submitted today for UW

[Anonymous]

my file will be submitted today for UW, i asked my LO what he think he said my file will close, is LO knows well about your file or he just saying it to make you happy? appraisal alreay done. insurance is ok.

i am very worry my heart beating hard. my file was approve my auto. thanks all

[ShanetheMortgageMan]

A good loan officer wouldn't mislead you, it'd be a waste of your and their time.  So if the appraisal is in, insurance is set up, it sounds like you are just waiting for the final approval, and that shouldn't take too long.  If you want to pinpoint when you might hear back, ask your LO how long it's taking to review the appraisal.

[Anonymous]

My LO really nice, he is too nice that i am afraid. My LO said i should have a conditional approval back in 2 days. I am scare, really scare. Also, he said i need 10K in assets but i am not sure if i can take out 5K from that asset toward closing. OMG my stomach is sick and so nervous from this.

Thank you.

[ShanetheMortgageMan]

You really shouldn't be afraid, the LO is there to help you, answer your questions, make you feel comfortable by providing you information and knowledge.  I think you should write down all of the questions you have about your loan and send your loan officer an email with all of them, I bet after you get your loan officer's response you are going to feel less anxious.

[Anonymous]

not good news. UW came back and they want all items that are in dispute status lift. meaning i had to lift all items were in dispute. I asked my LO about this before but he didn't think it would be a problem. please let me know how and what is the fastest way to lift dispute?

thanks

[ShanetheMortgageMan]

Shouldn't be a big deal as long as you are no longer wanting to dispute and the disputes are indeed done with.  If that is the case then ask your loan officer to have their credit vendor call you to confirm that the disputes are no longer going on.  After they confirm, they should be able to provide a credit supplement to your loan officer stating "dispute resolved" or something along those lines.  A credit supplement is your credit report with updated remarks on it, but only on the credit report itself, not on the credit bureau level.

[Anonymous]

oh my gosh you are so helpful, i am about going to die here ...cried...........

are you sure this works? UW will take this? is this legal? my LO told me to contact creditors and i had lots of dispute items. this will takes months. beside ask their vendor to do this what else should i do? please help.

[Anonymous]

one more, can the vendor use the same report they provided in July 12 2009 or they had to pull a new one?

thanks

[ShanetheMortgageMan]

The credit supplement is added to the credit report that was already pulled.  They don't pull a new one for that purpose.  It's totally legal as long as you are no longer disputing the items, it's worked several times that I personally know of, and even was recommended by the underwriter themself.  However if you are still actively disputing them, and confirmed otherwise to the credit vendor, then you would be lying to the credit vendor, which isn't illegal, but as soon as that credit supplement is provided to the mortgage lender, it could be viewed as mortgage fraud, and if they funded the loan and found out afterwards, it could be wire fraud too.  

Will it work?  Only if the lender accepts a credit supplement for that condition, and your loan officer's credit vendor has the capability of providing a supplement after verbally verifying you are no longer disputing the items.  If your loan officer uses Kroll Factual Data as their credit vendor, then the getting the credit supplement should be no problem, and it'd just be a matter of if the lender accepts a supplement.

[Anonymous]

i dont want to dispute no more. its been a long time ago. i dont know why they there forever. my LO uses Koll Factual Data. How do i know who is the lender, my LO is a brooker, so the company he is working for is the lender then?

Thanks,