topic Re: Underwriters.....oh boy in Mortgage Loans

Underwriters.....oh boy **UPDATE*CLEAR TO CLOSE! I think

Anonymous — Wed, 27 Mar 2013 20:36:25 GMT

I have had to send more and more paperwork and LOEs this week..I understand they have to be thorough....it's just soooo much paperwork....I really really need this over with sooner then later, I feel like I have aged 10 years this week alone! I hope after this round of LOEs will be it and I'll hear those 3 magical words...wish me luck everyone!

Re: Underwriters.....oh boy

tooleman694 — Wed, 27 Mar 2013 18:36:56 GMT

Do they keep asking for more stuff?

When we got our approval we got one round. Anything more and man I would not of been happy.

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Anonymous — Fri, 05 Apr 2013 16:18:59 GMT

WEll first they asked for an updated transaction history on my checking and savings account..ok no problem. Then today they are asking about some deposits..., then they are questioning the unemplyment direct deposti, ok explained that, send additional docs, my husband also ows taxes to the irs and state, he's on a auto-draft payment plan..sent loe's for those and supporting docs....the accounts are in my name only because I handle all the family finances, he wants nothing to do with that, he's not good with money, so all those transactions are of course reflected...good thing is I am a paperwork whore and keep all of that kind of stuff.....I hope this was the last of it tho......

Re: Underwriters.....oh boy

playboy — Wed, 27 Mar 2013 18:49:06 GMT

I found it easier to PDF whatever the underwriter requested. And then I would send over the pdf by email. I downloaded my bank statements and made those a pdf. Any letter of explanations were save from MS Word into pdf docs. If the document that I needed to send over was in paper form, I scanned it into the computer, saved as pdf and emailed. I kept all of the docs in a folder on my computer sorted by the name of the individual whom I sent the document to. I then saved the file to the cloud via Skydrive and Google Drive.

Re: Underwriters.....oh boy

Anonymous — Wed, 27 Mar 2013 18:54:37 GMT

Oh, trust me I have been scanning and emailing the docs, I work from home so I am lucky enough to be able to do that right away.....just such a hassle, but I understand why....

Re: Underwriters.....oh boy

playboy — Wed, 27 Mar 2013 18:56:23 GMT

It's def a hassel. I would send over items one day and the next day or even with a couple of hours after sending the doc, the loan processor would have me resend the doc bc he didn't get or he had misplaced it.

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Anonymous — Wed, 27 Mar 2013 19:01:19 GMT

That's def not good...nothing like that has happened....hopefully won't and this was the last round of loes they needed....I just want to read/hear those magical 3 words...it;s been a looooong journey to get to this point.....

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Anonymous — Wed, 27 Mar 2013 19:55:31 GMT

Oh and I should prob mention that my file was sent to UW on Monday.....it's taking forever...

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Anonymous — Wed, 27 Mar 2013 20:04:38 GMT

It's a busy week - last one of the month. Also, if things need to be verified, and people don't get back to them, or fax verification's back right away, it delays the process even further.

Re: Underwriters.....oh boy

Anonymous — Wed, 27 Mar 2013 20:07:19 GMT

The wait is pure torture...I would not wish this on anyone...ok well maybe some and I want to close on Friday....i hope it all works out in the end...

Re: Underwriters.....oh boy

tooleman694 — Wed, 27 Mar 2013 20:08:44 GMT

Friday? like in 2 days?

Wow yeah id be freaking out too.

Re: Underwriters.....oh boy

Anonymous — Wed, 27 Mar 2013 20:15:55 GMT

I hope it all works out for you as well! Sounds like your file is being worked and they're working towards your approval!

We've waited for two months since our pre-approval before we could even officially apply with our preferred lender...and it's a new construction...so we'll be waiting until well into the summer! lol. The only good news is that we don't have any chargeoffs, or inquiries, or late payments or collections or anything to worry about. We've got a "pre-written" letter explaining my wife's chapter 7 should we need it and we're trying to anticipate anything else they might ask for. They've got 3 years of W-2's, taxes, recent pay stubs, an offer letter from my wife's new employer, 401k statements, and i literally pulled a copy of every non-payroll deposit for 3 months and gave them everything when we applied. Not an issue though because it's only child support checks, and the amounts match what was court ordered in the divorce decree..which they also have a copy of even though they're not including that income. I even gave them a letter from VW stating that a car lease that still shows as active on my wife's credit report is actually PIF.

Having said all that, I'm sure they will ask for everything in triplicate as well as notarized, scanned, and verified by the President of the United States.

Hang in there, i'm sure everything will be fine.

Re: Underwriters.....oh boy

Anonymous — Wed, 27 Mar 2013 20:28:02 GMT

We have been doing the mortgage process since January.

We are currently about (2) weeks since everything was sent to the UNDERWRITER. Had about (6) conditions which required obtaining/sending more documentation. Have not heard anything since we did that which was about a week ago.

Buying a house and going through the mortgage process is the most stressful thing I have had to do. I literally have had days where I worked longer and harder on the mortgage process than I do with my work.

At this point I just want it to be over. If the loan falls though I might not even care because at least it will be over.

Re: Underwriters.....oh boy

Anonymous — Wed, 27 Mar 2013 20:32:34 GMT

Thanks for the encouragement...the only thing I can even think of that they can ask for next is maybe a blood sample lol And yes toole friday as in the day after tomorrow...

Re: Underwriters.....oh boy

Anonymous — Wed, 27 Mar 2013 20:37:33 GMT

Just got an email from the LO that simply says Clear to close with an attachment of a final application...does this mean its all set now? I emailed him back

Re: Underwriters.....oh boy

Anonymous — Wed, 27 Mar 2013 20:37:54 GMT

Forgive me if I am reading this incorrectly, but are you saying that your husband is getting paid in cash to work for your uncle and at the same time claiming unemployment benefits? If so, isn't that, like, illegal? Just wondering if maybe an UW would see that as a red flag, or if they would not care? Or maybe he is doing it totally legit and I read it wrong...

Re: Underwriters.....oh boy

tooleman694 — Wed, 27 Mar 2013 20:38:55 GMT

Yeah you are set, now they need to get you closed

Re: Underwriters.....oh boy

playboy — Wed, 27 Mar 2013 20:43:24 GMT

Congrats on the clear to close.

Re: Underwriters.....oh boy

Anonymous — Wed, 27 Mar 2013 20:44:16 GMT

LO said we are all set for closing....what happens next?

Re: Underwriters.....oh boy

tooleman694 — Wed, 27 Mar 2013 20:49:53 GMT

You close

topic Re: Underwriters.....oh boy in Mortgage Loans

Underwriters.....oh boy ****UPDATE***CLEAR TO CLOSE! I think

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Underwriters.....oh boy **UPDATE*CLEAR TO CLOSE! I think