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On April 28th my file was sent to the processor to verify my employment and income and whatever they do, then was to be sent to the underwriter. I am buying a new construction that is going to be done on or by June 18th. Have not heard anything from my LO. I emailed last week to check in and he said he hadn't heard anything. I haven't heard ANYTHING not even a request for documentation. Should I be concerned? Scores below are current...... Any insight?
Dont have a answer for you, but I feel your pain. I cant deal well with stress and not knowing! I will be where your at soon. Good luck and I hope everthing woks out.
@907grown wrote:On April 28th my file was sent to the processor to verify my employment and income and whatever they do, then was to be sent to the underwriter. I am buying a new construction that is going to be done on or by June 18th. Have not heard anything from my LO. I emailed last week to check in and he said he hadn't heard anything. I haven't heard ANYTHING not even a request for documentation. Should I be concerned? Scores below are current...... Any insight?
What is the source of those scores? What type of loan? Is your LO with a broker or a bank/banker?
FHA, lender pull, mortgage broker
@907grown wrote:FHA, lender pull, mortgage broker
OK ... your middle score is 639 and so it is likely being manually underwritten. A 640 score is generally needed to qualify for auto-underwriting which saves a lot of time and documentation. This could explain the delay. Do you know to which lender your broker submitted your file?
This wont help you, and will probably make you more nervous. Apologies in advance.
I was in manual underwritting from 4/2 - 4/16. 2 weeks. In that time I heard from the processor twice requesting docs/info and my LO once. Both were closer to the end of the two week time period.
Dont sweat it too much. No news it good news
I couldn't take it! Called loan officer today. He told me I was approved by automated system and that the underwriter has the file. s since its a new construction due to be done June 18th, that's my tentative closing date. Could it be that long until I know for certain that I have the loan and the house is mine?
@907grown wrote:I couldn't take it! Called loan officer today. He told me I was approved by automated system and that the underwriter has the file. s since its a new construction due to be done June 18th, that's my tentative closing date. Could it be that long until I know for certain that I have the loan and the house is mine?
You will hear back from them before June 19th. You should get a conditional approval with some conditions. Because its new construction, dont expect to be fully out of underwriting until they can order the appraisal and get that back. Thats what happened in my case. My LO said they need appraisal to complete underwriting and since its a new build it will be towards the end that they can order that appraisal. In the meantime I satisfied all conditions with the processor and touched base with my LO every four or five days. I think you will be fine. It is nerve wracking.