Your thoughts on priority are probably correct. "In underwriting" only means your file has been sent to them. It doesn't necessarily mean it's being processed. I have a pre-approval through them and this is what my LO told me as well. He issued me a new pre-approval when I was making an offer on a home. I'm a bit skeptical about them, though. Wells Fargo pre-approved me after sending my file to underwriting. FGMC issued me a pre-approval for more than what I could afford. I think if I would have asked for a pre-approval for 500K, they would have written it. Wells Fargo wouldn't issue me a new pre-approval for the offer amount, however. People who have had success with FGMC on here have been generally happy with them. Maybe I'm a bit TOO skeptical, though.
@Anonymous wrote:
Does anyone else have a loan in underwriting at FGMC? I feel like it is taking fooorreevvver to hear anything. All of our information was turned in on the 13th of July. I just checked in with our LO yesterday and he said that- indeed the loan is still in underwriting but he was willing to give us a letter of conditional approval. We are going through the full loan approval process now so that when we pick a house it should be smooth sailing.
I'm wondering if we aren't a priority for underwriting because we don't have a specific property picked out. We don't have a property picked because we aren't a priority to our agent, who wants a preapproval.
Anyone that worked with FGMC- how long were you in underwriting before you were given conditions and/or denied?
