Underwriting Torture...

[Anonymous]

First I would like to say that i have learned alot from reading all the thread in this forum.  

We were have been looking on and off for a year.  We finally found the house we see ourselves in.  We have been in underwriting since last Monday afternoon, nearly a week.  I haven't been able to sleep well since Wednesday.  Our LO stated we would get an answer by last Wednesday but nothing.  My bf and I hav scores of 615 and above the middle ones being a bit over 620.  He owns his condo, doesn't have major debt just two cc which he pays on time every month.  I have my student loans and 3 cc which are paid on time every month.  When our LO pulled our credit last there was a collection for $100 from when I lived in another state over 5 years ago.  As soon as I noticed this I paid it in full and requested a letter from the collection agency noting it was paid in full and account was closed.  We haven't had any late payment recorded in over 3 years.  Together we make 110K.  

Our closing is set for Friday.  Our realtor told me in order to still close by then we would have to get an answer by Wednesday.  It is so nerve wrecking.

Anyone waiting this long in underwriting?  or have you waited this long and received an approval?  Please help me ease my mind I have been stressing for almost a week now.

[Anonymous]

Call them up and ask them what's going on. You have a closing date. Ask them if they're going to make it, or not. If they don't give you a satisfactory answer, have your Realtor call. Nobody gets paid until that loan closes. Any mortgage company worth their salt is going to get the loan done on time. From what you've said, I don't see what the problem is. It'll get done, you might just need to make some noise.

[rckstrscott]

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@Anonymous wrote:

First I would like to say that i have learned alot from reading all the thread in this forum.  

We were have been looking on and off for a year.  We finally found the house we see ourselves in.  We have been in underwriting since last Monday afternoon, nearly a week.  I haven't been able to sleep well since Wednesday.  Our LO stated we would get an answer by last Wednesday but nothing.  My bf and I hav scores of 615 and above the middle ones being a bit over 620.  He owns his condo, doesn't have major debt just two cc which he pays on time every month.  I have my student loans and 3 cc which are paid on time every month.  When our LO pulled our credit last there was a collection for $100 from when I lived in another state over 5 years ago.  As soon as I noticed this I paid it in full and requested a letter from the collection agency noting it was paid in full and account was closed.  We haven't had any late payment recorded in over 3 years.  Together we make 110K.  

Our closing is set for Friday.  Our realtor told me in order to still close by then we would have to get an answer by Wednesday.  It is so nerve wrecking.

Anyone waiting this long in underwriting?  or have you waited this long and received an approval?  Please help me ease my mind I have been stressing for almost a week now.

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My underwriting was 13 days. My LO told me ahead of time that is about how long the wait would be... it took a little longer than anticipated, I went to underwriting on the 11th, got my conditional approval on the 18th, and my clear to close on the 23rd.

-scott

[Anonymous]

Thank you for your words.  I really appreciate it.  I left a message for our LO and if he hasn't called me by 5pm I will be calling him back.

[Anonymous]

I, too,  am in underwriting as we speak. I believe my file was turned in to the underwriter last Tuesday, June 5th and I was told I should have an answer on or before Friday, June 8th, but did not. I contacted my loan processor yesterday and learned the underwriter questioned a $240.00 deposit, although I had been told anything under $250.00 would not be an issue. There was also a question about my taxes, but my loan processor ordered the transcript. I was told I should know something either late yesterday or today, but to no avail. I'd say, don't stress and find solace in knowing you're not alone in the process. We'll get through it and we'll be happy in our new homes in time for the 4th of July.

[techgirl]

Today was supposed to be out closng day..... still in underwriting. I feel your pain. Called builder and they "leaned" on the lender. I should finally hear somerhing tomrrow. Basically, I am more the qualified - its them. Isn't that what your boyfriend or girlfriend says when they want to break up with you - its not you? Its them....?

[Anonymous]

I didn't know this whole process would be so stressfull.  Today is the last day to get a response from the bank in order to close on Friday.  Fingers crossed.

[Anonymous]

Techgirl Sorry to hear this.  Its just the wait and see thing that isn't right.  But like someone said above lets stay positive and know by July we should all be in our new homes :-)

[rckstrscott]

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@Anonymous wrote:

Techgirl Sorry to hear this.  Its just the wait and see thing that isn't right.  But like someone said above lets stay positive and know by July we should all be in our new homes :-)

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I just closed at the end of May, and as I love every minute of my new home, I truly didn't feel like it would EVER happen as it took a long time to get through the process... just keep the faith ya'll.. it will work out

-scott

[techgirl]

Thank you for the positive words.... So the home builder called and said I should have an answer from AmeriFirst today, and if I don't hear by the end of this week, they will take it back from them and find a lender who will do the loan and have it done by the end of the month. He actually apologized to me that AmeriFirst waited to the last minute to work  my file after they had it for 6 months!!!!  Then he called back and said I would hear something last night or this morning..... still waiting....... You're right, sholldn't they do this BEFORE so it isn't a last minute thing??? Like as they are biulding the home??? I am not happy with AmeriFirst. Wish I went to my banker or a mortgage  broker.... at this point, they can keep their incentives for going with their lender.....  Yes, I suppose in the end it will be worth it. At least they came out and said I was more than qualified - it was just what was written in the FHA Connection file and the fear THEY have that they will have to buy the loan back! (sorry to hijack this thread)

I want to be on the other side of this thing as do many of you. There has to be a better way than to leave it to the last minute and have folks hanging on a thread and not being able to plan the movers, the move, etc.