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Working with Chase for Mortgage?

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Anonymous
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Working with Chase for Mortgage?

Does anyone have any experience working with Chase? They have sent me a Welcome Package with a  Conditional Approval and a bunch of docs to sign. Previously I was working with Quicken Loans but their fees are kinda crazy.

My LO at Chase is great, and he is very patient with my billion questions. I have sent him our paperwork and he has already asked me for LOE for two items. I supplied it along with docs backing it up. Last night I emailed him wanting to know if everything was okay and he says he was sending my file over to his supervisor for review and tomorrow his supervisor will send us the condition list. I asked him if we had a good chance and he replied that he thinks we have a very good chance.

Is this a good sign that our file has already went to his supervisor? Does it still have to go to underwriter after this? I'm alittle confused with this whole process so any help would be great.

Message 1 of 4
3 REPLIES 3
ShanetheMortgageMan
Super Contributor

Re: Working with Chase for Mortgage?

Are you already under contract?  If so then I am not sure why it wouldn't go to an underwriter - I'd ask your loan officer if they meant underwriter instead of supervisor, and if they didn't, ask why it wouldn't go to an underwriter for review, and also asked if it hasn't been reviewed by an underwriter, who issued the Conditional Approval (which is 99.9% of the time issued by the underwriter).

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 2 of 4
Anonymous
Not applicable

Re: Working with Chase for Mortgage?

Thanks Shane. We have an accepted offer and already had an inspection and are waiting for the contract but my lawyer is on vacay (blah). I'm kinda glad that it's being reviewed so my time isn't wasted. If it's being reviewed by the LO and their supervisor do you think this means we weren't approved through automated? Plus they said they are doing verbal verification with our management company, is that heard of?
Message 3 of 4
ShanetheMortgageMan
Super Contributor

Re: Working with Chase for Mortgage?

If you don't have a contract then perhaps it hasn't been reviewed by an underwriter.  Each mortgage company has their own way of doing things.  This may just be a normal step, or they may have some concerns and are doing their due dilligence before it gets sent to the underwriter.  Management company as in rental management company?  Usually those are done in writing rather than verbally, but again they may just be doing their research ahead of time.  Ask your loan officer what it all means.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 4 of 4
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