more questions

[Anonymous]

well, i applied through jacob dean mortgage, inc. and got an approval for fha via automated (received the approval letter as well).  i have not been asked to submit any docs yet until the contract is rattified.  i put in an offer yesterday and will hopefully have an agreement by wednesday (that's what the contract states) and i put down $500 earnest.  here goes the questions:   .....since i was approved thru automated w/out any docs, is there a chance i can be denied with the lender?   my mortgage broker has not told me of any lenders yet (obviously since i haven't submitted any docs).  also, since i was approved thru automated, will i still have to submit letters of explanations for the lender, or will the lender just confirm what the mortgage broker entered into the automated system and approve it?...thanks in advance for any input....

[BrianB_The_Loan_Professor]

Yes there is still a chance you can be denied. Yes you will have to supply documents and letters of explanations for items. You have to back up what was put into the automated system. As long as you can do that and there are no quirky items that pop up then you should be fine. Automated is only as accurate as the info submitted.

Good Luck - (sorry probably not what you were hoping to hear)

Brian

[Anonymous]

ok then.  well, i have another quest. for you:  when my credit was pulled for automated, was the collection and charge off looked at by the system? 

[BrianB_The_Loan_Professor]

If it was reporting on the credit yes it was

[DallasLoanGuy]

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propertyvirgin wrote:

well, i applied through jacob dean mortgage, inc. and got an approval for fha via automated (received the approval letter as well).  i have not been asked to submit any docs yet until the contract is rattified.  i put in an offer yesterday and will hopefully have an agreement by wednesday (that's what the contract states) and i put down $500 earnest.  here goes the questions:   .....since i was approved thru automated w/out any docs, is there a chance i can be denied with the lender?   my mortgage broker has not told me of any lenders yet (obviously since i haven't submitted any docs).  also, since i was approved thru automated, will i still have to submit letters of explanations for the lender, or will the lender just confirm what the mortgage broker entered into the automated system and approve it?...thanks in advance for any input....

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on occasion, we will prequal people and then get the docs and not be able to preapprove. silly things, like th borrower is paid 1099 and doesnt realize that he/she is really considered self employed and must submit tax returns.

if the loan officer asked all of the right questions, then you will most likely be ok.

yes, the underwriter mostly just confirms th input data along with little checks to see if there are any conflicts of interest in the file(like family selling to family in some cases)