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Regular Contributor
Posts: 147
Registered: ‎03-21-2012
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Re: May need to find a new lender....advice needed

Ok now I am so frustrated and very discouraged.  I told my LO today that an updated credit report would show that the only three collection accts i had are deleted.  I knew that my lower score would go up and my mid score had not changed but maybe with the collections accts gone we could clear automated uw.  I call him again at 5pm and he had just pulled the report and was sending it to me. He said that it was bad and that our scores had dropped.  This was totally incorrect!!! My husbands score increased from the last credit pull and so did my lower score.  He also said that we had updated information on old bad debt....also incorrect!!!! I  pointed out to him that all of the info on this new report is the same info that was on the report he used to pre-approve us.  THen he tells me that the processor told him that i need to wait until february because I have a late payment from last february.  We have been waiting on him for THREE WEEKS and this is the first time he has mentioned this.  I told him I could easily write a LOE for that one late credit card payment and he said they would keep working on it.  uuuuugh

meanwhile my husband was referred by a family member to a mortgage broker who only does VA loans.  He said for VA he can do the loan with a 620 which we are well above and if he pre-approves us the loan is going to go through.  More importantly he was very upfront about the process and my husband found him to be much more informative than our current LO. 

what a mess.......I am still praying that we can celebrate CHristmas in our new home.

Starting Scores:TU/513 EQ/484 EXP/513 3/2012 (lender pull)
Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull)
Goal:700 across the board
Regular Contributor
Posts: 133
Registered: ‎03-29-2009
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Re: May need to find a new lender....advice needed

It definitely sounds like it's time to go with the new guy....

If you don't like the LO it makes the process that much more difficult!!!

Good luck to you!!
Frequent Contributor
Posts: 311
Registered: ‎07-18-2011
0

Re: May need to find a new lender....advice needed

I am so sorry to hear that your loan officer is giving you the run around. Did he send you your reports? do they differ in any way? If you are not comfortable then maybe its time to find someone else. I know that's heartbreaking to feel like your starting the process all over again and you were so close. You will know how to prceed when you have the reports in hand and can get a handle on everything. Maybe they just need a LOE. Can he take your file to a supervisor. I am so rooting for you. Please stay positive. My thoughts are with you.
Regular Contributor
Posts: 135
Registered: ‎01-04-2012
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Re: May need to find a new lender....advice needed

[ Edited ]

vabound wrote:

Ok now I am so frustrated and very discouraged.  I told my LO today that an updated credit report would show that the only three collection accts i had are deleted.  I knew that my lower score would go up and my mid score had not changed but maybe with the collections accts gone we could clear automated uw.  I call him again at 5pm and he had just pulled the report and was sending it to me. He said that it was bad and that our scores had dropped.  This was totally incorrect!!! My husbands score increased from the last credit pull and so did my lower score.  He also said that we had updated information on old bad debt....also incorrect!!!! I  pointed out to him that all of the info on this new report is the same info that was on the report he used to pre-approve us.  THen he tells me that the processor told him that i need to wait until february because I have a late payment from last february.  We have been waiting on him for THREE WEEKS and this is the first time he has mentioned this.  I told him I could easily write a LOE for that one late credit card payment and he said they would keep working on it.  uuuuugh

meanwhile my husband was referred by a family member to a mortgage broker who only does VA loans.  He said for VA he can do the loan with a 620 which we are well above and if he pre-approves us the loan is going to go through.  More importantly he was very upfront about the process and my husband found him to be much more informative than our current LO. 

what a mess.......I am still praying that we can celebrate CHristmas in our new home.


I've never heard of a pre-approval being a guaranteed approval before.  When you find out, can you share it?

 

sorry, forgot to say pleaseSmiley EmbarassedSmiley Happy

FICO EQ: 633 8/15/12
lender pulled 11/3/12 EQ 661 TU 650 EX598
credit Karma 674 credit sesame: 663
B/K discharged 2/2006......closed 8/2012

May your limits be high and your balances low!

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Regular Contributor
Posts: 147
Registered: ‎03-21-2012
0

Re: May need to find a new lender....advice needed


jnkp2001 wrote:

vabound wrote:

Ok now I am so frustrated and very discouraged.  I told my LO today that an updated credit report would show that the only three collection accts i had are deleted.  I knew that my lower score would go up and my mid score had not changed but maybe with the collections accts gone we could clear automated uw.  I call him again at 5pm and he had just pulled the report and was sending it to me. He said that it was bad and that our scores had dropped.  This was totally incorrect!!! My husbands score increased from the last credit pull and so did my lower score.  He also said that we had updated information on old bad debt....also incorrect!!!! I  pointed out to him that all of the info on this new report is the same info that was on the report he used to pre-approve us.  THen he tells me that the processor told him that i need to wait until february because I have a late payment from last february.  We have been waiting on him for THREE WEEKS and this is the first time he has mentioned this.  I told him I could easily write a LOE for that one late credit card payment and he said they would keep working on it.  uuuuugh

meanwhile my husband was referred by a family member to a mortgage broker who only does VA loans.  He said for VA he can do the loan with a 620 which we are well above and if he pre-approves us the loan is going to go through.  More importantly he was very upfront about the process and my husband found him to be much more informative than our current LO. 

what a mess.......I am still praying that we can celebrate CHristmas in our new home.


