topic Re: First Timer in Mortgage Loans

First Timer

Anonymous — Fri, 15 May 2015 23:47:16 GMT

On the 29th of April I signed my executive contact and as of May 11th my lender forwarded my info over to processing. I have turned in transcripts, pay check stubs, bank statements and a letter of explanation in advance. What else could they possibly nneed? I'm scheduled to close on May 29th. It's been completely silent so far.

Re: First Timer

Anonymous — Sat, 16 May 2015 00:00:16 GMT

I totally feel your pain, I have done the same, but my date was March 16. I have turned in everything they have asked for, and no word yet! We just have to wait it out.

Re: First Timer

Anonymous — Sat, 16 May 2015 00:18:51 GMT

Wow March 16th?? When did your lender forward your paperwork over for processing?

Re: First Timer

StartingOver10 — Sat, 16 May 2015 15:23:23 GMT

@Anonymous wrote:
On the 29th of April I signed my executive contact and as of May 11th my lender forwarded my info over to processing. I have turned in transcripts, pay check stubs, bank statements and a letter of explanation in advance. What else could they possibly nneed? I'm scheduled to close on May 29th. It's been completely silent so far.

Get in touch with your loan officer now.

Find out what your status is - today is May 16th. You have time to close on May 29th, but a week of silence is not typical. Has the appraisal been completed and submitted? The LO should be able to tell you exactly where you are in the process.

Re: First Timer

ezdriver — Sat, 16 May 2015 19:34:15 GMT

Do not depend on a loan officer to keep you informed. Most are knuckleheads and don't care about their borrower clients. Take charge of your transaction and remember that they work for your ... so you can fire them if you are unhappy with their performance. Call that ooan officer now and demand a detailed status update.

Re: First Timer

Anonymous — Sat, 16 May 2015 19:51:58 GMT

@Anonymous wrote:
Wow March 16th?? When did your lender forward your paperwork over for processing?

April 2 I was told it was going to Underwriting, I have called 3 times and asked for an update... 1 st update was that it was in underwriting....2nd time was it was in underwriting but it hasn't been processed yet, 3rd time was it was in underwriting, and I asked if there was a time line???? I was told that they don't do that and that they were very busy - my appraisal is back, my survey has been done , I've turned in all my paperwork that was asked of me - I Just am not sure what to do....

Re: First Timer

Anonymous — Sun, 17 May 2015 01:17:07 GMT

I definitely went ahead and emailed my LO to get an update and find out where I am in processing at this time. She v informed me last week that she was gonna have it expedited due to the closing date being so close. Praying for the best at this time.

Re: First Timer

Anonymous — Sun, 17 May 2015 02:02:30 GMT

My LO emailed me back and told me that processing dept is getting everything together and waiting on the appraisal. They didn't want to send it to underwriting without the appraisal because once complete they would have to rereview it. She doesn't think that there should be a delay in closing. I'm feeling like it's cutting it close.

Re: First Timer

ezdriver — Sun, 17 May 2015 12:38:32 GMT

@Anonymous wrote:
My LO emailed me back and told me that processing dept is getting everything together and waiting on the appraisal. They didn't want to send it to underwriting without the appraisal because once complete they would have to rereview it. She doesn't think that there should be a delay in closing. I'm feeling like it's cutting it close.

It is ridiculous for that loan officer and their processing dept to not submit that file to underwriting NOW! Waiting for the appraisal to submit the file is simply a bad process ... not in the borrower's interest. The more appropriate and common process is to have the file underwritten/approved and conditioned for a few things like appraisal, insurance, etc.

Re: First Timer

Anonymous — Sun, 17 May 2015 12:41:39 GMT

I wasnt aware of that they could do that. Thamks ezdriver for the great advice.

Re: First Timer

Anonymous — Wed, 20 May 2015 00:53:42 GMT

I found out today that I'm currently in underwriting as of yesterday. Praying that everything goes well