topic Re: Underwriting - additional documents? in Mortgage Loans

Underwriting - additional documents?

Nan425 — Sun, 12 Jan 2014 02:23:07 GMT

We are in underwriting and underwriting processor said they will not require additional bank statement, pay stubs, or need to pull my credit again before closing. Underwriter processer said Documents I provided in December 2013 are sufficent and they only thing they will need to do is appraisal and get a verbal confirmation froom my employer that I am still employed. They said our credit report, bank statements and paystuds are good until 5/1/14. We applied for mortgage 11/5/13 and we expect to close 3/25/14, on a FHA new construction.

This does not sound right to me because, before closing how would they know if I have money in my bank account prior to closing? How will they know my credit score is still sufficent before closing? And how would they know I didn't get hours cut?

Anyone experience similar situation?

Re: Underwriting - additional documents?

BrianB_The_Loan_Professor — Sun, 12 Jan 2014 02:47:20 GMT

No it doesnt sound right - the bank will want the two months most recent bank statement and most current 30 days pay stubs when you close -- also there is no way a processor can tell you what conditions an underwriter will request - plan on there being extra documents requested - it is rare to get a clean approval with no conditions

Re: Underwriting - additional documents?

StartingOver10 — Mon, 13 Jan 2014 17:19:16 GMT

Sounds like the processor is new or inexperienced (or clueless ).

Most lenders require docs to be updated to within 30 days of closing (paystubs, VOE, VOD, Bank Statements). Brian is right, u/w is the one that does the approval, not the processor. Conditions to close the loan are normal.

Keep a file now of all of your docs including new W-2's or 1099's whichever applies, all pages of bank statements, and paystubs. That way when the u/w requests the new docs you have it to send right away.