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Loan number = approved loan?

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postalmommy
Established Member

Loan number = approved loan?

So I have been going through a mortgage broker and we finally have a lender (Wells Fargo). I was told that it was a conditional approval and I have completed all requirements thus far. Today I was contacted by my insurance agent and she said that my LO wanted the declaration page so she needed my payment. I paid her and she sent me a copy of the declaration page that had my loan number listed. Does this mean I have final approval? I am supposed to close Aug 30th

Gardening until November 2013
TU 635 (myfico) Sept 2012; 642 (myfico) July 2013
EX 655 (FAKO) Nov 2012;
EQ 548 (FAKO) Nov 2012; 603 (myfico) July 2013
Goal 750 for ALL
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ShanetheMortgageMan
Super Contributor

Re: Loan number = approved loan?

A loan number just means your information has been entered into the lender's system - it doesn't mean it's approved nor has been declined. However since you have a conditional loan approval, then that means you can get the final loan approval after all of the items listed on the conditional loan approval have been satisfied.

 

FYI, Wells Fargo does not have a wholesale division any longer (a wholesale division of a mortgage lender is the only place a mortgage broker can submit loans to), so your mortgage broker may also be a mortgage lender who will have Wells Fargo underwrite the loan and then your loan officers company would fund the loan, and then immediately sell it to Wells Fargo afterwards (that division of Wells Fargo is called a "correspondent" relationship).

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 2 of 4
postalmommy
Established Member

Re: Loan number = approved loan?

I was hoping you were the one to answer. Your replies are always crystal clear with no further clarification required. Thanks
Gardening until November 2013
TU 635 (myfico) Sept 2012; 642 (myfico) July 2013
EX 655 (FAKO) Nov 2012;
EQ 548 (FAKO) Nov 2012; 603 (myfico) July 2013
Goal 750 for ALL
Message 3 of 4
ShanetheMortgageMan
Super Contributor

Re: Loan number = approved loan?

You are welcome, I try to make them informational.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 4 of 4
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