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@DallasLoanGuy wrote: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?!!?!?
How in the world does this happen after closing? I thought they had to have funding prior to closing.
@anca21bi wrote:
How do I know if I am under contract? I haven't heard from my loan guy in a week. I'm thinking about going somewhere else. Really how long does the underwriting process take?
by under contract, i mean under contract for a home. i.e. did you maka an offer on a home and get accepted?
underwriting? 1 - 2 days ish.
@Anonymous wrote:
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!!!yes, i can tell.
@Anonymous wrote:
How in the world does this happen after closing? I thought they had to have funding prior to closing.
there are usually funding conditions on a loan. typically, those conditions are just things for the title company to gather and get back to the lender who will inspect them before issueing a funding number.
in my case, the lender wasnt me.... i was a mortgage broker at the time(i am a mortgage banker now) and the lender didnt fund. this is right when subprime started to implode and it was crazy. i could talk to the underwriter on monday and be all good to go, and on tuesday they would suspend the loan. crazy stuff.
this is why i am in banking and dont broker anymore. i hate it that things like this can happen.