topic Re: The underwriting wait..!! in Mortgage Loans

The underwriting wait..!!

Anonymous — Thu, 30 Oct 2014 22:08:03 GMT

Today is day one of my underwritng wait. The processor just let me know that she submitted the information to UW, but she is taking tomorrow off and will give me the status on Monday. This should be the longest weekend ever! I wont even start packing until I get the UW clear. The processor and LO seem to think everything looks good, but I am just so nervous bc It took us so long to find a house I like that I don't want anythig to go wrong. Anyone else in unerwriting?

My mid score: 650 Husbands mid score: 700

Loan: FHA 3.8%, 3.5% down

House: $170k, 3.5% seller assist in closing, $3000 carpet credit, selling purchasing us a 1 year home warranty.

Income: $83k per year

No outsatanding collections, but we do have old paid off medical collections.

I have charge offs from when I was 19 which were paid years ago and are falling off in 2015.

No late payments ever.

But we are young and havent had much time to establish a long history of credit.

Husband at his job for 3 years, me almost 2.

Using gift money to pay 1/2 of our down payment.

Started working with this credit union 2 years ago and they helped us get on the right credit path. Hopefully they see all we have been working on. =)

I'm sooo nervous!

Re: The underwriting wait..!!

justrock — Thu, 30 Oct 2014 22:29:05 GMT

I'm in the same boat. My file is in underwriting and I am playing the waiting game. When I got home tonight I received an updated GFE in the mail, of course it is MORE than the last one, but still seems to be projecting my original closing date. My settlement charges are $11, 222 ( just in case you were feeling sorry for yourself) and I am getting ZERO contribution from the seller. Interest rate 3.75%

Re: The underwriting wait..!!

Anonymous — Thu, 30 Oct 2014 23:08:21 GMT

I've only received one GFE. It came with my disclosures packet. My application was submitted this Monday the 27th and has been with the processor for the last 4 days and now in UW. I guess that is pretty quick compared to some things I've read so far. I'm not sure when I'll get another GFE. It states my interest rate is locked until 12/20/14, but the settlement charges are only available through 11/05/14. That must be when I should get a new GFE. I hope you get an answer soon!

Re: The underwriting wait..!!

Anonymous — Fri, 31 Oct 2014 16:28:19 GMT

@Anonymous wrote:
Today is day one of my underwritng wait. The processor just let me know that she submitted the information to UW, but she is taking tomorrow off and will give me the status on Monday. This should be the longest weekend ever! I wont even start packing until I get the UW clear. The processor and LO seem to think everything looks good, but I am just so nervous bc It took us so long to find a house I like that I don't want anythig to go wrong. Anyone else in unerwriting?

My mid score: 650 Husbands mid score: 700
Loan: FHA 3.8%, 3.5% down
House: $170k, 3.5% seller assist in closing, $3000 carpet credit, selling purchasing us a 1 year home warranty.
Income: $83k per year
No outsatanding collections, but we do have old paid off medical collections.
I have charge offs from when I was 19 which were paid years ago and are falling off in 2015.
No late payments ever.
But we are young and havent had much time to establish a long history of credit.
Husband at his job for 3 years, me almost 2.
Using gift money to pay 1/2 of our down payment.
Started working with this credit union 2 years ago and they helped us get on the right credit path. Hopefully they see all we have been working on. =)

I'm sooo nervous!

Waiting is a son of a gun. Even though you were informed it all looks good... it still remains to be seen whether the man who has the gold rules in your favor. Good luck!

Re: The underwriting wait..!!

Anonymous — Fri, 31 Oct 2014 17:21:35 GMT

I sure hope so. Just got word that the appraisal has been done, but the report has not been submitted yet.

My processor's exact words on our last email were "I will be the one to give you the response from underwriting. I will send out an email with any additional conditions that underwriting has requested along with the approval." I'm probably reading too much into it, but I think she is hinting at me! Before this email I was asking her what her thoughts were on my file and all she could say was that everything looks good. I'm sure she is not allowed to say yes/no on what she thinks of a file. Day two now!

Re: The underwriting wait..!!

StartingOver10 — Fri, 31 Oct 2014 22:52:20 GMT

@Anonymous wrote:
I sure hope so. Just got word that the appraisal has been done, but the report has not been submitted yet.

My processor's exact words on our last email were "I will be the one to give you the response from underwriting. I will send out an email with any additional conditions that underwriting has requested along with the approval." I'm probably reading too much into it, but I think she is hinting at me! Before this email I was asking her what her thoughts were on my file and all she could say was that everything looks good. I'm sure she is not allowed to say yes/no on what she thinks of a file. Day two now!

She isn't hinting at you

She is just giving you the communication process.

A good LO and processor anticipate what the underwriter will need so that when you file is reviewed the only conditions that come back are the standard conditions that every file has (e.g. clear title).

PS - you are right about her not being allowed to say what she thinks about the file!

Re: The underwriting wait..!!

Kayann — Sat, 01 Nov 2014 19:43:36 GMT

I'm in underwriting with conditional approval. I'm waiting for a financial document to come in the mail since the underwriter won't accept emailed documents from a 3 party. Also, waiting on some title document. Hopefully, closing in 2 weeks!

