loan process

[Anonymous]

Hello everyone.  I signed my disclosure statements on yesterday Monday and I am waiting for Monday 1/26 to do the appraisal because i can get a better interest rate 3.75% because FHA is lowering something.  My question is once the appraisal is done my next move is to get approved through underwriting? Am I right or wrong.  Once I am approved through underwriting will I receive my closing date?  Someone help me please.  This has been a long two years.

[Anonymous]

your file should have already went to the UW for ICD (Initial credit decision) when the loan officer took your income and credit documents, then you recvd the disclosures in the mail (if oyu got a great processor like myself the processor wouldve emailed them to you) once your loan comes out of underwriting for ICD the 1st decision is made meaning the UW reviewed you credit, assets, income, if you are approved, the 2nd part of the approval begins the collateral (appraisal) if the collateral is approved now it's process of elimination ( clearing the conditions the UW required at ICD) .

[Anonymous]

Thank youso much for the information.  My lo is very good, but sometimes I feel like she is not giving me all of the information.  I was wondering if each bank perform the loan process differently. My lo stated that she is going to order the appraisal on Monday, but my question to myself was "why would you do all of that if i have not been approved through uw.  I also asked her if i should pay my credit card down to try and get my midscore up some more and she states that she is not going to pull my credit score until 120days, I am building a home. So I am guessing she is not going to pull my credit until I get ready to close.  I just dont know if I am already approved through uw or what?  I just do not know what part of the loan process I am in.  I think I am just going to email her.  But then again I would rather post on here to make sure that I get good information from this forum so when I email her, I will know what question to ask her.

Thanks for all and any help!

[Anonymous]

Also my lo stated that she has to receice a file number from FHA. Can someone explain this to me?

[StartingOver10]

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@Anonymous wrote:

Also my lo stated that she has to receice a file number from FHA. Can someone explain this to me?

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Actually your LO is looking out for you. She wants to get a new case number for you so you qualify for the lower mortgage insurance that is effective starting Monday Jan 26. Here is a thread for you to read details http://ficoforums.myfico.com/t5/Mortgage-Loans/FHA-reducing-mortgage-insurance-in-late-January/m-p/3729332/highlight/true#M158837

[Anonymous]

I agree, if your LO waited to get your case# that is a good thing so you can get the lower MIP, instead of starting the process and and having to cancel the case# and wait 3weeks for another, besides you can't order an appraisal without a case # HOWEVER the UW can review you file for ICD without a case# it will just be added as a condtion before closing for the lender to obtain.