Reply
Regular Contributor
vabound
Posts: 147
Registered: ‎03-21-2012

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

We have been under contract for about three weeks.  Loan docs were signed 2 weeks ago and mortgage commitment was supposed to be in by friday.  I got a call a week after we signed the loan docs because the LO needed some tax and employment info...then we heard nothing.  My husband called last thursday and was told that all was going well and the file was at the processor.  Then on monday he called again and the LO told him that they were having issues with my credit. What issues????  He had no idea.  Our realtor called yesterday and asked if the LO had concerns and his response was "no"  SO today we have no mortgage comittment and my husband called the LO again.  This time he says that he really didn't want to discuss it with our realtor and that there is some issue with my payment history so the file wont go through automated underwriting.  I have a 90 day late from February which was on the report when he pre-approved us.  So we sign an addendum giving us until Nov. 29th to get our comittment and LO says to give him until next friday to try to make this work.  I told my husband that I know it we wnet through manual underwriting, I could probably write a LOE (we are going for a VA loan)  but we are just not convinced that our LO really knows what he is doing at this point.  We called our realtors contact at WF and he said contact him next friday if we have no progress.  He explained that if we don't pass the automated underwriting we will automatically go to manual.  This is so frustrating because our credit reports haven't changed so this is something our LO should have been aware of before pre-approving us.  We have already invested so much into this house.......Trying to stay positive.

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
vabound
Posts: 147
Registered: ‎03-21-2012

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

also  our midscores are 639 (me) and 648 (him) No collections, some old charge offs, one paid judgement and some revolving credit (all paid on time other than the 90 day late in feb).  I have student loans but they are deferred until 2017 and other than that we have absolutely no debt.  Not much savings but a decent 401k. 

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
Valued Member
Chadsnana
Posts: 26
Registered: ‎04-12-2007

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

Just hang in there. It will not be any quicker if you go to another lender. We just closed on doing refis on 4 properties. Three just closed after 65 days!!!! Still waiting on number 4. We have excellent credit, good income, and stable employment. It was delay after delay after delay. Apparently, you are told everything is fine and you get a date and you think you are good to go....Wrong! All of these companies have quality control checks now and underwriters are being fined so nothing is happening fast. Just be patient and wait it out. Your realtor and loan officer really have no say as to when things get done. Credit issues are not the only issues. For us, the appraiser did not check a box stating that the condos were not built in phases. Really, 30+ year old buildings. We lost two weeks waiting for the appraiser to check the box and resubmit. Don't worry. Just wait. Most likely they would have shut you down completely if it was not going to happen.

http://ficoforums.myfico.com/t5/image/serverpage/image-id/2760iB9166C1A493A3CBC/
Valued Member
Chadsnana
Posts: 26
Registered: ‎04-12-2007

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

[ Edited ]

double post

http://ficoforums.myfico.com/t5/image/serverpage/image-id/2760iB9166C1A493A3CBC/
Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011

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

I would be on the phone everyday giving them whatever info needed, I would assume if it doesnt pass auto UW the would just send it to manual UW right?

ccpics2.jpg
Regular Contributor
vabound
Posts: 147
Registered: ‎03-21-2012

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


beb86 wrote:

I would be on the phone everyday giving them whatever info needed, I would assume if it doesnt pass auto UW the would just send it to manual UW right?

 

I absolutely would give him my right arm if needed but he hasnt asked for anything.  Either the bank he iSworking with onLy does automated uw or he doesn't know what he is doing.  He asked us to give him one more week to make it happen.

 

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
jasimae
Posts: 311
Registered: ‎07-18-2011

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

I am keeping my fingers crossed for you.  I am sure that your LOE for the late will suffice.  Remember, the loan officers are not the underwriters.  They get the first look at your file because they put it together and in their view it's golden.  The underwriters have the final say on everything.  They have the ultimate word on approving you.  I have no lates, however, I have one charge off on my report (it's been long paid--like 2 years ago--and has a zero balance) and two satisfied judgments which are reporting as satisfied.  Although my loan officer pre-approved me because she feels my profile is strong, an underwriter might feel differently.  You just never know.

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

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

After combing through the tri-merge report my LO pulled on 10/1 I realised that there are two paid collections and 1 unpaid collection on there that have since been removed.  I am starting to think that it may be beneficial to have him pull my most recent credit report.  All three collections accts were reporting on experian (which was my lowest score) there is no way to find out what my ex fico is except to have him pull again.  He did do a second pull on 11/01 so this pull would be within 30 days of that one.  A new report would show no collections and I wonder if my ex would be higher than eq...which would then make it my mid score.  I just don't want to take a point hit from another credit pull.

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
jasimae
Posts: 311
Registered: ‎07-18-2011

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

If it's worth it to have him pull again to show no collections, I think id do that. And like you said...it is within 30 days so the point hit might not even happpen. The best case scenario for you would be that your scores have increased but the worst case factor would be that they dropped for whatever reason.

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

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

I called this morning and told him to pull my credit again and see where my scores are.  He said he would but I wish he was more forthcoming with information.  That is what worries me....he doesn't seem to know what the actual issue is.  he didn't say whether or not the collections accts would make any difference.  Shouldn't he at least be able to tell me what the exact issue is?

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

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+