topic Re: NFCU HBC PreApproval Process One day? in Mortgage Loans

NFCU HBC PreApproval Process One day?

Anonymous — Fri, 08 Dec 2017 18:30:24 GMT

Hello! Here's how the process went for me

12/6/17 submitted mortgage loan app over the phone with LO (TU Middle score 643 was used)

12/6/17 uploaded all requested docs (30 days paystubs, 401k statements, 2 years W2, signed lease for rental property, Employer Income verification)

12/7/17 received email from loan processor :

Hello XXX,
I just received your mortgage loan application and I wanted to take a moment to introduce myself.
My name is XXX and I am the Loan Officer who will be assisting you during the initial stages of your home search.
I was hoping you could supply me with the following information.

Will you be selling your rental property @ XXX prior to going to settlement on the new subject property?

What are your current monthly HOA / Condo dues for the rental property you currently own @ XXX

Can you also please provide me with your Realtors contact information; [Name, Cell Phone #, and email address.] So we are all on the same page.

Could you also please provide me the following documentation below. Please upload these documents through the Navy Federal's secure document XXX
Signed personal and/or business tax returns with all schedules/attachments and 1099s for the last 2 years.

Lease for property @ XXX for a term of 12 months at XXX per month

I look forward to working with you.

12/7 Emailed and called the Loan Officer several times, no answer and no return call; Did not provide taxes beacuse I will not be using rental income to quality for the mortgage and asked him to confirm; uploaded the rental lease for a second time

12/8 Emailed and called the Loan Officer several times, no answer and no return call; Need to confirm if taxes are required regardless of using rental income to qualify

I will keep you all posted as this progresses. I was left to "infer" from his email that I'm more than likely preapproved (still not sure) BUT I don't want to look at properties until I have a letter in hand.

Re: NFCU HBC PreApproval Process One day?

CreditInspired — Sun, 10 Dec 2017 00:42:03 GMT

Hi foxymama,

You may already know this but since the LO asked about your Realtor's contact info, I thought I would share how going through NFCU RealtyPlus, you can get cashback after closing on your home --

RealtyPlus is a Free Nationwide Real Estate Assistance Program

Whether you're buying or selling, you can receive up to $5,050* cash back, based on the purchase/sales
price of your home when you use a RealtyPlus-approved agent. Plus, you'll receive:

a referral to an experienced real estate agent from nationally recognized brokers
a personal real estate coordinator to provide guidance throughout the process
community and neighborhood information
special discounts to help with moving

NFCU hooked me up with a Realtor through Coldwell Banker and I meet with her in a couple of weeks.

Good luck on your home search.

Re: NFCU HBC PreApproval Process One day?

VALoanMaster — Sun, 10 Dec 2017 16:18:39 GMT

@Anonymous wrote:
Hello! Here's how the process went for me
12/6/17 submitted mortgage loan app over the phone with LO (TU Middle score 643 was used)
12/6/17 uploaded all requested docs (30 days paystubs, 401k statements, 2 years W2, signed lease for rental property, Employer Income verification)
12/7/17 received email from loan processor :
Hello XXX,
I just received your mortgage loan application and I wanted to take a moment to introduce myself.
My name is XXX and I am the Loan Officer who will be assisting you during the initial stages of your home search.
I was hoping you could supply me with the following information.
@Anonymous you be selling your rental property @ XXX prior to going to settlement on the new subject property?
@Anonymous are your current monthly HOA / Condo dues for the rental property you currently own @ XXX
Can you also please provide me with your Realtors contact information; [Name, Cell Phone #, and email address.] So we are all on the same page.
Could you also please provide me the following documentation below. Please upload these documents through the Navy Federal's secure document XXX
Signed personal and/or business tax returns with all schedules/attachments and 1099s for the last 2 years.
@Lease for property @ XXX for a term of 12 months at XXX per month
I look forward to working with you.
12/7 Emailed and called the Loan Officer several times, no answer and no return call; Did not provide taxes beacuse I will not be using rental income to quality for the mortgage and asked him to confirm; uploaded the rental lease for a second time
12/8 Emailed and called the Loan Officer several times, no answer and no return call; Need to confirm if taxes are required regardless of using rental income to qualify

I will keep you all posted as this progresses. I was left to "infer" from his email that I'm more than likely preapproved (still not sure) BUT I don't want to look at properties until I have a letter in hand.

Hi Foxymamma,

If you're just starting out with this process & you can't get a hold of the LO responsible for your file, that's a big red flag.

Tax returns are pretty much always required regardless of whether or not your counting the rental income. Some lenders will pull 4506 transcripts from the IRS & then ask for returns but most of us will want the returns upfront. If you're not counting the rental income for qualifying purposes, why did you submit a lease agreement?

