Day 4 in underwriting and I have heard nothing

[dreamer2014]

ezdriver, I believe you hit it on the money. I did find out last week that my file was out of underwriting Thursday however, the processor was out Friday and found out today she was out again. I wanted to scream at my LO when he told me that he tried to piece together information from underwriting but that he is handicapped without his process or so I must wait until tomorrow to find out anything. WT*(bleep).

The processor though emails me after 5pm to say she will get back to me tomorrow. So far I know absolutely nothing about appraisal, inspection, pest control. ..nothing. smh
I held my tongue though.

[Anonymous]

Ezdriver it's funny you mention turn around times being posted. My company posts it on our website =)

[jbrv]

Laura1369 - our VA appraisal hasn't even been done yet, so I'm totally jealous!! We paid for ours on 7/8, it was ordered 7/10 and assigned to someone who apparently didn't get to it before they went on vacation....so it was reassigned on 7/14 but that person never scheduled it. Got an email from our realtor last week Friday stating that the listing agent said it hadn't been scheduled. Called the LO, who investigated and found this chain of events. It's scheduled (finally!) for 7/23, but was are supposed to close 7/31! Hopefully this will not hold us up!!

[Laura1369]

Dreamer,

I don't blame you for being frustrated. I would be absolutely ripping my hair out of my head. I can't believe the LO can't read underwriters file. I wonder if that is the norm? I almost want to send my LO an email and ask!

[Laura1369]

Jbrv, my frustration is because we are trying to close early and this seems like it could hold that up. I blame the realtor more than anything for not talking to the guy sooner and correcting the mistake. Oh well, if this is the only issue I have, I guess I'll be okay! I hope they don't take the full 5 days to get it back to you, especially consideriNo a weekend falls in there. But the appraisers better not push mine to the side to complete yours!!! Hahaha kidding!!! 

[lesse]

I'm not happy about you guys situation but I'm so happy I'm not
Stressing alone !! My contract expires in 18 days but I had already been approved by underwriting so I was told we could close by this month possibly this week hopefully it all goes well so scared something is going to oh wrong

[jbrv]

I think the frustrating part is that we as applicants try SO hard to be on-point, deliver everything as soon as humanly possible....but then everyone else involved takes their sweet time!

Half the time I take my lunch and drive out to my LO's office - which isn't even in the same city as my work (about 25 min away) - to hand-deliver stuff, esp when copy/scan quality on whatever I'm returning seems bad.  In return, I get basically ZERO feedback and an "I'm not sure where you are in the process" when I ask.  Our LO came highly recommended by several people and maybe he's just not a "people person"?   I know that I'm probably still waiting in a queue to even be seen by an underwriter, but it's SO HARD not to know!  I wish they had tracking numbers...like FedEx or something...where you could at least look up your status!

I'm also really wishing my realtor had given us longer than 7/31 to close.  I realize that she only did that because we are closing on the sale of our home on the same day, and she was trying to assist us in not having to move twice, but I feel like everything is so rushed and any delay (like what's happening with our appraisal right now) is going to send the whole thing tumbling down....

Keeping fingers crossed that we all find out good news today!

[StartingOver10]

jbrv,  I don't understand why your paperwork copy quality isn't up to par. Most of the time in the transactions I have the contract (and signatures) and all paperwork aren't even reduced to hard copies. Everything is pdf and signed electronically (unless it is a short sale or f/c) and is crystal clear. Have not used a fax in many years. What exactly is causing the degradation of the paperwork? It should be seemless and paperless. 

As to communication, I know that I won't use a lender that isn't on top of it and communicates without prodding. I have two closings this week and each of them are closing a week early without any hurdles. We were able to do that because from day 1 the buyer had all their documentation into the lender. Actually before Day 1, because the buyer had the documentation in for the pre-approval before we found the property. Appraisal ordered one day after contract signing. Appraisal back one week later and closing within 30 days (25 days actually).  Each step of the way the lender communicates with the buyer and I get copied (I'm the Realtor). Naturally the LO doesn't communicate with me if the information is sensitive - just with the buyer.  If your lender isn't doing this then have a frank discussion with your LO. There is no reason at all to be physically running paperwork 25 minutes away.  It is a waste of your time and can be too easily misplaced on someone's desk.

[jbrv]

My LO scans everything, sends to me via PDF but no electronic signatures; I have to print, sign, then re-scan and send.  This degrades the quality of the copy pretty badly.  For example, the pest inspection report was printed by the inspector, then sent to the Lender, who sent it to the  seller, who printed it out and signed it, then scanned back; then that signed copy of a copy was scanned and sent to me, and I printed it, signed it, scanned and sent back.  You can hardly read the stupid thing, because it's a copy of a copy of a copy of a copy.  Our LO even made our realtor re-write a clean copy of the purchase contract because the original had been printed/signed/scanned so many times that it was unreadable.    I asked LO about that early in the application process and his response was "Well, they all pretty much look this way."  Subsequently, my realtor has started sending most things through DotLoop for electronic signatures (addendums and such), but not my LO - he still sends things via scan/PDF for me to print/sign/scan back.

 I had all of my documentation in to the lender upon pre-approval (paycheck stubs, 60 days of bank statements, W2s, etc) and we applied for the loan less than 30 days after pre-approval.  Upon the application I brought in updated copies of everything and LOE's for every non-payroll deposit in the bank.  Since then, every time one of us gets paid, I send an updated printout of our balance that comes directly from the bank (not the internet - I go into the bank building and get it) and a copy of the paycheck stub, without anyone asking me to do so.  I am certainly trying to stay on top of it!!

[AGingrich]

I feel bad for you guys!

I started my home buying experience with Union Savings Bank in Cincinnati. My LO never called me, took forever to answer emails (and was always short), then told me I was good to go. Five days later he called me and said that DU (Desktop Underwriting) had denied me, even with a 700+ credit score and a 39% DTI. I was crushed. We had to close in 13 days.

I contacted another mortgage company (NLR Mortgage), told them my troubles, and they said they could save the deal. They said they would use in-house underwriting and that we could close in 7 days.

The difference between this company and the first is astounding. My LO at the new company calls me twice a day, even if there is nothing to report, just to keep my nerves at bay. As soon as I passed their DU software, he told me. When the underwriter came back with some conditions, he wrote up the explanation letters himself and had me sign. He ordered the appraisal for the second day of working with him, and even shopped around and got insurance quotes from three different companies for me to compare. This guy is on top of his stuff.

I'm waiting for my clear to close tomorrow (per his promise), which will be 8 days after I first initiated contact with him. If this deal goes through, as it looks like it will, I'm going to shout this guy's name from the rooftops!