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Valued Contributor
Posts: 1,103
Registered: ‎02-15-2012
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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 = 821 EQ, 827 TU, 811 EX (7/15); mortgage FICO= 758 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 (17.5K), 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 (10.4K), Citi Dia Pref MC (3.7K),Sam's MC (10K), Wally (7.5K), JCP(5.3K), Costco (2K)
Established Contributor
Posts: 866
Registered: ‎09-22-2011
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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
Posts: 1,115
Registered: ‎10-31-2011
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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
Valued Contributor
Posts: 1,103
Registered: ‎02-15-2012
0

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 = 821 EQ, 827 TU, 811 EX (7/15); mortgage FICO= 758 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 (17.5K), 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 (10.4K), Citi Dia Pref MC (3.7K),Sam's MC (10K), Wally (7.5K), JCP(5.3K), Costco (2K)
Valued Contributor
Posts: 1,103
Registered: ‎02-15-2012
0

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 = 821 EQ, 827 TU, 811 EX (7/15); mortgage FICO= 758 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 (17.5K), 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 (10.4K), Citi Dia Pref MC (3.7K),Sam's MC (10K), Wally (7.5K), JCP(5.3K), Costco (2K)
Moderator
Posts: 13,897
Registered: ‎04-15-2011
0

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!
Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
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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

ccpics2.jpg
Moderator
Posts: 13,897
Registered: ‎04-15-2011
0

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!
Regular Contributor
Posts: 135
Registered: ‎01-04-2012
0

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!

Valued Contributor
Posts: 1,103
Registered: ‎02-15-2012
0

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 = 821 EQ, 827 TU, 811 EX (7/15); mortgage FICO= 758 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 (17.5K), 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 (10.4K), Citi Dia Pref MC (3.7K),Sam's MC (10K), Wally (7.5K), JCP(5.3K), Costco (2K)
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