topic Re: Share your NFCU experience from processing to close in Mortgage Loans

Share your NFCU experience from processing to close

Anonymous — Thu, 18 Jul 2019 01:14:16 GMT

**update 7/17** appraisal in (was ordered 7/8), came in $10k above sales price. Got automated approval this morning that it was recieved, but processor couldn’t disclose info until it went thru underwriting review, which could take 5 days!!! By 2:30 recieved email that it was approved. Waiting on initial loan review to see if underwriter requests any new info/docs. Still very anxious!
************************
Anyone that went thru mortgage process with NFCU want to share their experience from when the loan went to processing (after pre-qual & contract) thru to closing?

We are doing a 30 yr conventional loani

We are expecting to close on Aug 6th, appraisal was just ordered.

Re: Share your NFCU experience from processing to close

TheFeagster — Tue, 09 Jul 2019 23:14:50 GMT

Okay so here is the breakdown:

Did my pre-approval on April 30th...was autoapproved at 200k 30 year homebuyers choice conventional loan.

After 7 houses put an offer in for one on 5/8....out bid by a cash buyer

moved on to see 25 more houses in less than 3 weeks.

On 5/28 previous offer came back, the cash buyer dropped out.

6/5 inspection was completed

6/18 appraisal was completed. We bid under what the house was worth (yay)

They asked for alot of paperwork, but nothing too ridiculous. Our mortgage officer is VERY unresponsive, so I have to stay on her and the processor.

Currently waiting on the closing disclosure which we need to have by THIS thursday to be in compliance with the 3 day rule....

Settlement slated for This Monday, July 15th! I am soooooo anxious

Me and dear husband both have pretty okay scores (mortgage middle score 690) and maybe 18% dti between us but a less than perfect profile. Our processor doesnt seem worried so i am trying not to be

Re: Share your NFCU experience from processing to close

adavis425 — Sun, 14 Jul 2019 13:14:42 GMT

I pre-qualed on 2/27 for 30 yr conv with an 825 mid-score. Looked at about 58 houses. I had no conditions or LOEs from the LO or UW. The toughest part was finding the house. There are a lot of cash buyers and a lot of sellers not willing to make needed repairs. The house I found had been on the market for 3 hours. I made an offer on 5/25, it was accepted on the 26th. Inspection on the 30th. Appraisal returned on 6/12. Closed on 6/25. I found my LO to be less than responsive when I had questions. The processor was only slightly better. There was only the one credit pull with the original app and I don't think they even verified employment.

I don't know if you're using the realty plus program, but the cash back from that is a nice little perk and my realtor was AWESOME.

Good luck to you!

Re: Share your NFCU experience from processing to close

Anonymous — Sun, 14 Jul 2019 15:34:18 GMT

Thanks for your responses! We are currently waiting on the appraisal, but all paperwork is in to UW.

We had a ton of conditions all related to requested paperwork. One thing they are being a stickler on is a letter stating I can work remote as I live in TX and my employer is in MD. I had an electronically signed offer letter but they require ink....so they are requesting an ink signed doc from my HR Person. Strange but whatever!

They did verify employment for my husband because he’s commission based but they did not verify mine.

Will be interesting to see if they ask for any more docs. It also seems like they are planning to pull our tax returns, maybe because of dh’s commission based Job.

Just hoping the house appraises at or above sales price!

Re: Share your NFCU experience from processing to close

jules0580 — Sun, 14 Jul 2019 21:03:27 GMT

I'm going to be watching this post like a hawk. We just submitted our contract last Monday. Was pre-approved in June finally had an offer accepted July 7th. Electronically signed all of the paper work on 7/10 and waiting on them to order the appraisal. I'm having so much anxiety as my LO was on vacation Friday and I assumed I would have heard about ordering appraisal by then. I didn't have any actual conditions when they send the request for documentation's it was all just signatures on the info they sent but it say on one line "your file is subject to presubmission approval by the credit committee and if needed for your loan your appraisal will not be ordered until the preliminary approval has been received.

Did anyone else's say that?

Re: Share your NFCU experience from processing to close

Anonymous — Mon, 15 Jul 2019 18:10:47 GMT

What doc did it say that on? (The presubmission approval)? You are using NFCU? What loan product?

I don’t recall seeing that on any of my docs.

After I submitted contract on 6/30, it took a couple days to hear from loan officer, who then sent us all the docs to sign & turned us over to loan processing. Our appraisal wasn’t ordered until 7/7. We got our conditional approval letter on 7/5 outlining all of the docs required. None were new, it was all the things the mortgage officer went over with us initially such as bank statements, paystubs, etc.

Re: Share your NFCU experience from processing to close

jules0580 — Tue, 16 Jul 2019 02:29:15 GMT

It said it on the document request letter. I got the call this morning from our loan officer requesting payment for the appraisal so that made me feel better. I told her I was having anxiety lol she said relax it's going to be easy peasy. I never relax lol. Our processor was assigned today and we got the list of documents they wanted which were the same thing ya as requested previously so I guess that's good. Our scheduled close date is August 30th so about 45 days out.

Re: Share your NFCU experience from processing to close

jules0580 — Tue, 16 Jul 2019 13:49:43 GMT

Also sorry I didn't add the full details. We are doing conventional 30 year. We are putting about 15% down most of which coming from my retirement fund. My middle score is 750 but my husbands is 700 so that's what they used. Our mortgage dti would be about 21% but total would be around 43