topic Re: DU Approved Eligible a month and a half ago now being told they are getting a refer in Mortgage Loans

DU Approved Eligible a month and a half ago now being told they are getting a refer

Anonymous — Fri, 09 Sep 2016 04:08:27 GMT

We were approved through DU back in mid July, they waited until now to start processing our loan and now they are saying they are getting a Refer.

1. Why would they wait over a month and a half.

2. Why would it refer us they are using the same credit report?

3. We are less than a month from closing and they do this to us.

Re: DU Approved Eligible a month and a half ago now being told they are getting a refer

Anonymous — Fri, 09 Sep 2016 13:02:14 GMT

Did you use credit to buy anything and they may have ordered a updated credit report. Did they say they were using the old one?

Re: DU Approved Eligible a month and a half ago now being told they are getting a refer

Anonymous — Fri, 09 Sep 2016 14:17:02 GMT

A few things -

1. They wait because it's a huge risk of time waste to process early, especially when files change so frequently. Not saying you are at all, but marginal profiles tend to make them wait longer.

2. There are a few possibilities -

a. The credit report is expired per guidelines

b. Your other documentation is expired per guidelines

c. The previous information entered by the agent was not correct, and now it is

d. The previous information entered by the agent was correct, and now they have fat-fingered it

e. The agent previously understated your debts to get an approval

f. The agent played with the file too much and is now getting a refer because the DU system doesn't like too many submissions

3. All information has to be within a certain age at closing. They can underwrite you 3 months in advance, but they would still have to underwrite you again right before closing. It sucks, but especially on Fannie and Freddie loans, the guidelines are cut and dry.

Sorry to hear that you are going through this. You might want to consider FHA. I got DU and AU refers but FHA Total Scorecard gave me an approval.

Re: DU Approved Eligible a month and a half ago now being told they are getting a refer

VALoanMaster — Fri, 09 Sep 2016 18:17:46 GMT

@Anonymous wrote:
We were approved through DU back in mid July, they waited until now to start processing our loan and now they are saying they are getting a Refer.
1. Why would they wait over a month and a half.
2. Why would it refer us they are using the same credit report?
3. We are less than a month from closing and they do this to us.

Hi Projectx1010,

ProfGoGetter gave you a great explanation but there are a couple of additional things he missed.

The AUS systems are periodically tweaked or updated so that could have something to do with the change. The other thing I'll add is there is another AUS called LP or Loan Prospector and when I have trouble getting a file approved through DU/DO, I'll flip it over to LP and most of the time LP will approve it.

Re: DU Approved Eligible a month and a half ago now being told they are getting a refer

Anonymous — Fri, 09 Sep 2016 18:58:03 GMT

Thanks VALoanMaster! Adding that to the brain bank!

*She

Re: DU Approved Eligible a month and a half ago now being told they are getting a refer

VALoanMaster — Fri, 09 Sep 2016 19:18:00 GMT

@Anonymous wrote:
Thanks VALoanMaster! Adding that to the brain bank!

*She

whoops, sorry about that

Re: DU Approved Eligible a month and a half ago now being told they are getting a refer

Anonymous — Fri, 09 Sep 2016 20:46:31 GMT

Totally ok, VALoanMaster! It happens all the time.

Re: DU Approved Eligible a month and a half ago now being told they are getting a refer

Anonymous — Fri, 09 Sep 2016 22:05:27 GMT

They used the old report credit hasnt changed

Re: DU Approved Eligible a month and a half ago now being told they are getting a refer

Anonymous — Fri, 09 Sep 2016 22:07:55 GMT

Thanks we are suppose to close the end of the month. They messed it up. FHA wont work loan is too large.