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Underwriting, AGAIN!

Valued Contributor

Re: Underwriting, AGAIN!

They closed in Jan

Valued Contributor

Re: Underwriting, AGAIN!

Ah!!!! That's why. My LO said that when you go through underwriting, they can either come back with a conditional approval, denial, or a suspension. I asked him what a suspension is. He said it is usually deemed a suspension when something was processed incorrectly. My LO said if it comes back with a suspension, you have to go through underwriting all over again. This is why you are back in underwriting.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Valued Contributor

Re: Underwriting, AGAIN!

Moving forward, you said you had 3 rounds. When you got the first round, did it come with the conditional approval.

Valued Contributor

Re: Underwriting, AGAIN!

It did! The commitment letter and all so I really thought I was done. Round 2 was a major let down. When Round 3 came, I started asking my LO what were the chances of denial.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Valued Contributor

Re: Underwriting, AGAIN!

That is some bull crap, ask the first time everything up front.

Regular Contributor

Re: Underwriting, AGAIN!

Toole I agree, but the first set of conditions usually appears with the conditional approval. I only had one round of conditions, but my LO was very proactive in trying to address issues before I went to the UW.

Starting Score: EX 575/TU 534/EQ 570
Current Scores per Myfico: (As of 12-14-13) EX 690/EQ 685/TU 679
Goal Score: 720


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Valued Contributor

Re: Underwriting, AGAIN!

I get that

 

but what I dont get, they underwrite a file they should have all the questions the first time.

 

Hmm I see this late CC payment from 2009, im going to ask about it in the second round of conditions. give me a break.

Frequent Contributor

Re: Underwriting, AGAIN!

I'm curious to see what they're going to come back with when our file hits UW.  Most of the conditions I see posted here are things my LO has asked me for or gone over with me during our meetings.  (Since we have had plenty of lag time waiting on the appraisal.)  Also, my accounts are not very active or exciting.

2011: EQ 580~
2012: EQ 620~
2013: EQ 641, TU98 645, TU04 635, TU08 635, EX 648 (lender)
Closed on first home 4/25/13.
Valued Contributor

Re: Underwriting, AGAIN!

Mine were things that were kind of special to my loan situation. pretty much just letters.