Mortgage Loans

[Watching]

Ok so we were supposed to hear about Underwriting on Thursday.. Of course Thursday came and went... On Friday Processor told me she called one of the managers in underwriting because it had been longer than 48hrs... She told me 2X's Friday that she promises there would be an answer Friday (I had said I didn't want to spend another weekend wondering and hoping) at 5pm she told my the underwriter had the file right then and that she was going to be in the office on Saturday so she could call me and let me know what the stipulations were... Saturday came and went and still nothing... Of course not going to hear anything on a Sunday... I have been so stressed over this whole thing... I just want everyone to know it's been great being able to read everyone else's stories... It's great knowing I'm not the only one going thru this...

But, for all of you that has went thru this... Is it normal to be lied to? It's already went thru the LO and Processor... Should it make it thru underwriting? Does underwriting normally turn it down or do they just give the conditions? You would think if there was a reason to deny it, it would of happened between the LO or the Processor..????

[Nathan326]

I have to say this has been one of the more, if not most, stressful things I have done. We are almost through the process and hope to close on Friday (4/27) but are waiting on a firm closing date. In my experience, I would say that it is NOT normal to be lied to. At every step of the process, I feel that I have had timely responses from all involved even if it wasn't what I wanted to hear. 

[Watching]

See that's how I feel... She keeps telling me to let her do all the worrying but, kind of hard when you're in the situation we are in...  And then every time I turn around it's another day... On Wednesday of last week she said they have time lines they have to meet.. I'm just so beside myself it isn't even funny... I mean if there's other things they are having to do that is fine... I'd just like to know what's going on...

[Watching]

And I don't understand that fact that I keep reading from what everyone is saying on here and apparently we are in underwriting (which seems to be a manual underwriting to me) and we haven't had appraisal yet... The house we are buying is going to be short sell... And the sellers already have a letter from their bank say whatever the appraisal comes in at they will take for the home but, WF hasn't even asked for the address of the house... The LO said they would order the appraisal after underwriting...

[CaliforniaGirl01]

I went through the same thing you went through and that was for 2 1/2 month. We finally got the clear to close last week. Hang in there...it will get better. From the beginning to the end, we went through all kind of emotional roller coaster ride with this house. There were many times our LO told us one thing and didn't follow through with it or left us hanging on many occassions. I remember just sitting there and waiting for call backs one day at a time to see where our loan stands and what was the status on certain conditions. For the most part, he came back with "it's still in uw, I'm still waiting on it...we should hear something back soon." For the other part he didn't even call back at all. The part that got to me was that our LO never gave us a straight forward answer or it seem like he was always going around the questions being asked. I would call and email almost everyday to check on the status of our loan just to keep myself sane LOL. After two months of this hell, I already feel like I am needing all kind of therapy cause of all the stress and emotions that I never thought I would endured. However, at the end it is so worth it because this is our first home and we feel like we have finally accomplished something for our family. Just keep in mind and remember that it is only temporary and once you get the keys in your hand...you will feel like it was so worth it.

[Watching]

Oh Lord I can not imagine going thru this for 2 and a half months... I don't think we would need a home then because I think my husband would divorce me.. ha ha.. Did the people selling the home you wanted really wait that long? I told the processor last Wednesday that if it was going to be longer than Thursday I really thought I needed to call my Dr to get Velum... She told me it would be ok... But, I thought process now is... Why should I think it's all going to be ok... she's already told me 3 things that wasn't true...

[Catacam]

Breathe!!!  Mine originally was 48 hour, then 72, then 5-day, then at 18 days, we got our conditions...... Ours was the Total Desktop Underwriting with a quick review from an underwriter. Ours was slow because they are one of the few sub-620 lenders, so they have lots and lots of files. I think underwriting will take less/more time depending on how you pass through automated underwriting and what the bank overlays are for the loan program. We were fortunate that we passed AU and didn't need to go through manual.

Stay strong, and remember that this IS going to happen for you and that you just have to wait for the dumb process!!!

[Watching]

Thanks Catacam... I'm just so beside myself on the whole waiting game... I'm really worried we are going to miss out on this house because, I keep telling them "We should hear something tomorrow"... Then tomorrow comes and tell them "we should hear something tomorrow".. I'm sure these people that have no clue who we are feels like we are jacking them around just as much as we feel like we are being jacked around...

[DallasLoanGuy]

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Watching wrote:

But, for all of you that has went thru this... Is it normal to be lied to? It's already went thru the LO and Processor... Should it make it thru underwriting? Does underwriting normally turn it down or do they just give the conditions? You would think if there was a reason to deny it, it would of happened between the LO or the Processor..????

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It is an easy trap for loan officers to fall into..... Trying to ease the fears of their clients with updates and promises. Thing is, the loan officer doesn't sit with the underwriters. The loan officer doesn't get told when the 'boss' rolls thru there and bumps a file ahead of the others. The loan officer can ONLY rely on the promises he/she is given.

Underwriters CAN find reasons to deny that LO and processor miss.

LO = production/commission

Processor = doesn't always know loan guidelines like a loan officer is expected to know.

If the loan officer is pretty good..... then underwriting is just a formality.

[Watching]

That's true Dallas... and I do understand that... I've even tried thinking "well, maybe there was a sick kid at home" and that's why she didn't make it into the office Saturday... I really have been trying to be optimistic thru this whole thing... It's just getting harder and harder when you know the house you are trying to get is slipping away... The sellers are still showing the house until we get this pre-approval letter...