10-10-2012 08:32 AM
I am currently working with Everbank out of Florida . When my file went from the LO to the processor to get things ready for underwriting, main concern was my income and use of my overtime. The way I work I get scheduled overtime ( have for 4 years) and differentials, well at first she stated that I would have to get my debts down by almost 700 dollars. Then she talked with her manager and then underwriting people and they said that they could use combination of my y-t-d and last years check stub, enabling to quailfy right away. Then she sends me a message saying that she has sent the file to underwriting for a more detailed review. I am not understanding if this is for approval of the loan or just of the income. So confused. What is the processor's job anyway. Never heard of this.
10-10-2012 08:55 AM
The loan processor is the person who gets your file ready for the underwriter. This is usually the person who knows what the underwriter may or may not need, so they ask you for it in advance to minimize the chance of your loans getting kicked back and having a ton of conditions.
If there is something you are unsure of, ASK. It doesn't hurt to contact your processor and ask her detailed questions so you feel a little bit better about the process.
10-10-2012 09:36 AM
I had emailed her and called, awaiting for answers will make u crazy. My question was if she sent it for approval or just to make sure what she was given was enough. She just said to make sure the documents were "enough" and to make sure they did not need anything else. This to me sounds like it for approval, she did not say that out right though. We are suppose to close on the 30th of this month. Not use to dealing with nonlocal banks, but most of the banks around here require a 640, one even told me they were going to a 680, but for right now 640 will get your application "looked at". This bank 640 for fha and 620 for convential. I am going convential with 20% down, this will be my second home if that makes a difference. But if this falls through I think I will get with the local bank i used at first, since my score is now over 640, they can close me in 2 weeks.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.