02-03-2011 05:02 PM
I left two messages for the loan processor because I am in a little bit of a state. I left a message for my LO. My LO, who is wonderful by the way, called me back very promptly and explained that this is normal, he received my approved file with the conditions but has not had a chance to review them, he will call me back Friday to review the list and send a follow-up email. He told me he sent my file off on Friday and to receive it back with conditional approval on Tuesday from the UR is pretty good. He told me to quit spazzing. He said I have plenty of time before my March 3rd close.
So, I feel better. The lack of follow-up communication from the processor made me think the worst.
Thanks to everyone who left words of encouragement.
I still do not know the specific conditions. But, since conditions with approval is normal in these trying times according to my LO I will not stress any longer.
Today is a good day.
02-04-2011 06:15 AM
My realtor's business partner had to talk me down earlier this week. I'm panicking about the appraisal and the timeline for March 28th! You're not alone! I imagine these people are used to dealing with people being kind of nutty.
02-04-2011 12:00 PM
I can completely relate to what you two are going through. I am a veteran now, having survived underwriting and conditions and closing on my house in November. My nails are just starting to grow back, I chewed them down so low! It is stressful, stressful, stressful... and totaly worth it!
Take a deep breath, relax (I know, easier said than done), and have confidence that nothing will come up that you can't handle. I didn't know for sure if my loan was going to go through until the day of closing! You'll be fine. You'll be in your new houses by summer. Yeah!
02-05-2011 07:02 PM
Update for person wanting to know conditions: I received my conditional acceptance letter in the mail and my LO called me to review it on Friday. They only wanted to verify a few bank deposits even though I had submitted those bank statements already. So, I have made additional copies.
They also questioned the hard pull for PSECU when I applied to become a member for the experion monthly FICO score. So, I have to write a letter of explanation. No biggie.
Here is the biggie: they could not verify my 2009 return. I efiled last year. IRS has no record, they say, so now I have to call my local office and find out if I can file the return with them, which is now considered late and I will have penalties I guess. I do not care about the money part, I can afford to pay that. The time crunch has me worried. If the local office cannot help me I guess I will have to pay a tax attorney to file the late return and my payment on my behalf as proof that the tax liablity has been satisfied. I have no idea where that stuff is; I may have thrown it away. I know, I know I should keep them, please do not rub salt in my wounds.
Any other ideas let me know, my scheduled closing is March 3rd if my aorta doesn't implode in the meantime.
02-06-2011 02:26 AM
that tax issue may be a big problem. They usually only accept tax transcripts from the IRS as proof and it takes awhile for the IRS to process your application. A letter from a lawyer will not likely mean anything because a letter from the lawyer saying they are filed and paid only shows that you likely submitted. It does not show the IRS actually recieving, processing, and actually accepting your returns as accurate and all items paid in full. That is what they need, I think you used to be able to file at a local office and go that route but I think most banks stopped taking that (some may still do it). In any case, you need to get a very clear explanation from the underwriter exactly what proof they need to proceed. More than likely it is going to be IRS transcsript. Make sure the LO actually clears this with the UW and does not just give you a one off answer.
02-06-2011 02:09 PM
Mickie, she's having a problem with her 09 return, so do you have a suggestion for that?
I don't understand how IRS wouldn't have it - did you get a refund or have to pay for that return?
02-10-2011 11:23 AM
Title "As the Mortgage Turns". In my continuing saga I have a new update. I went to HR Block to have them print my 2009 return. I remembered wrong. I did not owe money, I overpaid by $50.00. That is probably why I forgot about the return and I never heard anything from the IRS. So, today I overnighted the 2009 return to the IRS and it will be delivered Friday am. So, I still may not close in time and the deal my fall apart in the meantime who knows. But, on the bright side I do not have to cough up $700 plus like I originally thought. My LO now says I need to forward copies of the info including my receipt to HR Block and the Postal Service showing overnight delivery per the underwriter. Hmmm. The plot thickens. Will I close or won't I close. Let's take a poll (kidding). I hope all the posters and visitors to this forum are doing well and have a safe and enjoyable weekend.
02-10-2011 12:44 PM
It's so hard to think about anything else during this time period! Your date was Mar 2, wasn't it?
02-13-2011 01:22 PM
Took a couple of days off to destress. My closing is March 3rd and I am supposed to pick-up the keys on March 4th. I tell everyone it is March 2nd to give myself an extra day for running around at the last minute if necessary. Thanks for asking. I apologize for the delay in responding.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.