MORTGAGE QUESTIONS: UNDERWRITING PROCESS: HELP!!

[Anonymous]

As I stated in my "auto woes" post, I am in the middle of obtaining a mortgage and have several inquiries for car loans (all on 1 day by one dealer) - I actually asked him not to pull my credit because of the mortgage process and he did it any ways.  I ended up getting my loan from the credit union when they opened my account, so it looked more like a soft pull from them. 

I asked the dealer why he submitted my info to all those companies and he stated his finance manager did (and he apologized).  What can I do on this end?  I was asked by my mortgage loan officer, when they pulled my bureaus (before it went to underwriting why I had so many auto inquiries, especially on one day - 10 ALL ON ONE DAY!!!).

He submitted the loan on Tuesday, its still in underwriting and today is Thursday.  Whats the typical time to hear back?  Is it common to take this long or should I start panicking?  I'm so anxious and nervous at the same time and my wife is not helping.  She's calling the loan offer every 5 minutes and not getting him.  I guess its because he hasn't heard anything back yet. I keep telling her to leave him alone, but it is getting really nervous recking.  I also have the real estate agent calling every 5 minutes.  Is this what we can expect?  are we over reacting?   What else can we be doing to help speed up the process?  My loan officer stated that we might have to explain the inquiries? 

Has anyone ever had to deal with this and whats the best way to handle it?

[Anonymous]

I would assume that an explanation letter will be needed, and go back to the auto dealer and ask him to write a brief letter explaining that there was a misunderstanding and the finance manager initiated all 10 inquiries. Then forward the letter to your loan officer so it is already in his hands if it is requested.

I think it will make a big difference if the lender understands that all 10 inquiries came from a single source, and weren't 10 separate inquiries initiated by you.

(Edit) Maybe have your wife take care of getting the letter from the auto dealer, and that will keep her off the phone for awhile.

Message Edited by Revike on 05-31-2007 08:18 PM

[Anonymous]

Be patient. There is lots to check as it is a lot of money. If there is a problem they will call you-

I would get a letter from the dealer.

Sounds a little risky getting an auto loan just before a mortgage.

Message Edited by Timothy on 05-31-2007 08:17 PM

[Anonymous]

" go back and have the finance manager initial all ten inquiries......"

Thanks.  My wife actually wrote a letter and asked the finance manager to put it on his letter head, initial it and send it to all three credit bureaus as well as the mortgage companies and the guy got offended? 

She was livid. I will speak with them again tomorrow. See the letter below and let me know what you think (its very brief):

May 23, 2007

Equifax Credit Agency

Report No. 7650718200

PO Box 740256

Atlanta, GA 30374

Re: Customer: Glenn Young

To Whom It May Concern

On May 14th & 15Th 2007, Mr. Glenn Young’s credit report was pulled in error by our local dealership broker. Because out dealership generally brokers; the history was sent to the following companies and pulled in error.  We ask your agency (experian, transunion, equifax) to please remove the following unauthorized inquiries from his report, which was brokered by our office:

SECU

WACHOVIA DEALER SERVICES (WACH DLR SV)

DYNAMIC CARS
ONXY ACCEPTANCE

AMERICREDIT

CARZ UNLIMITED

MUNICIPAL (MECU)

These inquiries we all dealer submitted and pulled through our brokerage division. These were not authorized and pulled in error. If you have any questions, please feel free to contact us at 410-664-5680. We thank you for your compliance and speedy process.

Sincerely,

Ed King, Finance Manager,

Cc: Experian Credit Agency, Report # 1905550613, TransUnion Credit Agency, Report #, Alliance Mortgage – Underwriting Department

This is what she asked him to sign?  Does it seem too harsh or something he should not agree to???

[Anonymous]

Thanks Tim,

I know, I really didnt want to do it, it just so happen that my credit peaked and I wanted to make sure that I got everything out of the way now and not a year from now; whereas there might have been an issue about "lack of auto credit." that was a source of my frustration the first time.

I'm trying to hold on about the mortgage thing.  Does it generally take the full 72 hours however???

[Anonymous]

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@Anonymous wrote:

Thanks Tim,

I know, I really didn't want to do it, it just so happen that my credit peaked and I wanted to make sure that I got everything out of the way now and not a year from now; whereas there might have been an issue about "lack of auto credit." that was a source of my frustration the first time.

I'm trying to hold on about the mortgage thing. Does it generally take the full 72 hours however???

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There is always something that slows down the process. I take it this is your first mortgage? The first one is the worst. I would also edit those report numbers from your post.

Message Edited by Timothy on 05-31-2007 08:41 PM

[Anonymous]

Thanks about the report # (i copied and pasted):

This is my first and it is really really grueling. Tomorrow, I know we will call the loan officer again, because the 72 hours would have passed by then.    could it take more than 72 hours?  could one be turned down?  I thought that's why you are pre-approved, so that your process is basically finished?  We had to submit all our financials when we originally applied for the loan (returns, bank statements, stubs, etc).  We resubmitted updated financials, but everyone is on edge. We are all trying to be patient, but want to know "can something go wrong and we be turned down or something like that?"

[Anonymous]

I don't think you need to send anything to the credit bureaus. The 10 inquiries will be lumped together and have a negligible effect on your score. The real issue is making sure the lender understands what happened. So I think you just need to get a letter from the dealer and give it to your loan officer, in case an explanation is required.

Since the finance manager is uncooperative, just have the dealer write and sign the letter. As long as the letter is on dealership letterhead, and the dealer mentions that you did not authorize the dealership to make the inquiries, the lender should understand.

[Anonymous]

thanks.  I will trying again tomorrow (or at least I know my wife will). lol.  Thanks.

[Tuscani]

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geyoung wrote:

" go back and have the finance manager initial all ten inquiries......"

Thanks.  My wife actually wrote a letter and asked the finance manager to put it on his letter head, initial it and send it to all three credit bureaus as well as the mortgage companies and the guy got offended? 

She was livid. I will speak with them again tomorrow. See the letter below and let me know what you think (its very brief):

May 23, 2007

Equifax Credit Agency

Report No. 7650718200

PO Box 740256

Atlanta, GA 30374

Re: Customer: Glenn Young

To Whom It May Concern

On May 14th & 15Th 2007, Mr. Glenn Young’s credit report was pulled in error by our local dealership broker. Because out dealership generally brokers; the history was sent to the following companies and pulled in error.  We ask your agency (experian, transunion, equifax) to please remove the following unauthorized inquiries from his report, which was brokered by our office:

SECU

WACHOVIA DEALER SERVICES (WACH DLR SV)

DYNAMIC CARS
ONXY ACCEPTANCE

AMERICREDIT

CARZ UNLIMITED

MUNICIPAL (MECU)

These inquiries we all dealer submitted and pulled through our brokerage division. These were not authorized and pulled in error. If you have any questions, please feel free to contact us at 410-664-5680. We thank you for your compliance and speedy process.

Sincerely,

Ed King, Finance Manager,

Cc: Experian Credit Agency, Report # 1905550613, TransUnion Credit Agency, Report #, Alliance Mortgage – Underwriting Department

This is what she asked him to sign?  Does it seem too harsh or something he should not agree to???

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