topic Re: BOA manual review in Mortgage Loans

BOA manual review

Anonymous — Fri, 22 Feb 2008 00:03:39 GMT

I applied for a BOA FHA mortage they are doing a manual review. Does anyone know how long it takes to get the decison?

Re: BOA manual review

Anonymous — Fri, 22 Feb 2008 18:56:50 GMT

I am applying for BOA too. SOrry I don't know what a manual review is either.

WHat kind of quote & type of loan did they give ya?

Here is what they gave me:

to large I will send another e TO FOLLOW

Re: BOA manual review

Anonymous — Fri, 22 Feb 2008 19:01:19 GMT

Product – 1st Mortgage

FHA- 30 Year Fix Rate

Product – Other Financing

Purchase Price

$386,500

Loan To Value / Combined Loan to Value

93.790 / 93.790 %

Loan Amount 1st / 2nd

$367,937

Term Of Loan 1st / 2nd

360 Months

Balloon Product 1st / 2nd

Initial Interest Rate 1st / 2nd

6.250 %

Down Payment

$24,000 (6.21%)

Re: BOA manual review

Anonymous — Fri, 22 Feb 2008 19:02:03 GMT

No Fee Mortgage Plus- 30 Year Fix Rate

Second Mortgage- 10 Year Balloon

Purchase Price

$445,000

Loan To Value / Combined Loan to Value

80.000 / 95.000 %

Loan Amount 1st / 2nd

$356,000 / $66,750

Term Of Loan 1st / 2nd

360 / 360 Months

Balloon Product 1st / 2nd

No / Yes

Initial Interest Rate 1st / 2nd

6.250 / 7.875 %

Down Payment

$22,250 (5%)

Re: BOA manual review

Anonymous — Fri, 22 Feb 2008 19:02:31 GMT

No Fee Mortgage Plus- 30 Year Fix Rate

Second Mortgage- 10 Year Balloon

Purchase Price

$425,000

Loan To Value / Combined Loan to Value

80.000 / 95.000 %

Loan Amount 1st / 2nd

$340,000 / $63,750

Term Of Loan 1st / 2nd

360 / 360 Months

Balloon Product 1st / 2nd

No / Yes

Initial Interest Rate 1st / 2nd

6.250 / 7.875 %

Down Payment

$21,250 (5%)

Re: BOA manual review

ShanetheMortgageMan — Sat, 23 Feb 2008 00:58:20 GMT

Badcreditguy ... probably about 48-72 hours, but it entirely depends on what division you applied with, what loan program it is for, and how backed up they are with applications.

Jessca, those are just OK quotes... nothing too impressive though.

Re: BOA manual review

Anonymous — Sat, 23 Feb 2008 05:16:40 GMT

My loan officer from BOA called today asking for the insurance binder on the house, she said has ordered a title search, payoff amount, and ordered the appraisal. We are so nervous I hope we get approved or I will cry.

Re: BOA manual review

Anonymous — Sat, 23 Feb 2008 14:27:20 GMT

Bad, let me offer you some advice: We just closed using BOA. Great program, horrible CS. With the appraisal, they use a computer program. Most likely, it's going to come back low. If/when this happens, you have to call (good luck getting in touch with your specialist) and tell them you want them to send out a person to do a full appraisal. That may take two weeks. We just closed on a 30yr fixed, 5.625%. Good luck, and just stay on them.

Re: BOA manual review

dangphuocloc72 — Sat, 23 Feb 2008 15:06:35 GMT

last time they turn me down , they say : high amount loan , and late on child support on 2003 . no more bad thing in my CRAs . My score was : EX : 692 , TU 702 , EQ 651( my loan 180000.00 put 5% down . income 46000.00/year . 1 car payment 500.00) it took 4 days they'll call you .

Re: BOA manual review

Anonymous — Sat, 23 Feb 2008 15:34:53 GMT

Well I hope they dont do a computer appraisal of my house. I submitted everything last wed so I bet I hear something this week!

Re: BOA manual review

Anonymous — Sat, 23 Feb 2008 17:49:08 GMT

When I fist called to apply I gave the loan officer all my info. She called me back and she said she ran my info through their "system" and looks like we are ready for a manual review. Would she had figured my DTI at that time? Or do they wait until the manual review?

Re: BOA manual review

ShanetheMortgageMan — Mon, 25 Feb 2008 11:08:15 GMT

Badcreditguy wrote:
When I fist called to apply I gave the loan officer all my info. She called me back and she said she ran my info through their "system" and looks like we are ready for a manual review. Would she had figured my DTI at that time? Or do they wait until the manual review?

Your DTI would've been figured... but it sounds like automated underwriting couldn't approve it, so it has to be manually reviewed. Your DTI could be perfectly fine, so it could have been another part of your profile, such as imperfect credit.