What happens next?

[anca21bi]

What happens after receiving GFE and signing disclosures?

[Anonymous]

I'm thinking you get excited!

Although I have no idea for sure.  I don't plan on buying until next spring.

Good Luck!!! 

[DallasLoanGuy]

if you are under contract, the loan officer will have the file processed, then underwritten.

[Anonymous]

This is where I am at and getting nervous...the file is being processed.

[Anonymous]

US too!! Good to see we have company in this stressful time...lol...Dallas, Can we all do a happy dance or is it too early? Can someone still be denied at this point? We have been given a closing date of 11/26. The mortgage guy says eveything is going great but I am stressing out that something will sneak up and bite us in the butt!! DH has been shopping for insurance but I am afraid to let anyone pull credit for fear it will lower our Credit scores and if the underwriter pulls credit again we would get denied due to too many enquiries!! Is this possible? UGGHH..Scary times!! Good luck to all!!!

Message Edited by lil-ol-me on 11-08-2008 01:50 PM

[DallasLoanGuy]

If you have a good loan officer.... you will be fine. The loan officer's approval upfront is supposed to be solid, yet, sometimes it isn't.

I have had 4 pre-approvals actually denied by processing or underwriting.

1. Borrower lied....  When we tried to verify his employment, the owner of the compay said: "Well, he used to drive a truck for me a while back when he was shacked up with my daughter.... But I have seen him around in a while".

2. Property didn't pass muster. After seeing the pictures in the appraisal, U/W asked for an inspection. That place was a dump.... I was shocked that anyone would want to buy it either.

3. Dealing with a third party instead of the borrower themselves(red flag #1), the third party slipped up when he was bragging about the property and disclosed that he was the owner. A couple of other things didn't add up...   I denied the loan out of fear that it was fraud. The reaction of the third party confirmed my fears.

4. The u/w guidelines changed and the lender wouldn't fund... this happened after closing!!!!

You see.... lots of things can happen. And I do not post this to scare you.... But things do happen. So.... remember.... it is just a house.... it isn't a home until you get the keys.

This is why I get scared for some of you who have loan officers with no answers.... if the loan officer doesn't understand loans, how can they re-assure you?!!?!?

[Anonymous]

Thanks Dallas for the info!! We dont fall into any of those catagories so I hope we are ok to get our insurance and get this closing over with.  Should we go ahead and get our insurance? We are scheduled to close 11/26. Our paperwork said insurance must be in place atleast 5 days before closing. Are we safe to let insurance companies pull our credit to obtain insurance? Will the pull hurt our credit score? If so could this kill the funding?? Can you tell I am a BIT STRESSED!!!!

[Anonymous]

Having your credit pulled for Personal Insurance is a soft pull and does not affect your credit score.

Your FICO does factor on how large your credit or debit is for the insurance....Apparently there are studies that show direct correlation between those with good credit scores and good driving habits and vice versa for bad scores.....and since Insurance is not loaning you money it is a soft pull.

[DallasLoanGuy]

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@Anonymous wrote:
could this kill the funding?? 

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stop fretting. you ARE FINE

 

[Anonymous]

LOL...Thanks Dallas!! Can you tell I have had very little sleep since we started this home buying process?? I will TRY not to stress so much but cant promise anything...lol....Again Thanks Dallas for all your great input!!!