scared witless, help

[Anonymous]

I'm looking forward to hearing good news from you. Hopefully tomorrow you will get your appraisal results and I'm sure they will be fine. I'm still without a contract. No word from the realtor and only heard from the broker once this week which was Monday morning saying not to worry. I'm worried big time. I wish one of them would just answer my email.  How hard can that be?

[Anonymous]

I know LA. I'm sweating the non contract thing. My realtor was supposed meet with our buyer today to have him extend the contract. I haven't heard from them yet. It's nerve wracking thinking of the what ifs. Like what if he gets a better offer! I can't believe they have yet to respond to your emails! Must be totally frustrating.

I do have good news. My appraisal report is in. Our home appraised over our purchase price! So, we at least don't have that to worry over.

Our LO said our file isn't out of underwriting yet. They are a little behind due to holidays. She expects it tomorrow. Fingers crossed.

[Anonymous]

So glad to hear your appraisal came back good. Thats great news. Hopefully you will get your contract back on soon. Hopefully I will too. I will keep my fingers crossed for us both. Our stories are so similiar. 

[Anonymous]

Well Mike I'm still waiting on my file to come out of underwriting. The holidays slowed us all up. Usda is quoting 10 business days so I dread that wait also. I'm praying I will hear from the lender's underwriter Monday. I'm going crazy!

[Anonymous]

Well then I'm in good company leppy, we can go crazy together! I am obsessed, can't make myself forget about it and just wait. Spent most of the weekend googling and reading about the whole mortgage approval process, appraisals and closings. By the time this is over I should know enough to be a loan officer myself, LOL.

[Mike_B03]

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@Anonymous wrote:

Well then I'm in good company leppy, we can go crazy together! I am obsessed, can't make myself forget about it and just wait. Spent most of the weekend googling and reading about the whole mortgage approval process, appraisals and closings. By the time this is over I should know enough to be a loan officer myself, LOL.

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Haha welcome to the club! I'm another one who has been researching the whole process almost non stop and can probably go apply for a loan officer or processor by now.  

I've read so many different PDF docs online from different lenders outlining their loan guidlines...talking about 60-100 page documents. I literally even had to find and fill out an income worksheet and sent it to my loan officer because their income calculation was completely off...they took my sheet and said my numbers were right then said they had never ever had someone send them that form. Hopefully in the end all this time spent pays off.

[JM-AM]

While it seems simple to be a LO, Broker, Processor and or Under Writer, the process is time consumming and not as simple as most think.

Working on 5-50 files a day becomes hectic. 

Rules constantly changing, every clients situation is different, and the paperwork never stops. A simple human error mistake can cost thousands of dollars. On top of standard rules and requirements changing constantly you have to deal with lender rules, bank rules, investor rules, well you get the picture.

Then you have the pressure of making sure you have all your paperwork in a specific order for the UW and upload them properly. If not done to what each one wants (and they all want something different) it delays your process. 

The biggest problem I see today is not many want to work as a team to get things done. 

As far as doing their work for them as a client such as figuring out income worksheet, I would have ran for the hills. If they do not know what they are doing for simple calculations, how can they look out for your best interest. Just my 3 cents on the subject.....

[Mike_B03]

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@JM-AM wrote:

As far as doing their work for them as a client such as figuring out income worksheet, I would have ran for the hills. If they do not know what they are doing for simple calculations, how can they look out for your best interest. Just my 3 cents on the subject.....

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Yes, that was a little odd but what can I do? Im using the builder's mortgage company so I cant really switch, I want the closing cost incentives they are offering plus I feel I have a better chance to get approved since the builder and mortgage co. are one in the same.

[Anonymous]

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@JM-AM wrote:

While it seems simple to be a LO, Broker, Processor and or Under Writer, the process is time consumming and not as simple as most think.

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@JM-AM wrote:

While it seems simple to be a LO, Broker, Processor and or Under Writer, the process is time consumming and not as simple as most think.

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Oh believe me I was just kidding about knowing enough to be a loan officer. No way would I want that responsibility! I was just reffering to the amount of information I have studied the past few days.

My LO has been really good at quick responses & answering questions, its just the uncertainty of knowing I'm not FULLY approved until I sign & have keys in hand that makes me obsess about theprocess. I feel like I've been holding my breath since I signed the purchase agreement two weeks ago.

[Anonymous]

And as you can see from that last post I have not studied much on how to do quotes on this board!