Stuck in underwriting

[jenrhi]

So i got preapproved,  have found my perfect house in my price range, offer was accepted, spent $600 in inspections and I am still in underwriting without a clear to close! I'm worried my broker is not giving me all the facts. She scheduled me to close on 03/31 however my app was sent to underwriting last Thursday evening. Since then I have had to write letters of explanation and provide the deed that showed the date my old foreclosure was transferred out of my name. Today she has asked for a letter of expalnation for a bankruptcy filed in 2008 and the entire bankrupcty file which was 52 pages long! She told me my application was 'suspended' but couldn't tell me all the details as to why?? She did tell me the underwriter is VERY strict and thorough.

I am extermely concerned that this is not as pinned up as she is leading me to believe. Should i start shopping for another lender or see how this plays out? The broker tells me not to shop because it will pull my score down if the see the inquiries

EQ 652

Transunion 628

Exp 652

[Anonymous]

Which bank?

[DallasLoanGuy]

the uw usually tells the loan officer why the file was suspended.

your loan officer is scrambling to fix things it sounds like.....  press for an answer

you have time to change loan officers

[H-B]

Whenever all the documents submit back to under writing generally its takes 48-72 hours to get the answer or could be little longer in some institute. But you should have the right answer from you LO. If you are not getting right answer from LO contact manager so you know where your file stand in the process. 

[jenrhi]

When you say 'press for an answer' do you mean as to why it's suspended or for a decision altogether?

[jenrhi]

Update: The homeowner just let me know that the appraisal is scheduled for Tuesday, is this a positive sign? They wouldn't send an appraiser if they were going to decline the loan right?

[Anonymous]

Press to find out why the suspension. In our case our file got suspended because of Caivrs. Our LO was scrambling for why and thought it was IRS due but we kept telling him no.

Anyways suspension means there is a issue but the UW is giving the LO time to clear up issues.

Once we finally got the rest of the details it was due to when the claim was filed on our home for a previous FHA loan. It was a delayed claim and so Caivrs was suppressed by Washington but time is of essence so I would say press for answers on what the hold up is, like previous poster said.

[Anonymous]

They will move right along as if everything is fine until it isn't. In our experience.

[VALoanMaster]

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@DallasLoanGuy wrote:

the uw usually tells the loan officer why the file was suspended.

your loan officer is scrambling to fix things it sounds like.....  press for an answer

you have time to change loan officers

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   +1 - DLG is right.

I suspect the reason your loan is suspended is the u/w is trying to determine whether or not your BK & foreclosure were tied together or 2 separate events. What type of loan did you apply for & what type of loan did you have on the house that was foreclosed on?

[jenrhi]

I suspect the same. I filed bankcrupty in 2008 and the house was included however, it sat empty for YEARS because the USDA would not/did not foreclose on it until 2014. It was finally transferred out of my name and deeded back to the USDA on 02/21/2014. I am now applying for FHA which requires a 3 year waiting period so my loan was submitted on 2/23/2017.

So you're thinking that they want to ensure the USDA loan was listed as part of the bankruptcy? I am hoping I dont have to explain why they took so long to foreclose because I really have no idea.