Re: The underwriting wait..!!

Anonymous — Mon, 03 Nov 2014 21:06:32 GMT

Hope everything goes well Kayann! I'm still waiting to hear back.

Re: The underwriting wait..!!

Kayann — Tue, 04 Nov 2014 00:33:22 GMT

So I sent all my conditional approval documents today. Now the processor is waiting for some title documents before submitting back to the underwriter. What title documents do they request and how long does that take? I'm looking at the 14th of Nov for closing.

Re: The underwriting wait..!!

Anonymous — Tue, 04 Nov 2014 16:24:14 GMT

Possibly it is the documents that show there are no liens on the property, when you find out let me know. My processor bareley got my appraisal report yesterday and send my file to UW. I thought she sent it to UW last week, but I guess I was wrong. She stated that I will have an answer from UW by Thursday. More waiting...

Re: The underwriting wait..!!

Anonymous — Tue, 04 Nov 2014 16:32:28 GMT

@Anonymous wrote:
Possibly it is the documents that show there are no liens on the property, when you find out let me know. My processor bareley got my appraisal report yesterday and send my file to UW. I thought she sent it to UW last week, but I guess I was wrong. She stated that I will have an answer from UW by Thursday. More waiting...

Pins and needles. Waiting with you...!

Re: The underwriting wait..!!

Anonymous — Thu, 06 Nov 2014 20:51:27 GMT

Still no update yet. I was supposed to hear by today, but then my LO forwareded me an email from the processor saying we should know by tomorrow. Ugh.

Re: The underwriting wait..!!

Anonymous — Thu, 06 Nov 2014 21:15:52 GMT

We have been in underwriting since October 24th. It's for new construction and we are 2 years post-short sale. As of today, it is still in underwriting. This is driving me nuts. Our lease expires at the end of March. The house won't be done in time if they don't hurry. I'm hoping my landlord will let me go month to month.

We received our GFE 2 days ago, but nothing on approval yet. I'm starting a new job, so we are doing this on one income only. The web page shows a slew of documents that we need to provide, but my rep told me to ignore everything and she would notify me if I needed to provide any more documentation.

Re: The underwriting wait..!!

Anonymous — Thu, 06 Nov 2014 23:09:37 GMT

Just got an email from the processor. She said our files underwriting review has been completed. Its been approved with the following conditions needed:

Gift Funds Letter

Copy of Check and Deposit

Letter from my husband authourizing loan application since he has an Identity theft warning on his cr.

Easy conditions!!! Yay!

Re: The underwriting wait..!!

justrock — Fri, 07 Nov 2014 00:25:35 GMT

I'm happy for you OP. You are lucky.

I'm in underwriting hell. First I was told that my well/septic didn't meet FHA requirements. My home inspector said it did. It took SIX DAYS to resolve because my underwritier is MIA. I got the good news this a.m. from my LO that the well is fine, followed by the bad news that the underwriting manager is saying my DTI ratios are too high. Mind you, I was preapproved two months ago, had a home inspection and appraisal, title has been ordered along with a survey and NOW I MIGHT NOT GET THIS LOAN. I am sick to my stomach over this. Part of the problem is that I am an hourly employee. I am scheduled to work 35 hours a week, but mostly work 37.5. I told my loan officer this from the very first phone call. She said my ratios were fine.

I am going FHA. I have a 10% down payment plus my closing costs. My ratios, even using the low hours of 35 a week, would be 35.99% front end and 37.99 back end. I don't know what to do besides cry.

Re: The underwriting wait..!!

Anonymous — Fri, 07 Nov 2014 00:22:15 GMT

That is horrible! I thought waiting a few days was hell...I cant even begin to imagine your struggle. That's deffinitly not fair for you to loose any money you've put in if they knew or at least had the info from the very beginning that your ratios were too high. Keep us updated! Im going to keep updatting until close.

Re: The underwriting wait..!!

justrock — Fri, 07 Nov 2014 00:27:24 GMT

Thanks OP. I'll keep updating. My employer sent in a new VOE that put me at 40 hours instead of 35. I'm hoping that will clear things up and get me over the hump. I didn't have it in me to call the LO back today and ask her if there was any update.

Re: The underwriting wait..!!

tradinglife — Fri, 07 Nov 2014 17:01:53 GMT

My loan went to USDA underwriting 11/06/14, am on PINS and NEEDLES!!! We have sold other home, have to be out by 11/16/14! Buyers said they would work with us if we needed to stay another week or 2, now saying we have to be out by contract date, grr.... So looks like we may have to move twice unless things move really fast for us! What a pain that will be! And we are still nervous about getting final USDA approval, have several issues my LO thinks will be fine, but I am still skeptical....Am stressed to the max right now, and looks like I will be for next several weeks!

Re: The underwriting wait..!!

justrock — Fri, 07 Nov 2014 23:43:34 GMT

My wait is over. I got my commitment letter today and we are on a roll, scheduled to close 11/25. Yesterday was a nightmare, today is a dream come true.

Re: The underwriting wait..!!

wagsk1 — Sat, 08 Nov 2014 02:31:20 GMT

Good for you! Congrats