topic Lower.com overlays in Mortgage Loans

Lower.com overlays

mb5 — Tue, 29 Mar 2022 16:29:23 GMT

Is anyone aware of overlays for Lower.com? My LO was super helpful in the beginning but now that we are waiting on a rapid rescore, he is not really very forthcoming with information. I'm concerned that I'm closing in 4 weeks and my file hasn't been seen at all by underwriting, yet he can't give me any information.

Re: Lower.com overlays

dragontears — Tue, 29 Mar 2022 16:36:15 GMT

@mb5 wrote:
Is anyone aware of overlays for Lower.com? My LO was super helpful in the beginning but now that we are waiting on a rapid rescore, he is not really very forthcoming with information. I'm concerned that I'm closing in 4 weeks and my file hasn't been seen at all by underwriting, yet he can't give me any information.

What makes you think that they have overlays?

4 weeks is plenty of time for underwriting, once an underwriter actually starts working on your file it takes them less than a day to issue the conditions. You don't want your file to go to UW until the rapid rescore is done.

Re: Lower.com overlays

mb5 — Tue, 29 Mar 2022 17:40:24 GMT

I don't know if they have overlays. That's what I was asking. Things weren't made very clear even when I asked questions regarding how things will progress based on the things we needed to payoff and how.

Re: Lower.com overlays

mb5 — Tue, 29 Mar 2022 17:42:37 GMT

Also if they need the transcripts before closing. I know everyone signs them but not all lenders pull them. They are a requirement in case the government pulls the signed 4056's for quality control. I haven't filed my 2021 yet and don't really want to yet.

Re: Lower.com overlays

ShanetheMortgageMan — Tue, 29 Mar 2022 17:54:14 GMT

@mb5 wrote:
Also if they need the transcripts before closing. I know everyone signs them but not all lenders pull them. They are a requirement in case the government pulls the signed 4056's for quality control. I haven't filed my 2021 yet and don't really want to yet.

With mortgages you aren't required to file your tax returns until the last deadline, which is October 17th this year. If you don't file them by the April 17th deadline then you'll need to file an extension, so just plan on filing your extension (the sooner the better, as sometimes underwriting asks for the IRS acceptance of the extension, which is something your CPA can provide) and you'll be good. If you are only qualifying with W-2 earnings (no self-employment, rental income or the like) then it's pretty rare for tax transcripts to be pulled.

Re: Lower.com overlays

mb5 — Tue, 29 Mar 2022 18:01:20 GMT

Gotcha! Thanks so much!