The underwriting wait..!!

Anonymous · ‎10-30-2014

Today is day one of my underwritng wait. The processor just let me know that she submitted the information to UW, but she is taking tomorrow off and will give me the status on Monday. This should be the longest weekend ever! I wont even start packing until I get the UW clear. The processor and LO seem to think everything looks good, but I am just so nervous bc It took us so long to find a house I like that I don't want anythig to go wrong. Anyone else in unerwriting?

My mid score: 650 Husbands mid score: 700

Loan: FHA 3.8%, 3.5% down

House: $170k, 3.5% seller assist in closing, $3000 carpet credit, selling purchasing us a 1 year home warranty.

Income: $83k per year

No outsatanding collections, but we do have old paid off medical collections.

I have charge offs from when I was 19 which were paid years ago and are falling off in 2015.

No late payments ever.

But we are young and havent had much time to establish a long history of credit.

Husband at his job for 3 years, me almost 2.

Using gift money to pay 1/2 of our down payment.

Started working with this credit union 2 years ago and they helped us get on the right credit path. Hopefully they see all we have been working on. =)

I'm sooo nervous!

justrock · ‎10-30-2014

I'm in the same boat. My file is in underwriting and I am playing the waiting game. When I got home tonight I received an updated GFE in the mail, of course it is MORE than the last one, but still seems to be projecting my original closing date. My settlement charges are $11, 222 ( just in case you were feeling sorry for yourself) and I am getting ZERO contribution from the seller. Interest rate 3.75%

Starting Score: 597
Current Score: TU 720 EQ 648
Goal Score: 750

Take the myFICO Fitness Challenge

Anonymous · ‎10-30-2014

I've only received one GFE. It came with my disclosures packet. My application was submitted this Monday the 27th and has been with the processor for the last 4 days and now in UW. I guess that is pretty quick compared to some things I've read so far. I'm not sure when I'll get another GFE. It states my interest rate is locked until 12/20/14, but the settlement charges are only available through 11/05/14. That must be when I should get a new GFE. I hope you get an answer soon!

Anonymous · ‎10-31-2014

@Anonymous wrote:
Today is day one of my underwritng wait. The processor just let me know that she submitted the information to UW, but she is taking tomorrow off and will give me the status on Monday. This should be the longest weekend ever! I wont even start packing until I get the UW clear. The processor and LO seem to think everything looks good, but I am just so nervous bc It took us so long to find a house I like that I don't want anythig to go wrong. Anyone else in unerwriting?

My mid score: 650 Husbands mid score: 700
Loan: FHA 3.8%, 3.5% down
House: $170k, 3.5% seller assist in closing, $3000 carpet credit, selling purchasing us a 1 year home warranty.
Income: $83k per year
No outsatanding collections, but we do have old paid off medical collections.
I have charge offs from when I was 19 which were paid years ago and are falling off in 2015.
No late payments ever.
But we are young and havent had much time to establish a long history of credit.
Husband at his job for 3 years, me almost 2.
Using gift money to pay 1/2 of our down payment.
Started working with this credit union 2 years ago and they helped us get on the right credit path. Hopefully they see all we have been working on. =)

I'm sooo nervous!

Waiting is a son of a gun. Even though you were informed it all looks good... it still remains to be seen whether the man who has the gold rules in your favor. Good luck!

Anonymous · ‎10-31-2014

I sure hope so. Just got word that the appraisal has been done, but the report has not been submitted yet.

My processor's exact words on our last email were "I will be the one to give you the response from underwriting. I will send out an email with any additional conditions that underwriting has requested along with the approval." I'm probably reading too much into it, but I think she is hinting at me! Before this email I was asking her what her thoughts were on my file and all she could say was that everything looks good. I'm sure she is not allowed to say yes/no on what she thinks of a file. Day two now!

StartingOver10 · ‎10-31-2014

@Anonymous wrote:
I sure hope so. Just got word that the appraisal has been done, but the report has not been submitted yet.

My processor's exact words on our last email were "I will be the one to give you the response from underwriting. I will send out an email with any additional conditions that underwriting has requested along with the approval." I'm probably reading too much into it, but I think she is hinting at me! Before this email I was asking her what her thoughts were on my file and all she could say was that everything looks good. I'm sure she is not allowed to say yes/no on what she thinks of a file. Day two now!

She isn't hinting at you

She is just giving you the communication process.

A good LO and processor anticipate what the underwriter will need so that when you file is reviewed the only conditions that come back are the standard conditions that every file has (e.g. clear title).

PS - you are right about her not being allowed to say what she thinks about the file!

Kayann · ‎11-01-2014

I'm in underwriting with conditional approval. I'm waiting for a financial document to come in the mail since the underwriter won't accept emailed documents from a 3 party. Also, waiting on some title document. Hopefully, closing in 2 weeks!

Anonymous · ‎11-03-2014

Hope everything goes well Kayann! I'm still waiting to hear back.

Kayann · ‎11-03-2014

So I sent all my conditional approval documents today. Now the processor is waiting for some title documents before submitting back to the underwriter. What title documents do they request and how long does that take? I'm looking at the 14th of Nov for closing.

Anonymous · ‎11-04-2014

Possibly it is the documents that show there are no liens on the property, when you find out let me know. My processor bareley got my appraisal report yesterday and send my file to UW. I thought she sent it to UW last week, but I guess I was wrong. She stated that I will have an answer from UW by Thursday. More waiting...