In Between the Lines

[IQn2D]

I'm in the process of apply for a home loan. The company is Movement Mortgage. I've filled out a application online. Sent in my W2, Paystubs, bank statements, credit card statement for payoff accounts. etc. So, I'm going the pre-approval route. I just received this for my loan agent...

Good evening,

Your loan is currently with our loan committee for review. Below are a few items they have requested.


LOX for the bank acct allotment les
LOX regarding the discretionary allotments on borrowers LES
Additional liquid assets will be needed at closing, if he will be liquidating his TSP, we will need documentation of that as well as proof of deposit into his account
Most recent statement for the 6 debts to be paid off at closing
Cap1 $457
MABT/Contfin $39
Commitity Cap/Boscovs $2
USAA/SB $108
Credit One $111
Belk $132

i've provided that information.. I'm trying to figure out am I close to a yeah or nah. My media score is 609 but my credit report have updated yet with the paid of accounts. Also I got automatic CLI on a few of my cards.

[VALoanMaster]

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@IQn2D wrote:

I'm in the process of apply for a home loan. The company is Movement Mortgage. I've filled out a application online. Sent in my W2, Paystubs, bank statements, credit card statement for payoff accounts. etc. So, I'm going the pre-approval route. I just received this for my loan agent...

Good evening,

Your loan is currently with our loan committee for review. Below are a few items they have requested.


LOX for the bank acct allotment les
LOX regarding the discretionary allotments on borrowers LES
Additional liquid assets will be needed at closing, if he will be liquidating his TSP, we will need documentation of that as well as proof of deposit into his account
Most recent statement for the 6 debts to be paid off at closing
Cap1 $457
MABT/Contfin $39
Commitity Cap/Boscovs $2
USAA/SB $108
Credit One $111
Belk $132

i've provided that information.. I'm trying to figure out am I close to a yeah or nah. My media score is 609 but my credit report have updated yet with the paid of accounts. Also I got automatic CLI on a few of my cards.

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Hi IQn2D,

I can't believe lenders still use that line, it made me chuckle.

Did your LO telling that you were going in for an exception? Do you know if they were able to get an approval through an AUS system?

It sounds to like like they're looking at either an exception or your file did not get approved through an AUS so they're doing a manual underwrite.

If it is a manual underwrite, you have to figure out why the AUS wouldn't approve it. Here's what I mean.

You can have a 640 score & still not get approved through an AUS due to hits in your credit history. In a case like this, the underwriter has to review each derogatory account & determine whether or not it's a problem. 

The AUS may refer a file simply because there are too many layers of risk. Your LO should be able to tell you why your file was not approved in the AUS if that's the case here.

[IQn2D]

I have some derogatory accounts but all have been paid off. I've explain all of them and why they got to that point. I've shown that the accounts she requested have been paid off which non of they have been late. Also, she did mention that I could be approved if not now by August. I guess some account will be updated. I'm still confused about this situation.

[Anonymous]

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@VALoanMaster wrote:

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@IQn2D wrote:

I'm in the process of apply for a home loan. The company is Movement Mortgage. I've filled out a application online. Sent in my W2, Paystubs, bank statements, credit card statement for payoff accounts. etc. So, I'm going the pre-approval route. I just received this for my loan agent...

Good evening,

Your loan is currently with our loan committee for review. Below are a few items they have requested.


LOX for the bank acct allotment les
LOX regarding the discretionary allotments on borrowers LES
Additional liquid assets will be needed at closing, if he will be liquidating his TSP, we will need documentation of that as well as proof of deposit into his account
Most recent statement for the 6 debts to be paid off at closing
Cap1 $457
MABT/Contfin $39
Commitity Cap/Boscovs $2
USAA/SB $108
Credit One $111
Belk $132

i've provided that information.. I'm trying to figure out am I close to a yeah or nah. My media score is 609 but my credit report have updated yet with the paid of accounts. Also I got automatic CLI on a few of my cards.

---

Hi IQn2D,

I can't believe lenders still use that line, it made me chuckle.

Did your LO telling that you were going in for an exception? Do you know if they were able to get an approval through an AUS system?

It sounds to like like they're looking at either an exception or your file did not get approved through an AUS so they're doing a manual underwrite.

If it is a manual underwrite, you have to figure out why the AUS wouldn't approve it. Here's what I mean.

You can have a 640 score & still not get approved through an AUS due to hits in your credit history. In a case like this, the underwriter has to review each derogatory account & determine whether or not it's a problem. 

The AUS may refer a file simply because there are too many layers of risk. Your LO should be able to tell you why your file was not approved in the AUS if that's the case here.

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+1

[VALoanMaster]

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@IQn2D wrote:
I have some derogatory accounts but all have been paid off. I've explain all of them and why they got to that point. I've shown that the accounts she requested have been paid off which non of they have been late. Also, she did mention that I could be approved if not now by August. I guess some account will be updated. I'm still confused about this situation.

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You should really get a second opinion from another lender.

[IQn2D]

Thanks VAloan. As I stated early, I've provided answered to questions when asked and paperwork when requested. My DTI is good and my credit usages is at about 43%. My credit score continues to rise. Two of my account just got auto CLI, which I informed they about. This should help reduce my credit usage. The process is just taking to long. I apply on 9June16. 

[VALoanMaster]

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@IQn2D wrote:
I have some derogatory accounts but all have been paid off. I've explain all of them and why they got to that point. I've shown that the accounts she requested have been paid off which non of they have been late. Also, she did mention that I could be approved if not now by August. I guess some account will be updated. I'm still confused about this situation.

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What is their minimum credit score requirement?

Did she say why she wanted those accounts paid off?

[IQn2D]

As low as 590 however mines was 609. I am attempting to get a VA mortgage. I got my credit report with analysis from them that says my potential is 618. I assuming that this will occur once my credit file updates. Since I been viewing my scores, they seem to update around the middle of the month. She didn't say they wanted me to pay off those account. She mention they would be fine at closing. I was assuming they would pay them off with closing cost. However, I paid them because they were low balances. If you would like to see the report, I can send it to you.

[VALoanMaster]

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@IQn2D wrote:
As low as 590 however mines was 609. I am attempting to get a VA mortgage. I got my credit report with analysis from them that says my potential is 618. I assuming that this will occur once my credit file updates. Since I been viewing my scores, they seem to update around the middle of the month. She didn't say they wanted me to pay off those account. She mention they would be fine at closing. I was assuming they would pay them off with closing cost. However, I paid them because they were low balances. If you would like to see the report, I can send it to you.

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I'll send you a PM