@Anonymous wrote:We submitted all of our paperwork and signed disclosures the week of 6/14. The appraisal/title work was ordered but then the LO wanted to do the policy exception 1st. When she said it would need a policy exception, I called a few other portfolio type banks just in case. One guy told me there was no way, no one would touch it until the foreclosure ages out & he was surprised that my LO said they could do it.
My original LO came back with a pre- approval (she submitted the entire file) if we increased the DP to 25%. The appraisal came back last week - $10K over. We got a new GFE (LTV is based on appraised value). The same day the LP requested updated bank statements from our main checking/savings account. The LP did not request statements from our other 2 bank accounts or more recent check stubs.
We're waiting on title before the file gets submitted to underwriting but the other LO has me paranoid that this isn't going to happen.
Other LO doesn't know the market: portfolio lenders play by their own rules and nobody elses.
Common industry: yeah foreclosure is a mess as you know; however, much like I found in the jumbo space things vary wildly for individual lenders... jumbo loans are basically all portfolioed within reason anyway.
Several LO's just from the stories related here in the past few months, don't even know their own policies sometimes let alone any other lender's ones, especially when we're talking something as "let's make a deal" as the jumbo or portfolio spaces.
Fact is, this is such a simple and OBVIOUS issue, that you wouldn't have gotten this far if they were going to kick you out, but you just had to strengthen your case for the exception. There's even a similar policy in the normal mortgage market anyway for strength of file exceptions on other things, so you'll be OK on that front just your lender is more flexible than others. What the other posters were really trying to get at that was UW will tackle all sorts of things, and you might lose it on that, but your foreclosure shouldn't be an issue.
@Anonymous wrote:Our LO has set a closing date for Monday 7/13, but our file won't be done with underwriting until tomorrow 7/9. Apparently she isn't anticipating any conditions. She once again said that underwriting is just a formality because the head of underwriting has given his blessing. I wish some of her confidence would rub off on me, I jump anytime I hear the email notification on my phone thinking it will be THE email.
It has been a long journey back to homeownership so when we close I will post the whole saga...right now I don't want to jinx it ☺
Hah yeah. I've been working dozens of extra hours at work lately which has left me with little time to worry about the mortgage (or this forum heh), sounds like you're golden though. Did you complete UW / on track for Monday?
@Anonymous wrote:Approved!!! We're closing tomorrow afternoon. There was a a bit of a delay because the bank is small and they only have one underwriter (poor thing). The LO officer said all the files she did last week were horrible and took forever so she didn't want to push too hard. So excited to finally be done!!
Cheers!