03-05-2012 01:25 PM - edited 03-05-2012 01:27 PM
Thanks for asking Catacam!
Nope, no updates yet. ALL of the requested documents to satisfy our conditions have been sent. As of last Friday, the processor was going through all of it (admittedly, there is a lot) and was then going to then send everything back to the UW for a final sign-off. I haven't heard anything since then, but I assume they're probably with the UW now. We should hear back in the next day or two. Our LO has been out of town for the last few days and gets back tomorrow, so I've been trying to be really patient and just wait for him to return before I start asking for status updates.
I am in a sort of weird emotional state right now. We have a conditional approval and all of the conditions are things we could easily provide documentation to satisfy, so.... part of me feels pretty good and optimistic However, the other part of me feels like something is going to go wrong. Luck has not been on our side through the house-building and mortgage approval-attaining process, so I feel like something bad is going to happen and it's not going to work out.
BUT, I'm trying really hard to stay positive and optimistic!!
Does anyone know how common it is for applicants to not pass the final UW phase when there has been a conditional approval, even when they are able to provide documentation that, on the surface, will satisfy the conditions? Our conditions varied pretty widely from simply proving facts (e.g. proving that my student loans are not federally insured) to explaining things that felt were problematic (e.g. our recent use of an ODP account). On paper, all of the conditions were very satisfiable, but I'm wondering how common it is for am UW to determine that, even with documentation, they aren't comfortable with a condition. Anyone know??
03-06-2012 07:22 AM
No, our LO is back in the office today (after being out for 4 days), but I haven't heard from him yet. And the last time I spoke with anyone from our lender was Friday (spoke with LO's boss)... is it rude to email our LO asking for a status update? We're just weeks away from buying a home and don't have an officially approved mortgage loan yet, so I feel like I need to know the current status!
03-06-2012 07:28 AM
I talk to my LO at least 3 times a day!!! Bug them!!
03-06-2012 07:51 AM
When I first met with mine, I specifically told him that I planned on bugging him and he said he is used to it, and that he has people who will call/email him literally every hour. He said he is used to it and to call him whenever I wanted.
So to answer your question, no, I don't think it is rude to email him. Not at all!!
Now go bug him so we can have some updates!
03-07-2012 01:13 PM
Yay, we have our GFE and interest rate now!! We're still waiting on the UW to review all of the documents we provided to satisfy the conditions, but I feel like that's on track and we will hear from them with news on the official approval soon, hopefully in the next day or two!
03-07-2012 01:21 PM
Whoooo hoooo!!!!! What rate did you get?
03-07-2012 01:54 PM
Our rate is 4.25%... I wish it were lower, but that's just what you get with sub-620 scores and waiting wouldn't have done us any good because my SLs are going to hold my scores down for years, so if we want a house anytime soon, 4.25 % it is!
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO