Tips for a smooth underwriting process.

[Anonymous]

Hey everyone 

I just wanted to pass along a little strategy that I used this go round  for those who are considering the mortgage loan soon to think about. Now in my case I am not complicated other than my employment, Great credit history, 8percent dti so i worried about employment because 2 year history could mean alot of things essentially I left my career for 8 months but went back and have 10 years total time in my career.  But anyway just some common things to think about when going to underwriting. Most likely they will ask for these updated documents so I just feel its best to keep sending them the latest and greatest.

-BANK STATEMENTS: I just kept pumping them to the bank as they came in. The second i got the ding in my email saying my statement was ready I would forward them right to the lender 

-Pay stubs: Same goes for these. The minute they hit my email I was sending them over. They are going to ask for them anyway. 

LOE- Become the master of the LOE. And by this comb through your statements and look at something that may look out of the ordinary to the UW. Write a LOE so that when your asked you can just provide it and if your not asked then its no harm no foul. Make yourself look proactive and show them that you have done research and really want the loan. What I did was before even contacting a lender I wrote LOE's for my employment gaps last year and just anticipated what they would ask me to explain. I was amazed at how many things i nipped before they were asked for. 

[Anonymous]

I love the proactive approach to drafting LOE's "just in case," and be able to send them right away.   I was thinking last night I'd do the same thing!  My loan will go to underwriting soon--- probably early next week.

So the things that I'm guessing may cause an UW pause-- one collection on my report (its for $229 from an old utility bill on a group vacation home, due to fall off my report in a year), a NSF charge on my bank account in Jan. (I had an auto payment on a monthly bill process a few days earlier than usual), and some late payment events on a car loan back in 2010.   

I'm curious if UW will give any hard glance to $300-$500 cash withdrawals from checking accounts- I paid a vet in cash, paid a friend for a piece of furniture, etc.  Is this the sort of thing UW would question, or are they more concerned with large cash *deposits?* 

Thanks for the great advice!