I've never heard of a pre-approval being a guaranteed approval before.  When you find out, can you share it?

 

sorry, forgot to say pleaseSmiley EmbarassedSmiley Happy


I think he is just confident in his work.....lol. I am sure he has run into issues a time or two.

Starting Scores:TU/513 EQ/484 EXP/513 3/2012 (lender pull)
Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull)
Goal:700 across the board
Regular Contributor
Posts: 147
Registered: ‎03-21-2012
0

Re: May need to find a new lender....advice needed


jasimae wrote:
I am so sorry to hear that your loan officer is giving you the run around. Did he send you your reports? do they differ in any way? If you are not comfortable then maybe its time to find someone else. I know that's heartbreaking to feel like your starting the process all over again and you were so close. You will know how to prceed when you have the reports in hand and can get a handle on everything. Maybe they just need a LOE. Can he take your file to a supervisor. I am so rooting for you. Please stay positive. My thoughts are with you.

I have all of the reports he pulled and I have combed through each one. The scores differ a little but the info is all the same except for the fact that the most recent one has 4 less derrogotary accounts....which is actually better.  I agree with including a LOE but this guy is only trying automated uw. 

Starting Scores:TU/513 EQ/484 EXP/513 3/2012 (lender pull)
Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull)
Goal:700 across the board
Regular Contributor
Posts: 147
Registered: ‎03-21-2012
0

Re: May need to find a new lender....advice needed

The new LO called this morning and stayed on the phone with us for an hour going through each line item on our credit reports.  Turms out he wasn't really concerned about mine because my score is 637 (he can do it at 620) and all of my old bad debt is at a zero balance.  My husband's score is 641 however he has a charge off of $4k for a car that he cosigned for when he was previously married.  His ex-wife kept the car after the divorce, crashed it and then bought a new one with the insurance check, neglecting to pay off the old one.  My husband has not wanted to pay this as it is her debt but in actuality he knows he is responsible as well.  The LO told us to keep in the back of our minds that we MAY have to pay this or settle/set up payment arrangements, but we will cross that bridge when we get to it.  Other than that he felt confident enough with our DTI and income to proceed.   We did the initial application over the phone and then he emailed us a list of docs to send him including W2's, tax returns, bank statements and  LOE's for bad debt and my employment history.   I feel so much more confident that this is someone who will do his best to get this done and will hold our hands through the process.  He even had a conference call with our realtor and the sellers agent and told them he is shooting for getting this done before the new year (we were supposed to close Dec 7th).   It felt really good to speak with someone who understands credit issues and gave us a chance to explain certain things.  He said he would put us through automated uw and if it comes back as "reserve" then he will send it to manual with all of our docs and LOE's.  We should know something in a few days!!!!

Starting Scores:TU/513 EQ/484 EXP/513 3/2012 (lender pull)
Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull)
Goal:700 across the board
Frequent Contributor
Posts: 311
Registered: ‎07-18-2011
0

Re: May need to find a new lender....advice needed

That is truly great news. This loan officer really sounds like he's with it and really trying to get you guys approved. Sometimes they forget that not everyone has perfect credit, and some folks just need to be given a chance to prove themselves. I have a really good feeling that you will close soon. IMO, it doesn't matter if you're approved via automated or manual, so long as you are approved. The end game is to get the house...no matter which road you take. Things sometimes happen beyond our control. The main thing is that you're on top of it now. I am so sending you positive vibes! Best of luck.
Regular Contributor
Posts: 147
Registered: ‎03-21-2012
0

Re: May need to find a new lender....advice needed


jasimae wrote:
That is truly great news. This loan officer really sounds like he's with it and really trying to get you guys approved. Sometimes they forget that not everyone has perfect credit, and some folks just need to be given a chance to prove themselves. I have a really good feeling that you will close soon. IMO, it doesn't matter if you're approved via automated or manual, so long as you are approved. The end game is to get the house...no matter which road you take. Things sometimes happen beyond our control. The main thing is that you're on top of it now. I am so sending you positive vibes! Best of luck.

thanks so much!

Starting Scores:TU/513 EQ/484 EXP/513 3/2012 (lender pull)
Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull)
Goal:700 across the board
Regular Contributor
Posts: 147
Registered: ‎03-21-2012
0

Re: May need to find a new lender....advice needed

Bad news and not so bad news.....due to the large amount of deductions I claimed on my 2011 taxes, my income cannot be used. Using only my husbands income, we qualify for $135k which means we would need a downpayment/gift of $50k to afford this house using the va loan or get a co signer, put 3.5% down and use FHA. Either way I won't be on the loan.....my mother has agreed to co sign so that's good but I am feeling a little wired about not being on the loan. My husband suggests that we use the va to refi and ad me as a coborrower after I file my 2012 taxes (with very little deductions).......opinions?????

Starting Scores:TU/513 EQ/484 EXP/513 3/2012 (lender pull)
Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull)
Goal:700 across the board
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