In Underwriting...What was your experience?

[tdrjustus3]

We just had our home inspection, they accepted our terms and the appraisal has been ordered. My realtor told me there may be some crazy requests from the underwriter so I should just want to prepare myself.  I have already submitted my taxes and LOE's for cash deposits.  I was wondering if some of you on the forum would share some of your requests from underwriters.  I just want to prepare myself.

[smiths38]

I'm suppose to close on Friday.LO called tonight and said the underwriter  requested chapter 7 documents and payoff for auto loan.It seems that an account that was discharged with the chapter 7 is still showing up on my credit.As for the payoff request,one of the conditions is to pay off the auto loan at closing.However,my LO also said that we may need to submit other documents as well.More sleepless nights!

[Lac2509]

We needed...

bank statements, W2's for each of us, non renewel documentation for a CD that we have in my husband's name, all of our 401k information (statements from 1st quarter and terms from withdrawal from both accounts even though we didn't even take anything out on them), paystubs from the previous month for both, explanation letters for any lates we had on every credit card, 2 address verifications (my husband still has bank statements go to his mother's house so they wanted to verify why his addresses didn't match), I had a address verification as well from where I rented in a different city before we got married and that address was still on my credit report, copy of the check that we sent the title company for our earnest money, rent checks for the last 2 years...

That covers most of it!

[foofighter74]

Well, beyond the documentation every loan officer should ask for up front (I included copies of the checks we had already written to the builder on the day we applied rather than to wait and be asked for them - in fact, i gave them copies of everything i could possibly come up with that might be requested), we were asked for pay stubs for my wife because she switched jobs just before we officially applied and we didn't have any to give when we applied...as well as a bank statement showing the last of the initial deposit checks with the builder clearing our account and showing an adequate balance to close at that point. 

So not much really.  Though we had no lates, no chargeoffs, no collections or disputes on our credit reports.  It was a pretty clean file.

[tdrjustus3]

I have 3 paid charge offs on my file 2 from 2009 and one from 2010. They were all settled for less than the full balance. Does anyone think I will need a LOE for these?

[AppleJacks]

They may be that's back a few years.  We were asked for Crazy LOE also but none of them really credit related.  Some of the things they wanted were LOE of why my husband changed his last name (he was raised by his grandparents and wanted to take their last name after they passed).  Then they wanted a letter stating that I would commute to work daily.  I don't even know why they asked for that.  The house is less than an hour from my job and of course I'm going to commute.  They wanted a LOE to explain why we keep separate bank accounts.  My husband works at home so they needed a LOE from his employer stating that he has permission to work at home.  That's the only place he has worked.  So just lots of odd little things.  I'm so tired of it.  I don't drink but the UW process could surely drive me to do so!

Good luck to you though, I hope it goes smoothly!

[tdrjustus3]

Wow. That's why I started this thread because I just wanted to make sure if they start with some crazy requests I will know I am not alone. Commuting to and from work? I really don't know what that has to do with your mortgage.

[smiths38]

We just left the lender.The underwriter requested things that they had already.We had to give a LOE and we had a couple of other conditions which we met.I doubt that we 

will close on Friday.LO said worse case senario would be closing might be put off a week because the underwriters are backlogged.

[terminalhockey11]

My lender/LO is great.  The UW/Processors not so much.  Multiple requests for items that were already provided and their delay in signing off on 1-2 items cost us quite a bit of lender credit for close this week.  I told my LO that I would easily recommend him if he worked at another company.

We provided so many items to them in either immediate fashion or within a couple of hours only to have them sit on it for days once received.  Our sellers wanted a 60 day close and it just put them on standby the entire time.

[tdrjustus3]

So it would be a good idea to keep items I have already sent handy to resend. Our loan officer is great so I am hoping the UW is as good