take back pre-approval??

[Anonymous]

I applied for an FHA loan and was approved. I went and signed all the papers that go along with a pre-approval and thought everything was set. **side note: I am not happy with our mortgage consultant, he doesn't get back to you when he says he will, the whole process has been incredibly slow and, to top things off, he cut one of our meeting short becuase he had to go and take care of his son (non-emergency). Now, all of a sudden, I get an email from him saying that his underwriters want more pay-stubs and explanations of large deposits made. I asked if we could just do a VOD and he claims that we can't. My quesiton is, am I still approved for the loan? Can they reclaim my pre-approved status. Should I just go with another lender? Should he have warned me that these requests could have been made?

[Anonymous]

You said....you applied and were pre-approved...not a automatic approval...your file was sen to the underwriters...and now you see to send in more info to back the pre-approval info you gave...and in my past experiences...with a few different lenders...I have been told that they can't use VODs...they need bank statements...I think its BS...

[BrianB_The_Loan_Professor]

A pre-approval is not a comittment it is simply saying that you qualify based on the information you provided. That said you still have to show the documents to back it up. Once you hand in the initial paperwork it is very common for an underwriter to ask for more. The fact that you arent happy with the LO is one thing but everything else you have said is pretty standard.

Brian

[DallasLoanGuy]

are you under contract for a home?

if so, you might want to get a second opinion.... sounds like this lmight drag out past closing.

[Anonymous]

we signed an "intent to buy" letter, but my realtor, who is also the realtor working with the seller, said we could back out if we wanted. should my LO have warned me that additional info might be needed, it just seems to never end with usbank.

[DallasLoanGuy]

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valeriej6 wrote:

we signed an "intent to buy" letter, but my realtor, who is also the realtor working with the seller, said we could back out if we wanted. should my LO have warned me that additional info might be needed, it just seems to never end with usbank.

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i am hearing all kinds of crap with usbank.

remember, these loan officers arent professionals.... they take long breaks to apply their pimple cream.

i see this at a lot of banks.

for example.... depending on who you talk to at wells fargo.... you either get pimple cream(who works off walk-in leads) or the pro loan officer who works off referrals from realtors(who know good loan officers).

you are with the wrong loan officer!!!

[Anonymous]

I agree. I am with a new loan officer now and feel a lot better. Of course, now that usbank guy knows I am with another agency he is more attentive. Oh well, he has already lost my business. Thanks for all of your help! I really appreciate it.

[Anonymous]

One comment. 

A VOD will not change questions about large deposits.  If they are requesting explanation for the deposits on your account the VOD vs bank statement makes no difference. 

Also, from what I know, once the underwriter has a bank statement in front of them, they can niot throw it away because they have questions about it and then just use a VOD.  Your LO should notice if there are any problems with your bank statements and then request a VOD if needed instead PRIOR to submitting the file.

Either way, if the concern is over large deposits, it will be there whether or not they use a VOD or statement.

the VOD or statement thing is mainly for people who have a recent overdraft or NSF.