topic Closing Wednesday still no word from UW! Help me understand the process! in Mortgage Loans

Closing Wednesday still no word from UW! Help me understand the process!

Anonymous — Mon, 31 May 2010 21:15:00 GMT

We're due to close on Wednesday, went to UW on Monday- they said 5 days. So obviously on Friday we expected to hear something.

Our loan officer said "Don't worry, we were pre approved through automated underwriting, so you have nothing to worry about." He's someone who we trust and he's been at this for 21 years, but... I am a horrible pessimist.

I read that "automated underwriting" isn't what it used to be. Maybe I am not totally familiar with the process of it all, but.... isn't the underwriters job, once it gets approved through the "computer" just to verify the info we provided- NOT actually make the decision?

I think had I thought enough about it, I would have never closed a day or two after a holiday weekend. I can't help but think that people didn't get to our file because they checked out early!

Help me to understand better the process if you will and maybe I'll feel like our loan officer does and worry about "nothing". I think the worst thing I could have done was read about all the people who were due to close and everything fell down around them.... Surely that's not terribly common, is it?

I appreciate the insight.

Re: Closing Wednesday still no word from UW! Help me understand the process!

Anonymous — Mon, 31 May 2010 22:03:00 GMT

People only post on here when they have issues like that come up. I was prepared for the worst too, but everything went smoothly. If your LO says not to worry, then don't worry. There is always a chance something will pop up, but it isn't very likely, so why worry about it? Everything will work out.

Re: Closing Wednesday still no word from UW! Help me understand the process!

ShanetheMortgageMan — Tue, 01 Jun 2010 21:50:28 GMT

5 days from last Monday would actually be today in "bank speak", and given that Friday was the last day of the month as well as the day before a 3 day weekend, they were probably more concerned with funding files than underwriting files set to close the following week. Anyway, today was Tuesday, did you hear anything back by chance?

Re: Closing Wednesday still no word from UW! Help me understand the process!

Anonymous — Wed, 02 Jun 2010 01:42:00 GMT

Hi, thanks! That DOES make sense.

We actually DID hear. The words were "There is just one issue, don't worry. They just need a letter from you stating that you don't recieve child support for your son and that you don't claim him on your taxes."

We're going with a state program, there are income limits. We fall under the limits for the a family of 5+, not the family of 4. However, we don't claim my son on our taxes, his father does, however, we've never recieved any child support. So, I am assuming they were seeing a tax return with 4 exemptions, yet we were saying there is 5 in our family. SO, it sounds like it should all be ok!?!?!?

YAY, maybe?

Re: Closing Wednesday still no word from UW! Help me understand the process!

ShanetheMortgageMan — Fri, 04 Jun 2010 23:32:49 GMT

It should go by the amount of people living in the new home on a regular basis, but I'd need to see the state program's guidelines which you are qualifying for in order to say for certain.