04-18-2013 12:34 PM
Just received a text from realtor that we have approval with minimal conditions. Have not heard from LO about the conditions yet but I did get a call from AAA shortly before that to set up the insurance!
Our lender has insurance companies they like to work with, so they usually set up everything from their end and you get a nice discount to go along with it. You should check with them to see if they have any companies they like to work with.
04-18-2013 12:44 PM
Waiting for a closing date!!!
I recieved an email from our LO Tuesday that our loan was final approved and moving to closing, and as soon as docs arrive at title she would notify everyone.
It has been the longest 2 days during the entire process, trying to stay busy and not constantly watching for an email!!!
04-18-2013 12:47 PM
Awesome - both of you guys got great news. It's so good to hear positive outcomes, especially after all the waiting.
Thanks for giving me the heads up on the insurance, I'll check with the LO and see who she suggests.
04-18-2013 01:17 PM
I keep hearing about small things from the UW -- in final underwriting...
1st) They spotted an area of a document that I forgot to initial
2nd) They found an area on the appraisal that the appraiser needed to go back and adjust (seller's concession money)
3rd) They're making legal redo certain documents because my name on them did not include my middle initial
So, my question is... When they do this, does my file actually LEAVE the underwriter.. and then have to be completely resubmitted back to them? Or do they hold on it it and continue on once the correction is made?
I ask because I've been told final underwriting should take up to 48 hours... But if it gets kicked back for small things like this, do you have to start all over and reset the clock?
04-18-2013 01:25 PM
I doubt it, MGM. They want to get your file done and out of their hair. It would be counter productive to just throw it at the bottom of the pile.
04-18-2013 01:47 PM - edited 04-18-2013 01:47 PM
I didn't know that there are rounds of conditions.
Not everyone has them. It's not something to really stress about. Most of the time, you're going to get asked for updated bank statements, pay stubs...things that are easy to get and submit. Several rounds of conditions are not the norm.
Thanks foofighting74. I feel better now hearing this.
04-18-2013 01:50 PM
I reviewed the appraisal report today and noticed an error. The appraiser put down 2 cars garage/carport. The house only have a 1 1/2 car garage but a nice long driveway. I'm not sure if the UW will have an issue with that. The pictures are pretty obvious that this is not a 2 cars garage. I'm nervous now. I really don't want to pay for the 2nd appraisal and the house is already appraised at the agreed sales price, no more no less.
04-18-2013 01:57 PM
If it's not a big deal to you, I wouldn't bring it up if they don't bring it up. Maybe they will miss it.
04-18-2013 02:02 PM
Well, you can't have half a car. I'm sure they won't be bothered by it. Our garage is on the smaller side and listed as a two car garage as well. It could just be a measurement thing.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. 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.