You're right to be apprehensive until you have a letter in hand especially since the lender doesn't have a complete picture yet because they do not have your tax returns.

Re: NFCU HBC PreApproval Process One day?

Anonymous — Mon, 11 Dec 2017 15:34:30 GMT

Hello - I included the 24 month lease on the rental property so that the mortgage payment on the old house would count against my DTI ratio. NFCU in their initial request for documents said that taxes were required only if selfemployed. Before this application I spoke with another NFCU LO who said the taxes would be used to verify rental income. At any rate, I have my taxes ready to go if needed.

UPDATE: 12/9 Loan Officer emailed to say he would be reviewing everything on 12/11 but he didn't answer any of my questions. (1) Am I pre approved (2) Are taxes needed if I'm not claiming rental income to qualify

Re: NFCU HBC PreApproval Process One day?

Anonymous — Mon, 11 Dec 2017 15:35:29 GMT

Thank you very much! I have a realtor that I'm working with BUT the Realor Plus offers sound GREAT.

Good luck to you as well!

Re: NFCU HBC PreApproval Process One day?

JVille — Mon, 11 Dec 2017 16:15:49 GMT

Send your Tax Returns ASAP as in the long run they will hold things up. They will want them to look for unknown expenses on your rental and other items for example Unteimbursed Business expenses. So just send them.

Re: NFCU HBC PreApproval Process One day?

Anonymous — Mon, 11 Dec 2017 19:48:54 GMT

UPDATE 12/11 Loan Officer emailed to say the file review is complete and it was submitted to the credit committee for a decision in 3 days. So I wait.

Re: NFCU HBC PreApproval Process One day?

VALoanMaster — Mon, 11 Dec 2017 19:51:36 GMT

@Anonymous wrote:
UPDATE 12/11 Loan Officer emailed to say the file review is complete and it was submitted to the credit committee for a decision in 3 days. So I wait.

did they answer any of your questions?

Re: NFCU HBC PreApproval Process One day?

JVille — Mon, 11 Dec 2017 19:52:52 GMT

Thought this was to be a one day deal???

Re: NFCU HBC PreApproval Process One day?

Anonymous — Mon, 11 Dec 2017 20:08:08 GMT

It definitely is not a one day deal. The days are still counting.....

Re: NFCU HBC PreApproval Process One day?

Anonymous — Mon, 11 Dec 2017 20:10:08 GMT

Hello-

He did not answer any of my questions. The "implied" answer is that all of the docuementation I provided is sufficient to move to the next step. All of my communication with the loan officer to date has been "limited" only requesting additional docs and not answering any questions.

Re: NFCU HBC PreApproval Process One day?

VALoanMaster — Mon, 11 Dec 2017 20:14:19 GMT

@Anonymous wrote:
Hello-
He did not answer any of my questions. The "implied" answer is that all of the docuementation I provided is sufficient to move to the next step. All of my communication with the loan officer to date has been "limited" only requesting additional docs and not answering any questions.

Doesn't this bother you?

Re: NFCU HBC PreApproval Process One day?

JVille — Mon, 11 Dec 2017 20:26:55 GMT

How long did they say when you got started?

Re: NFCU HBC PreApproval Process One day?

Anonymous — Mon, 11 Dec 2017 20:35:40 GMT

The person before the loan officer said 5 business days. This was the person who did "intake" for the loan application.

Re: NFCU HBC PreApproval Process One day?

Anonymous — Mon, 11 Dec 2017 21:31:40 GMT

UPDATE 12/11/17 PreApproval Letter received

Re: NFCU HBC PreApproval Process One day?

cammyspot — Tue, 12 Dec 2017 22:55:48 GMT

I want to take this route too in a few months. Did you get the amount you requested?

Re: NFCU HBC PreApproval Process One day?

Anonymous — Wed, 13 Dec 2017 01:16:37 GMT

Yep! I was approved for that exact amount.
Good luck to you!

Re: NFCU HBC PreApproval Process One day?

woodsie1 — Wed, 13 Dec 2017 01:53:13 GMT

I'm sorry that your loan officer hasn't been the greatest with communication. My NFCU loan officer was so helpful and was always willing to answer all of my questions.

Re: NFCU HBC PreApproval Process One day?

cammyspot — Wed, 13 Dec 2017 03:00:58 GMT

Awesome, thanks!

Re: NFCU HBC PreApproval Process One day?

Anonymous — Sat, 16 Jun 2018 09:10:52 GMT

Just curious if you know what they look for in the credit committee for the pre-approval. I just got a pre-qualification letter and will be turning in documents for the pre-approval. I dont want my pre-qualification to fall through.