fha denial?

[Anonymous]

I think I agree with Dallas on this one... I feel that if the LO saw anything that would have possibly prevented you from getting the loan especially if you went through au and passed he should have verified all deposits with your bank instead of taking something to them that would have been noticable like NSF's

[Anonymous]

My point was that he didnt notice them (they werent clearly marked at all on my document) and I didnt point them out, or else I am sure he would have gotten a VOD instead. My question is, if we try with lender #2 with a VOD instead of statements, will they see the reason for denial from lender #1? I think the reason was listed as 'financial responsibility'. My loan commitment contingency expires on Friday, or else I lose earnest.

[Anonymous]

Ugh I am supposed to close next Thursday (10 days!!) and uw #2 doesn't even have my file yet. I'm so stressed out.

[Anonymous]

I live in pa. I was just denied a ameriserve/va loan a few days before closing, due to several overdrafts on my bank statement. I didnt think it would be an issue, since i pay for overdraft protection. My credit score is 760 and dti is @25%. Do you think you could get me a loan?

[JM-AM]

Just my three cents.

I think any one in this situation is better off with a broker.

Brokers work much harder to get approvals compared to LO's working in a bank.

Any good LO or Broker should have seen the overdrafts. You shouldnt have to tell them. That is part of their job to go over your financial information.

With that being said I agree with Dallas.

[Mike_B03]

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@Anonymous wrote:
@I live in pa. I was just denied a ameriserve/va loan a few days before closing, due to several overdrafts on my bank statement. I didnt think it would be an issue, since i pay for overdraft protection. My credit score is 760 and dti is @Anonymous%. Do you think you could get me a loan?

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How many overdrafts did you have?

I had one (in 2 months) and wrote a Letter of Explanation and was told it shouldn't be a problem.

[tooleman694]

I think this is an UW call. If you get one in a bad mood, your homeless.

[JM-AM]

Pretty much we are all dependent on UW mood swings.

It happens in all walks of life.

Just remember while most UW's are paid a salary they isually have a bonus structure per file paid to them.

With that being said it is more beneficial for them to approve the loan versus denu the loan.

[cclee]

This is just an "out of curiosity" question, but do they consider it "living above your means" if the over draft was covered by the savings account?  I use my savings linked to my checking for over draft protection, have not had to use it but you know, as soon as you apply.. 

[Mike_B03]

I don't think it's so much a thing of living above your means thing, but more of a money management thing. It doesn't look good to the UW to rely on the bank to transfer money around, it would be better if you transfer the money yourself to cover a bill.