Mortgage Loans

[adonis2011]

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!

[tooleman694]

Either more waiting or more proof and more letters.

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

[adonis2011]

Very very close which makes this wait so hard!

[Mike_B03]

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? 

[adonis2011]

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!

[Mike_B03]

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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!

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

[tooleman694]

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

[adonis2011]

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!

[adonis2011]

I forgot to mention our est close date is Jan 10th