@SRob10 wrote:Finally after a denial during underwriting last year I am finally at a point where I can say I am confident about this mortgage process (not too confident of course). My information has been submitted to underwriting and I have a conditional approval. When I asked the lender about the conditions they stated it was internal and nothing was needed from me, anybody ever heard of this before? After lurking for over a year I think I'm ready to finally post here. I'm just happy I made it this far. Mortgage scores at time of application TU658, EQ668, EX688
Yes many banks have internal closing conditions that they have to process and it's actually a good thing. That means that everyting needed from you has been obtained and/or cleared. They need to do their thing internally.
@Anonymous wrote:well our deal fell thru. seller decided to be shady and change things last minute. Seller agent told my agent seller does not want to sell anymore and will do anything to cancel deal so we walked out. Good thing we found a better house and are set to close july 22nd
Is there anything akin to buyer side escrow in the typical real estate transaction on the seller's part?
In looking through the documentation the title company sent me it appeared as though there might be, but I wouldn't have walked without my pound of flesh... that may just be my experiance as a first time homebuyer with a purchase agreement for a place with an unclear title but the seller just suddenly welshing, meh.
Glad you found a better house though!
@CS800 wrote:
@SRob10 wrote:Finally after a denial during underwriting last year I am finally at a point where I can say I am confident about this mortgage process (not too confident of course). My information has been submitted to underwriting and I have a conditional approval. When I asked the lender about the conditions they stated it was internal and nothing was needed from me, anybody ever heard of this before? After lurking for over a year I think I'm ready to finally post here. I'm just happy I made it this far. Mortgage scores at time of application TU658, EQ668, EX688
Yes many banks have internal closing conditions that they have to process and it's actually a good thing. That means that everyting needed from you has been obtained and/or cleared. They need to do their thing internally.
Ah interesting; a couple things like that showed up on my conditional approval letter (documenting any inquiries in the last 4 months) and when I asked my LO about it as I had zero inquiries within the last 120+ days, he said that one was for him to take care of. Guessing it was boilerplate and perhaps similar to what you're referring to?
@Revelate wrote:
@CS800 wrote:
@SRob10 wrote:Finally after a denial during underwriting last year I am finally at a point where I can say I am confident about this mortgage process (not too confident of course). My information has been submitted to underwriting and I have a conditional approval. When I asked the lender about the conditions they stated it was internal and nothing was needed from me, anybody ever heard of this before? After lurking for over a year I think I'm ready to finally post here. I'm just happy I made it this far. Mortgage scores at time of application TU658, EQ668, EX688
Yes many banks have internal closing conditions that they have to process and it's actually a good thing. That means that everyting needed from you has been obtained and/or cleared. They need to do their thing internally.
Ah interesting; a couple things like that showed up on my conditional approval letter (documenting any inquiries in the last 4 months) and when I asked my LO about it as I had zero inquiries within the last 120+ days, he said that one was for him to take care of. Guessing it was boilerplate and perhaps similar to what you're referring to?
Yes just like we have to submit papers/docs for UW to review and clear, banks have their own checklist that they need to do in order to make sure that all the paperworks are ready to be sent to the title company for closing.
Banks have 3 stages for a mortgage approval process:
- Application
- Conditional approval conditions
- Final Approval Conditions
Application:
You apply and send in W-2, paystubs, investment docs, driver's license etc.. and they upload to your file for to be submitted to UW
Conditional Approval:
Happens when UW has cleared all the conditions that you had tom meet that were classified under - conditional approval
Final Approval:
Once UW has cleared all conditional approval items, they move on to items that they classfied as required to be cleared for Final approval. They will ask more docs, need you sign sign letters of explanations etc
Once all final approval conditions are cleared, they review all the items one last time and do their internal things. Thenk send to title company to close.
@SRob10 wrote:
Thanks for responding CS800 these internal conditions suck. I feel like I have no control over the situation because they didn't ask for anything (which is crazy to complain about I know). I spoke with the LO Monday and he said 3-5 days so I'll call back Friday and bug him. I'm wishing everyone best wishes and I can't wait for this to be over so I can laugh about it. Lol 😯
I hear ya. You know you get used to being asked 100 docs and explanations then all of a sudden it goes blank and you're like 'waht's wrong ????'
The internal conditions are just the bank aligning the necessary docs on their end and making sure that everything is aligned with the docs you submitted so they can send to the title company for closing. Generally takes a few days. It's alike UW double checking themselves.
But once all your 'final conditions' have cleared with UW, you shouldn't stress on their internal conditions.
Take a breather amd sail to your closing date.
I don't see many June closers on here.