Credit Cards Center Credit cards from our partners
Reply
Contributor
Posts: 84
Registered: ‎04-03-2012
0

In Final Underwritting!

We are in final Underwritting stages. I'm more nervous than I was during the initial UW phase. We were required to show proof and write a letter regarding the earnest funds we used for the new build. The appraisal was completed last week... Currently waiting for the lender to get it and review.
What else happens during the final UW stage?? This wait is killing us!
Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
0

Re: In Final Underwritting!

Either more waiting or more proof and more letters.

 

They either take it or they dont. You are very very close.

Contributor
Posts: 84
Registered: ‎04-03-2012
0

Re: In Final Underwritting!

Very very close which makes this wait so hard!
Valued Contributor
Posts: 1,146
Registered: ‎11-30-2012
0

Re: In Final Underwritting!

Did they give you a time frame of when they should know something? 

 

I am also in the same boat...submitted all the conditions to the loan processor last week Tuesday and then yesterday I wrote an email asking about the status. He got back to me today and said everything is in underwriting for approval. Said the turnaround time is 9-10 business days right now and we should know something by late next week. 

I like that we were given a time frame so at least I'm not wondering every day...is today the day? 

Highlighted
Contributor
Posts: 84
Registered: ‎04-03-2012
0

Re: In Final Underwritting!

We already went though initial Underwritting, and that took forever! I was told final UW would only take 48-72 hrs. That seems like forever!
Valued Contributor
Posts: 1,146
Registered: ‎11-30-2012
0

Re: In Final Underwritting!


adonis2011 wrote:
We already went though initial Underwritting, and that took forever! I was told final UW would only take 48-72 hrs. That seems like forever!

What is the difference between "initial" and "final" underwriting? What did you have to do in the initital phase vs final.

Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
0

Re: In Final Underwritting!

My guess is loan processing and conditions, than that is followed by the UW signing off on it.

Contributor
Posts: 84
Registered: ‎04-03-2012
0

Re: In Final Underwritting!

Initial they requested letters for credit items, we sent bank stmts, paystubs... All the required for pre approval. We received our preapproval letter and signed a contract on a home. The appraisal was just completed last Saturday. We had to write a letter on how we obtained our earnest money. Title was ordered, we signed Truth and Lending docs, obtained homeowner's insurance. Apparently the appraisal has to be reviewed along with the title and I'm guessing tax returns.
The LO said we're all clear on the credit items... But the final review still has to be done. That's why I'm so nervous on what they still have to review!
Contributor
Posts: 84
Registered: ‎04-03-2012
0

Re: In Final Underwritting!

I forgot to mention our est close date is Jan 10th
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.