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Established Contributor
crunching_numbers
Posts: 1,026
Registered: ‎02-15-2012

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: 748 TU(12/12), 771 TU98 , 824 TU08 FICO, 776 EQ FICO , 735 EX(9/12) FICO
Goal Score: 750+, but shooting for the 800's

my wallet: Hyatt Visa Sig ($23K), B&N World MC ($17.3K), Amex RP Gold (NPSL w/ S&T), Hilton Surpass (10K), Freedom Visa Sig ($8.6K), Discover It ($8K), Amex BCP ($9K), FNBO Visa (13.1K), Citi Dia Pref MC ($3.7K),Sam's D ($8.5K), Walmart D ($7.5K), JCP($5.3K), Dicks MC ($2K)
Established Contributor
namvet
Posts: 846
Registered: ‎09-22-2011

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. 

Valued Contributor
beb86
Posts: 1,114
Registered: ‎10-31-2011

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 

ccpics2.jpg
Established Contributor
crunching_numbers
Posts: 1,026
Registered: ‎02-15-2012

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: 748 TU(12/12), 771 TU98 , 824 TU08 FICO, 776 EQ FICO , 735 EX(9/12) FICO
Goal Score: 750+, but shooting for the 800's

my wallet: Hyatt Visa Sig ($23K), B&N World MC ($17.3K), Amex RP Gold (NPSL w/ S&T), Hilton Surpass (10K), Freedom Visa Sig ($8.6K), Discover It ($8K), Amex BCP ($9K), FNBO Visa (13.1K), Citi Dia Pref MC ($3.7K),Sam's D ($8.5K), Walmart D ($7.5K), JCP($5.3K), Dicks MC ($2K)
Established Contributor
crunching_numbers
Posts: 1,026
Registered: ‎02-15-2012

Re: What are "conditions" a broker completes

:smileysad:

Not funny beb86.  The waiting is driving me crazy. 


Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: 748 TU(12/12), 771 TU98 , 824 TU08 FICO, 776 EQ FICO , 735 EX(9/12) FICO
Goal Score: 750+, but shooting for the 800's

my wallet: Hyatt Visa Sig ($23K), B&N World MC ($17.3K), Amex RP Gold (NPSL w/ S&T), Hilton Surpass (10K), Freedom Visa Sig ($8.6K), Discover It ($8K), Amex BCP ($9K), FNBO Visa (13.1K), Citi Dia Pref MC ($3.7K),Sam's D ($8.5K), Walmart D ($7.5K), JCP($5.3K), Dicks MC ($2K)
Moderator
Shogun
Posts: 7,374
Registered: ‎04-15-2011

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

Current Score: EQ FICO 819, TU08 775, EX "Who Knows?" Quizzle 756
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge
Valued Contributor
beb86
Posts: 1,114
Registered: ‎10-31-2011

Re: What are "conditions" a broker completes


crunching_numbers wrote:

:smileysad:

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

ccpics2.jpg
Moderator
Shogun
Posts: 7,374
Registered: ‎04-15-2011

Re: What are "conditions" a broker completes

But it was a little funny.  :smileyhappy:


Starting Score: 504

Current Score: EQ FICO 819, TU08 775, EX "Who Knows?" Quizzle 756
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge
Contributor
jnkp2001
Posts: 132
Registered: ‎01-04-2012

Re: What are "conditions" a broker completes

I thought so too!......:smileylol:

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!

Established Contributor
crunching_numbers
Posts: 1,026
Registered: ‎02-15-2012

Re: What are "conditions" a broker completes

Ok. It was maybe a teeny weenie bit funny. 

:smileywink:

 

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: 748 TU(12/12), 771 TU98 , 824 TU08 FICO, 776 EQ FICO , 735 EX(9/12) FICO
Goal Score: 750+, but shooting for the 800's

my wallet: Hyatt Visa Sig ($23K), B&N World MC ($17.3K), Amex RP Gold (NPSL w/ S&T), Hilton Surpass (10K), Freedom Visa Sig ($8.6K), Discover It ($8K), Amex BCP ($9K), FNBO Visa (13.1K), Citi Dia Pref MC ($3.7K),Sam's D ($8.5K), Walmart D ($7.5K), JCP($5.3K), Dicks MC ($2K)

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