Credit Cards Center Credit cards from our partners
Reply
Regular Contributor
Posts: 248
Registered: ‎03-03-2014
0

processing vs. underwriting

Just got an update from LO that my file is in processing for all the verifications required by VA then off to underwriting. What does all this means? what is the difference between processing vs. underwriting?

Myfico: 03/26/2015: EQ 652, EX 680, TU 738 Barclays

Barclays $4.7K, NFCU Platinum $15K, AMEX BCE $15k, HD $12k, Sams $3.5k, Walmart MC $3.5K, NFCU LOC 10K, GE local Furn store $3.5k, AMEX ED $10.5K
Member
Posts: 3,377
Registered: ‎08-24-2013
0

Re: processing vs. underwriting

[ Edited ]

Just curious .... did you ask your LO that question? It is a simple one for any LO to answer.

 

Processing is involves collecting all documents and packaging the file for the lender's underwriter's review. Underwriting involves verification that the file meets all of the lender's guidelines and rules. In the case of a USDA loan, the file is first underwritten by the lender and then it is reviewed again by a USDA underwriter when it arrives at the USDA.

Regular Contributor
Posts: 151
Registered: ‎05-12-2014
0

Re: processing vs. underwriting

Dreamer,

I got a fantastic document from Veterans United today explaining the process. I went under contract last week. If you would like I can send it to you. I'm sure it is probably about the same for your lender.
Regular Contributor
Posts: 248
Registered: ‎03-03-2014
0

Re: processing vs. underwriting

Laura1369, I would love that! Thank you.
Myfico: 03/26/2015: EQ 652, EX 680, TU 738 Barclays

Barclays $4.7K, NFCU Platinum $15K, AMEX BCE $15k, HD $12k, Sams $3.5k, Walmart MC $3.5K, NFCU LOC 10K, GE local Furn store $3.5k, AMEX ED $10.5K
Regular Contributor
Posts: 151
Registered: ‎05-12-2014
0

Re: processing vs. underwriting

Dreamer... Sent it to you in a PM
Regular Contributor
Posts: 248
Registered: ‎03-03-2014
0

Re: processing vs. underwriting

Laura1369- exactly what I needed!!!!!!!!! But now, I am nervous about something I read:

"please do your best to avoid transferring money from one account to another."

My husband just did this to an account we only use to pay bills. When payroll makes their monthly deposit, he makes the monthly bills into our bill account. Should I be worried?

Myfico: 03/26/2015: EQ 652, EX 680, TU 738 Barclays

Barclays $4.7K, NFCU Platinum $15K, AMEX BCE $15k, HD $12k, Sams $3.5k, Walmart MC $3.5K, NFCU LOC 10K, GE local Furn store $3.5k, AMEX ED $10.5K
Regular Contributor
Posts: 151
Registered: ‎05-12-2014
0

Re: processing vs. underwriting

If this is something you do every single month they will see that in the statements you send them. I don't think that would be too much of a problem. Maybe it might need an LOE?
Highlighted
Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
0

Re: processing vs. underwriting

Im pretty sure that as long as you provide the statements you are good.

 

I move money into savings as a staging area for bills and pull it out as needed. So it looks like im moving money out of savings a couple times a month.

 

But it is ok since it is your money.

Regular Contributor
Posts: 248
Registered: ‎03-03-2014
0

Re: processing vs. underwriting

I feel better about I guess. It does happen evert month and I have provided statements for it. We will see what underwriting has to say.
Myfico: 03/26/2015: EQ 652, EX 680, TU 738 Barclays

Barclays $4.7K, NFCU Platinum $15K, AMEX BCE $15k, HD $12k, Sams $3.5k, Walmart MC $3.5K, NFCU LOC 10K, GE local Furn store $3.5k, AMEX ED $10.5K
Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
0

Re: processing vs. underwriting

Worst case you will have to write a letter.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.