ‎01-13-2009

Re: Does my loan go to the underwriter after my appraisal was done?

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
Fico Scores:

1/13/09 EQ-525, EX-519, TU-515
7/21/09 EQ- 616, EX-603, TU-652
(EX scores from LO)
7/24/09 EQ-626, EX-603, TU-652...Now we can get our home!
Frequent Contributor
steelfan
Posts: 473
Registered: ‎03-06-2007

Re: Does my loan go to the underwriter after my appraisal was done?


sgress1533 wrote:
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
Regular Contributor
sgress1533
Posts: 166
Registered: ‎01-13-2009

Re: Does my loan go to the underwriter after my appraisal was done?

it's a regular collection with lvnv funding from best buy. I've sent several letters asking for them to remove it and all I get back is that they are going to research it. Someone on here just had luck with them and did it through email and they gave me LVNV's email address, so I'm going to try that.
Fico Scores:

1/13/09 EQ-525, EX-519, TU-515
7/21/09 EQ- 616, EX-603, TU-652
(EX scores from LO)
7/24/09 EQ-626, EX-603, TU-652...Now we can get our home!

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