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In Underwriting...What was your experience?

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nolimits
Established Member

Re: In Underwriting...What was your experience?

I've closed 3 homes, and 2 of the 3 just the normal docs was required. 

 

One was a bit more picky and required some LOE's for misc items, but it was no big deal really.  Overall, the UW's seemed to process things fast but this has been several years ago.  I haven't bought since 2007 or thereabouts.

 

Hopefully I will be going through the process again.  I dread it each time.  No matter how great or bad your credit, they sure have a way of scrutinizing everything to nth degree.

It is only the poor who pay cash, and that not from virtue, but because they are refused credit. - Anatole France

FICO Scores (1/6/13): EX 642 and TU 670
Message 11 of 20
tdrjustus3
Regular Contributor

Re: In Underwriting...What was your experience?

Does anyone else have any ideas what the UW might ask for? So far I have submitted tax returns LOE for cash deposits bank statements (2 mos) child support court order.


No apps until 8/2014
March 2013 Starting FICO Score: EQ: 584 TU: 564 EX: ??
August 2013 Current FICO Scores: EQ:664 EX:684 Walmart TU: 666
Message 12 of 20
nolimits
Established Member

Re: In Underwriting...What was your experience?

UW's are going to request additional items on anything that is outside their "ordinary" set of rules.  For example, if you have a paid judgment from 5 years ago.  You will probably need to write a letter and/or provide documentation the judgment is paid.  If you are self-employed, tax documents and a slew of other info may be required.  The last loan I did, I ended up doing by myself because at the time my spouse was self-employed and it was a PITA and I didn't really need her to qualify.

 

If you have a good credit score, fairly clean credit (no massive lates or spotty issues from a life event, etc), and no special conditions this will be pretty easy and straight forward.  

It is only the poor who pay cash, and that not from virtue, but because they are refused credit. - Anatole France

FICO Scores (1/6/13): EX 642 and TU 670
Message 13 of 20
426MW
New Contributor

Re: In Underwriting...What was your experience?

I have read all the horror stories about UW's but mine went right through.  I only had 2 conditions, sign 2 LOE's.  My problem was with the appraisal and the VA signing off on the value of the home since it was close to RR tracks.  That was a 14 day fiasco that almost pushed me over the edge!  Play the game with them.  Nothing happens quick in today's market.


Starting Score: EQ 553 - TU 569 8-24-12
1-4-13 Scores: EQ 645 - TU 675
3-25-13 Lender pull EQ 646 - TU 687 - EX 647
Goal Score: 700 Across the board before 6-13


Take the myFICO Fitness Challenge
Message 14 of 20
smiths38
Regular Contributor

Re: In Underwriting...What was your experience?

We closed yesterday,looking back I guess it wasn't so bad.It was certainly worth all of the trouble.



Starting Score: 553(EQ) 572 (TU) 586(EX) (EQ Complete Advantage)
Current Score: 572
Goal Score: 640


Take the myFICO Fitness Challenge
Message 15 of 20
JAM2013
Established Member

Re: In Underwriting...What was your experience?

We were fully approved without needing to meet any conditions but we have excellent credit, a low DTI ratio, and 20% down.

Message 16 of 20
Kathy4NU
Frequent Contributor

Re: In Underwriting...What was your experience?

We had just a few minor ones. 

 

When we applied I took everything I thought they would need - W2's, income tax, paycheck stubs.  I probably had a folder 1/2 inch thick with everything.

 

They came back with two rounds of conditions.

 

1.  Copies of rent receipts and proof of them coming out of our bank account.

 

2.  LOE as to why we paid on the 5th of every month but in November we paid on the 9th - we had a 15 day grace period so we were ok but they wanted to know why (we were stuck in NYC with super storm Sandy).  Copies of most recent paycheck stubs, copies of current quarter 401k statement.  We origianlly tookk them a copy but it was the previous quarter.  Finally, the day before we closed they had to verify the funds for closing were in our account but since we banked with the CU who was doing the loan we didn't have to do anything for that one.

 

I was sweating bullets through the whole process.  Looking back now it was very simple and smooth.




June '12: EQ 553 TU 0 EX 545
April '13 Lender Pull EQ 731, EX 692, TU 722 - all FICO

Closed on home May 22, 2013 at 2:00pm!!!
CU Visa $1000, VS $350, Chase Freedom $1000, Discover IT $2500, Home Depot: $2700, Menards $3000, NFM $3500
What's been deleted: 32 collections, 5 PR, 2 tax liens, defaulted student loans
Message 17 of 20
stevieswife2011
Valued Member

Re: In Underwriting...What was your experience?

Waiting on ctc my conditions were to provide documentation applied for IBR for student loans 401K loan documents current pay stubs activity on checking account and savings accounts also had to write a letter to tell them where the earnest money came from. I submitted the information waiting on the final approval
Message 18 of 20
tammyjk
Regular Contributor

Re: In Underwriting...What was your experience?

Since I switched brokers in mid-stream, I was ask to document deposits over 100 dollars.  A bit difficult since one was from the sale of a trailer.  They wouldnt accept that and I have to keep an extra 500 in my account.  Not a big deal but right now that money would come in handy.  I had to explain why I am renting a home from my ex.  Seems I am constantly having to update my checking docs, again not a big deal.  Just be careful about your deposits! 

 

Because of switching brokers,  I got a double dose of experience!  I had already been approved when I made the switch but soooo happy I did.  The first broker put my student loans in my DTI and shouldnt have.  In turn, the lender required a Midland collection paid off.  The collection is bogus and  6 years old....no way I'm paying that off now if I dont have to.  The current lender accepted the paperwork from the class action suit and did not require it paid off. 

 

We are now back in underwriting for the final approval and ctc.  Broker says the 21st is a very doable closing date. 

Message 19 of 20
tdrjustus3
Regular Contributor

Re: In Underwriting...What was your experience?

I think my conditions were pretty standard. My LO argue with the UW about a few of them. I need my divorce decree LOEs for cash deposits refi of car loan 401K statements and stay tax return. I sent most of it in already. Just got the cancelled earnest check and will send it in tomorrow


No apps until 8/2014
March 2013 Starting FICO Score: EQ: 584 TU: 564 EX: ??
August 2013 Current FICO Scores: EQ:664 EX:684 Walmart TU: 666
Message 20 of 20
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