Does underwriting review your entire case when you submit 'conditions' after approval?

[stormysar]

Our loan was approved yesterday with conditions.  We fulfilled those requests.  Now I'm wondering, will they review our entire case again as it goes back through underwriting or will they just be looking specifically for the new documentation?  Could they come up with more conditions or should that be it because we have already gotten  approval?

Thanks!

Sarah

[ezdriver]

Anytime an underwriter opens your file, they can issue additional conditions. That's just the reality of how underwriting works. If your file is solid, chances are your approval will move forward with little to no additional conditions.

[juggalo9er]

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@ezdriver wrote:

Anytime an underwriter opens your file, they can issue additional conditions. That's just the reality of how underwriting works. If your file is solid, chances are your approval will move forward with little to no additional conditions.

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agreed, i had conditions on two trips through underwriting

[BePositive]

Hi I'm a mortgage loan processor and have been doing it for over 10 years. Basically all loans are conditionally approved (the conditions). When you supply them IE - additional bank statements, letters of explanation etc they review them. Depending on what you provide it may result in the need for additional conditions or it may satisfy the condition. It all depends on your answer. This is a completely normal part of the process. Let me know what they are asking you for and I can help you out. 

Some examples - when we review a bank statement we look for deposits over 25% of your income and undisclosed debt. So if you are paying monthly to cap 1 but don't have a cap one account on your credit we have to ask what that payment is all about. If you say I just opened a card we know we have to add that to your liabilities if you say it's my "other halfs card" we would ask for a statement to show its not in your name. Good luck and it is a lot of explaining but oh so worth it when you get those keys! 

[ladyvwj]

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@stormysar wrote:

Our loan was approved yesterday with conditions.  We fulfilled those requests.  Now I'm wondering, will they review our entire case again as it goes back through underwriting or will they just be looking specifically for the new documentation?  Could they come up with more conditions or should that be it because we have already gotten  approval?

Thanks!

Sarah

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Hi Sarah,

From what I've experienced years ago and recently researched/read on boards like this one is that when an underwriter requests for certain items/documents or conditions to be met, your file would be taken out of the "queue". When you submit the requested items, your file is then resubmitted into the queue behind all the files that are still waiting to be reviewed for the first time and/or coming through again. So in essence, the underwriter would have to review the package as if it's a new submission. I've heard of people being requested for additional documents the 2nd or 3rd time around because of what was submitted to meet the condition or if it was just missed the 1st time. Not sure if that same process applies to both direct lending underwriting and 3rd party underwriting or either/or. That's only what I've experienced once before and read about. In my past experience, I was missing a LOE, and once I submitted it, the file was re-submitted and cleared to close.

[tooleman694]

Sometimes when you submit the docs for the conditions it raises more questions and you have to go deeper. I had like 4 rounds of conditions before I was completely denied.

[juggalo9er]

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@BePositive wrote:

Hi I'm a mortgage loan processor and have been doing it for over 10 years. Basically all loans are conditionally approved (the conditions). When you supply them IE - additional bank statements, letters of explanation etc they review them. Depending on what you provide it may result in the need for additional conditions or it may satisfy the condition. It all depends on your answer. This is a completely normal part of the process. Let me know what they are asking you for and I can help you out. 

Some examples - when we review a bank statement we look for deposits over 25% of your income and undisclosed debt. So if you are paying monthly to cap 1 but don't have a cap one account on your credit we have to ask what that payment is all about. If you say I just opened a card we know we have to add that to your liabilities if you say it's my "other halfs card" we would ask for a statement to show its not in your name. Good luck and it is a lot of explaining but oh so worth it when you get those keys! 

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on this note it makes me curious if some types of loans are looked at a little less than others such as va vs fda vs usda and so on