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What are "conditions" a broker completes

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crunching_numbers
Valued Contributor
‎10-27-2012 12:06 PM
‎10-27-2012 12:06 PM

What are "conditions" a broker completes

I heard from my broker on Friday that:

"we sent up all your conditions, these are internal items that we had to complete on our end. Everything went to the underwriter for final approval on the 25th, and it is taking 48 hours to clear these conditions."

 

what does this really mean? What are conditions in this context? 

Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: FICO 8 = 844(9/15) EQ, 827 TU, 811 EX (7/15); mortgage FICO= 758 (9/15)EQ5, 797 TU4, 748 EX2 (7/15)
Goal Score: 750+, but shooting for the 800's
Hyatt Visa Sig ($23K), Amex BCP (24.8K), BofA Travel Rew Sig (22.5K), B&N World MC (22.3K), Amex RP Gold (NPSL w/ S&T), Cash+ Sig (20K),United Mil+ExpSig (16.3K), FNBO Visa (13.1K), Hilton Surpass (10K), Freedom Visa Sig (8.6K), Disc It (16.4K), Citi Dia Pref MC (3.7K),Sam's MC (10K), Wally (7.5K), JCP(5.3K), Costco (2K)
Message 1 of 10
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9 REPLIES 9
namvet
Established Contributor
‎10-27-2012 02:13 PM
‎10-27-2012 02:13 PM

Re: What are "conditions" a broker completes

Conditions to be cleared by the broker/lender could include but not limited to the following:  Title work, survey,rate lock,appraisal conditions,pest inspection,updated credit report etc.  This could also include the forwarding of documents you sent to the broker. 

Message 2 of 10
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beb86
Valued Contributor
‎10-27-2012 06:58 PM
‎10-27-2012 06:58 PM

Re: What are "conditions" a broker completes

@crunching_numbers wrote:

I heard from my broker on Friday that:

"we sent up all your conditions, these are internal items that we had to complete on our end. Everything went to the underwriter for final approval on the 25th, and it is taking 48 hours to clear these conditions."

 

what does this really mean? What are conditions in this context? 

It means expect another phone call soon haha 

Message 3 of 10
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crunching_numbers
Valued Contributor
‎10-30-2012 06:44 AM
‎10-30-2012 06:44 AM

Re: What are "conditions" a broker completes

Thanks namvet. That is kind of what I figured it was. 

Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: FICO 8 = 844(9/15) EQ, 827 TU, 811 EX (7/15); mortgage FICO= 758 (9/15)EQ5, 797 TU4, 748 EX2 (7/15)
Goal Score: 750+, but shooting for the 800's
Hyatt Visa Sig ($23K), Amex BCP (24.8K), BofA Travel Rew Sig (22.5K), B&N World MC (22.3K), Amex RP Gold (NPSL w/ S&T), Cash+ Sig (20K),United Mil+ExpSig (16.3K), FNBO Visa (13.1K), Hilton Surpass (10K), Freedom Visa Sig (8.6K), Disc It (16.4K), Citi Dia Pref MC (3.7K),Sam's MC (10K), Wally (7.5K), JCP(5.3K), Costco (2K)
Message 4 of 10
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crunching_numbers
Valued Contributor
‎10-30-2012 06:46 AM
‎10-30-2012 06:46 AM

Re: What are "conditions" a broker completes

Smiley Sad

Not funny beb86.  The waiting is driving me crazy. 

Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: FICO 8 = 844(9/15) EQ, 827 TU, 811 EX (7/15); mortgage FICO= 758 (9/15)EQ5, 797 TU4, 748 EX2 (7/15)
Goal Score: 750+, but shooting for the 800's
Hyatt Visa Sig ($23K), Amex BCP (24.8K), BofA Travel Rew Sig (22.5K), B&N World MC (22.3K), Amex RP Gold (NPSL w/ S&T), Cash+ Sig (20K),United Mil+ExpSig (16.3K), FNBO Visa (13.1K), Hilton Surpass (10K), Freedom Visa Sig (8.6K), Disc It (16.4K), Citi Dia Pref MC (3.7K),Sam's MC (10K), Wally (7.5K), JCP(5.3K), Costco (2K)
Message 5 of 10
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Shogun
Moderator Emeritus
‎10-30-2012 06:47 AM
‎10-30-2012 06:47 AM

Re: What are "conditions" a broker completes

It just means they haven't got your stuff done yet and they need a couple extra days.  No need to worry yet.

Starting Score: 504
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 6 of 10
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beb86
Valued Contributor
‎10-30-2012 06:04 PM
‎10-30-2012 06:04 PM

Re: What are "conditions" a broker completes

@crunching_numbers wrote:

Smiley Sad

Not funny beb86.  The waiting is driving me crazy. 

Sorry but I have been through it and I am only laughing about them in retrospect....Closed on a Monday...got the clear to close on Friday and a phone call on the morning of the close needing more stuff....I was STRESSED OUT

Message 7 of 10
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Shogun
Moderator Emeritus
‎10-30-2012 07:01 PM
‎10-30-2012 07:01 PM

Re: What are "conditions" a broker completes

But it was a little funny.  Smiley Happy

Starting Score: 504
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 8 of 10
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jnkp2001
Regular Contributor
‎10-31-2012 02:53 AM
‎10-31-2012 02:53 AM

Re: What are "conditions" a broker completes

I thought so too!......Smiley LOL

FICO EQ: 633 8/15/12
lender pulled 11/3/12 EQ 661 TU 650 EX598
credit Karma 674 credit sesame: 663
B/K discharged 2/2006......closed 8/2012

May your limits be high and your balances low!

Message 9 of 10
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crunching_numbers
Valued Contributor
‎11-01-2012 03:17 PM
‎11-01-2012 03:17 PM

Re: What are "conditions" a broker completes

Ok. It was maybe a teeny weenie bit funny. 

Smiley Wink

 

got the clear to close this afternoon, but they need three days so closing is on Wednesday. Will be funded on Monday 11/12/12. 

Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: FICO 8 = 844(9/15) EQ, 827 TU, 811 EX (7/15); mortgage FICO= 758 (9/15)EQ5, 797 TU4, 748 EX2 (7/15)
Goal Score: 750+, but shooting for the 800's
Hyatt Visa Sig ($23K), Amex BCP (24.8K), BofA Travel Rew Sig (22.5K), B&N World MC (22.3K), Amex RP Gold (NPSL w/ S&T), Cash+ Sig (20K),United Mil+ExpSig (16.3K), FNBO Visa (13.1K), Hilton Surpass (10K), Freedom Visa Sig (8.6K), Disc It (16.4K), Citi Dia Pref MC (3.7K),Sam's MC (10K), Wally (7.5K), JCP(5.3K), Costco (2K)
Message 10 of 10
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