Closing in two weeks but our process has been weird.

[lanah]

Hello all, just wondering if anyone else has had this kind of process and if you know what we should be looking for in the next two weeks. 

We starting with  this lender on 11/29 for a prequalification. We got a prequalification for a smaller amount than what we wanted on 12/01 but the lender said that they just need to verify my income some more and that I should remove myself as an authorized user on one of my wife’s credit card ( she’s not on the loan) and I will get qualified for more than what we want.  On 12/06 they said he sent my file to underwriting to see what they would approve me for. Underwriting said that they can approve me for the higher amount as long as they get a detailed VOE from my employers. They received that and then I get a higher prequalificationon on 12/18. I thought it was weird that they sent my file to underwriting so soon. Is that normal?

 We then make an offer on a house that was accepted on 12/23. We turn in the buyers/ sellers contract and our official application for the loan. On 12/28 we get an email that our loan in being processed. On 12/31 we get another email introducing us to our Loan Processor and a email that says “congratulations on your loan approval. You have been conditionally approve for your loan.  You would’ve have receive an electronic approval but their are conditions and I want to let you know what they are.”   This is before the appraisal. I take care of the conditions and my agent sets the closing on 1/31. The inspection and appraisal are done now 1/17. I had to take care of another condition today as well. 1/17.  My question is, where are these conditions coming from?  Have they sent my loan to an underwriter for the conditional approval way back on 12/31? Who normally gives you a conditional approval? I’m hoping like anything it was the underwriter because that would mean that they have already seen my file and maybe started working on it earlier. Would that be a possibility.? Or did it just come from the loan processor and the underwriter still needs to do a FULL final approval that may take a full 2 weeks or more? I’ve asked this question to my processor but she literally does not reply to me at all. I always have to get my information from the originator who is on vacation now.,

im just hoping we can close in two weeks. I’m also worried about the underwriting process and heard that they can possibly decline the loan on the last day. Any insights???

[kc0039]

Underwriter conditions for the full approval

[lanah]

Does that mean the conditions came from the Underwriter himself or herself? Which means they have already started looking into my files?

[CreditInspired]

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@lanah wrote:

Does that mean the conditions came from the Underwriter himself or herself? Which means they have already started looking into my files?

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Yes, the conditions are from the underwriter and it's normal. I don't think you have anything to worry about as long as you continuously provide everything they ask for, which it looks like you're doing. And, as long as there are no last minute pop-up issues like they found an IRS lien, there's a collection that has to be paid, etc. 

So honestly, the process is normal. 

[Anonymous]

Hi there!

I'm also in the process but not set to close for another 3 months (new construction build) and your process sounds very similar to mine and everyone else's. My application was run into a computerized system, then a list of conditions were listen. Then once i'm 60 days before closing, loan processor updates my file and asks for all the conditions prior to submit to u/w, then possibility (most likely) we'll be presented with more conditions to satisfy.

[lanah]

So what you are saying is that , the first conditions didn't come from an underwriter but from a computerized system. 

If that's true ,once I take care of those that's when the dreaded human underwriter comes through everything?  Sorry to sound negative butI'm so scared that we won't close by the 31st or something wrong will happen at the last minute. Our landlord has said we have to be out by 2/1. I don't mind a few days delay but a long delay or declining us would kill us. So far everyone in our loan team has been positive even though the Processors doesn't answer questions.

ANyway I was hoping that the human underwriter would have been already looking at the file and that we would be ready to go in two weeks.

[CreditInspired]

I think the UW is a person because he/she gives final approval.

[lanah]

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@CreditInspired wrote:
I think the UW is a person because he/she gives final approval.

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So do you think any conditions you get from a conditional approval comes from the actual underwriter that will process your final approval?

That's the big question I have.

[Anonymous]

Just chiming I’m so say good luck! My husband and I are on the same timeline as you. We obtained our conditional approval on 12/28 and just submitted the docs to obtain a final approval on Friday. Waiting for the clear to close now!

[lanah]

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@Anonymous wrote:
Just chiming I’m so say good luck! My husband and I are on the same timeline as you. We obtained our conditional approval on 12/28 and just submitted the docs to obtain a final approval on Friday. Waiting for the clear to close now!

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Good luck to you also. I hope you have a better experi nice than I. I just found out that they have a problem with my past self employment tax returns. I had to send in a later saying my self employment no longer exist. I hope that’s enough. I’m praying 🙏🏽 that they don’t ask for me to turn in my 2018 taxes. That would put me almost a month behind and potentially lose the house. I’m about to cry but still hopeful. My LO says we should know about that part by tomorrow.