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The underwriting wait..!!

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Anonymous
Not applicable

Re: The underwriting wait..!!

Happy to hear it tradinglife! Congrats on your new home!!   I'm still in the same spot. All is looking well. I just deposited my gifted funds and have to provide the bank with the copy of check, proof of deposit, and copy of returned check from bank. It's going to take about 3 days to get the returned check, but all is stil on schedule for Dec. 5th closing.

Message 31 of 39
diebadcredit6504
Regular Contributor

Re: The underwriting wait..!!

Okay here it goes guys. A long story short we finally got a contract on a property after two months. We submitted all our files to the loan processer on Thursday and we get the approval from underwriting with three conditions. One was our 2012 W2 and the statement where the funds came from for the earnest and down payment.

 

We provided all that and the Loan Processor and Loan Officer pulled my IRS tax forms my wife look great but my for 2013 looks not so good. The loan processor said that I'm listed as joint with somebody i dont know because my tax forms from the CPA doesn't show anything beside me filing alone but underwriter didn't ask for an explanation or anything beside  for my 2012 tax form which looks great.

The processor is worried that the under writer will come back and ask who tha listed as a joint but I have no clue. What do I DO?? . I'm like they didn't ask for anything in that nature so I hope we get the clear to close asap... They only asked for my tax form from 2012 and earnest info. So I'm over hear freaking out about to go crazy.

EX - 522 (Oct 2013) 695 (May 2014)

TU FICO - 580 (Oct 2013) 680 (May 2014)

EQ - 509 - (Oct 2013) 672 (May 2014)
Message 32 of 39
Anonymous
Not applicable

Re: The underwriting wait..!!

Would you be able to get explantion from your CPA for UW?

 

I have run into a snag with my gift funds.  They were given to me in a chasheir check, instead of a personal check like my LO said to do in order to avoid bank statements. He thought that I could not get a "canceled check" from my moms bank unless it was a personal check, well I did. So he is now saying we could be good to go, but we wont know until Monday. My file is back in UW as of yesterday. Closing is still on for Dec. 5th.

Message 33 of 39
VanRickets
Established Member

Re: The underwriting wait..!!

We were officially approved on November 10th.  At the time Wells Fargo pulled my husband's credit report, his score was 677.  That was before he paid off most of his credit cards.  It needs to be 680 or above, otherwise we need 25% down instead of 20%.  I don't think it will be a problem.  Congrats to the others whose wait is over!

FICO 715 FAKO 739
Chase Freedom 14,500
Chase Slate 6,700
US Bank 14,500
Discover 15,000
Message 34 of 39
Anonymous
Not applicable

Re: The underwriting wait..!!

VanRickets, when are they going to re run his credit?

 

My file has been in the 2nd round of UW with my conditions since Thursday. I just go a call from my processor at 5:40 p.m. and she said that my file just came back to her for one correction and she has already sent it back to UW. She  said she is preparing my file for closing and wanted to know who I am using for home owners insurance. She said she wants everything ready for closing when the clear to close comes as she is going to be gone Wednesday and Friday this week. I'm not sure why since my closing is not until the 5th, but I am so excited! 

Message 35 of 39
Barneygirl
Frequent Contributor

Re: The underwriting wait..!!

Congrats to all of you guys who have managed the UW wating hell Smiley Happy   I just entered UW yesterday.... and my wait starts.   My LO used to be a processor, and worked close with the UW team, and she had me pull a bunch of stuff that can be attached and used "just in case" Smiley Happy 

 

This is a second home for me... and I met all of the qualifications....however it never fails to amaze me just how nerve-wracking this wait really is!!!!!


Current FICO Scores: EQ749; TU732; EX733
Message 36 of 39
Anonymous
Not applicable

Re: The underwriting wait..!!

I got my clear to close early today (posted it) and I just got word from my realtor that they are aiming for signatures on Friday then closing on Tuesday, December 2nd. So excited!!!


@Barneygirl wrote:

Congrats to all of you guys who have managed the UW wating hell Smiley Happy   I just entered UW yesterday.... and my wait starts.   My LO used to be a processor, and worked close with the UW team, and she had me pull a bunch of stuff that can be attached and used "just in case" Smiley Happy 

 

This is a second home for me... and I met all of the qualifications....however it never fails to amaze me just how nerve-wracking this wait really is!!!!!


That is good that she did that. It should help avoid some conditions. My processor did the same for me before she sent my file to underwriting. My LO didnt really do too much, he is great, but I had a lot of contact with my processor. Update us when you hear from UW!

Message 37 of 39
VanRickets
Established Member

Re: The underwriting wait..!!

Our's is a new construction preapproval, so his credit will be rerun once we are closer to closing.  They are breaking ground this month.  The builder required lender for preapproval was Wells Fargo, but we are free to go anywhere else for the actual mortgage.  I have a banking relationship with Chase, who kick back 1% of your payment each month, if you have the payment automatically withdrawn from your checking account.  Of course, then I will need to go through underwriting again!  

FICO 715 FAKO 739
Chase Freedom 14,500
Chase Slate 6,700
US Bank 14,500
Discover 15,000
Message 38 of 39
Barneygirl
Frequent Contributor

Re: The underwriting wait..!!


@Anonymous wrote:

I got my clear to close early today (posted it) and I just got word from my realtor that they are aiming for signatures on Friday then closing on Tuesday, December 2nd. So excited!!!


@Barneygirl wrote:

Congrats to all of you guys who have managed the UW wating hell Smiley Happy   I just entered UW yesterday.... and my wait starts.   My LO used to be a processor, and worked close with the UW team, and she had me pull a bunch of stuff that can be attached and used "just in case" Smiley Happy 

 

This is a second home for me... and I met all of the qualifications....however it never fails to amaze me just how nerve-wracking this wait really is!!!!!


That is good that she did that. It should help avoid some conditions. My processor did the same for me before she sent my file to underwriting. My LO didnt really do too much, he is great, but I had a lot of contact with my processor. Update us when you hear from UW!


CONGRATULATIONS!!!!!  That's SO awesome!  And has to be a HUGE weight off your shoulders!!   I got my first condition back...and it's unfortunately one that "should" be an easy fix, but is turning out to be a challenge with so many people being out of the office early for the holiday! grrrr!!!!   So my sister and I buying this house together.... this is our second home together.... she lives in one, I'll live in the other.... and she's got student loans that are causing the problem.  Two are in repayment, and two are not... so the credit report isn't showing an "estimated payment".  There's supposed to be an easy fix, and we went through that easy fix today....but the lender bureau never updated the file and then LIED to my LO stating that we never called!!! UGH!!

 

Will deal with it on Friday.... but it's looking like (fingers crossed) that may be the only big "gotcha" right now. 

 

Will definitely update you when I get my CTC!! Smiley Happy


Current FICO Scores: EQ749; TU732; EX733
Message 39 of 39
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