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In Underwriting - Thanks Mortgage Board!!

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Established Contributor

Re: In Underwriting - Thanks Mortgage Board!!

The Zealous - what exactly do you mean? We submitted all of our documents to the lender, they pulled our credit reports/scores, our file went through manual UW and then we were pre-approved. Since our house won't be finished for about 6 more months (new build), we have to keep things on the up and up, the lender will re-check our credit prior to closing and we'll be good to go. Any specific questions?

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 11 of 21
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Senior Contributor

Re: In Underwriting - Thanks Mortgage Board!!

I think we are wanting to know if you made it to closing.  But now you have explained you won't for 6 months because your house is being built.  I'm happy for you!  I also wrote a great LOE about my student loans and other things that will cause concern.  I hope I get as good of a response from UW as you did!

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 12 of 21
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Established Contributor

Re: In Underwriting - Thanks Mortgage Board!!

Booner - Yes, that's exactly right. Our house is being built new, so it won't be finished for another 5 months or so, so we won't close until then. We were told emphatically by our LO that if everything in our file stays the same (same income, no new credit, no new lates, etc) then we would absolutely make it through UW. I think I mentioned this above, but he actually had the head UW manually review our file prior to giving us the pre-approval, so we're feeling pretty good now and our scores should actually go up quite a bit between now and closing because all of our baddies will age past the 2 year mark in the next 5 months Smiley Happy

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 13 of 21
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Valued Contributor

Re: In Underwriting - Thanks Mortgage Board!!

 

For some reason, I thought you were buying used.  Not "used" like me (100-150 years old), but, you know, "tested under remarkably real-life situations".  I'm really happy for you - I was worried about the SL thing working out for you and I'm glad it did! 


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


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Message 14 of 21
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Established Contributor

Re: In Underwriting - Thanks Mortgage Board!!

Originally we were planning to buy an existing home, but in April, this building thing sort of fell onto our lap and was an awesome opportunity. Also, due to the building timeline, the house will be done at about the same time we planned to buy anyway, so it worked out perfectly.

 

The SL issue definitely scared me and we were actually denied by the first 2 lenders because of it. Third time is a charm and we demanded that our LO thoroughly vet the SL issue with UW to make sure that they could 100% commit to approving us at closing. We didn't want anyone say "yeah, yeah, it'll be fine" now and then have UW in the 11th hours say "no way with the SL COs."

 

Of course, crazy things can always happen, but we feel good that we'll be able to closein 5 months!

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 15 of 21
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Established Contributor

Re: In Underwriting - Thanks Mortgage Board!!

Congrats on your approval!!  But I'm gonna caution you on not relying on a lender give you a 100% guarantee they will fund your loan.  I am now 30 days past my original closing date on a foreclosure (THAT CHASE OWNS!!) because Chase's underwriter keeps changing closing conditions DUE TO INSIGNIFICANT PROPERTY CONDITION ISSUES.  I signed my loan docs on Friday and still have no idea when I will be getting my keys (in CA and they issue keys after funding and recording).  This transaction has been an absolute nightmare and initially began very smoothly.  I am soooo furious with Chase right now and they will be hearing from me once my loan is funded.  Research the heck out of the mortgage company that you will use and make sure they are on the up and up with their customers.  If I knew then what I know now I would have NEVER used Chase.  If there are any wavering problems with your approval, I would do your due diligence and make sure they are corrected when you are ready to sign.

CCs: Chase Freedom VS 12.9k, CSP VISA Sg 13k, BofA Amex 24.5k, Discover 12.5k, US Bank Cash+ Visa Sg 17k, Macy's Amex 8k/1.5k, Gap Visa 10k, Best Buy 11.1k, Citi TY MC 10.8k, Citi AA Amex 6k, Nordstrom VS 10k, Costco Amex 12k, BofA CR VS 5k, Amex BCP 13.5k, Amex ED 5k, Sears MC 9k, HD 7k, Target 600, Amazon 7k, US Bank MC 15k, US Airways MC 8k, NFL Visa 4k, Patelco Visa 10k, Penfed PR VS 44.6k, Chase Hyatt VS 8k, Citi Simplicity 13.3k, PayPal MC 7.5k, BBVA Visa 4k, WF VS 14k, FNBO Amex 14.1k, OCCU VISA 15k, TR Visa Sg 16.3k, C1 QS Visa 11k, FRN MC 15k, HSN 4k, Saks WEMC 10k/4k, Chase Ink 18k, Arrival WEMC 10k, Ebates VS 8k, Orbitz VS 12k, NASA V 30k, USBk FP VS 21.5k, DC 30k, VirgAm 15k, Sams MC 15k, Amex Bz Gold, Amex SC 10k, BofW Bz MC 18k
Message 16 of 21
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Regular Contributor

Re: In Underwriting - Thanks Mortgage Board!!

I agree with this... It's always good to do some research. And Chase screwed us over too so they are definitely not in my favor!

Message 17 of 21
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Established Contributor

Re: In Underwriting - Thanks Mortgage Board!!

Chase is generally a miserable company. I actually do my basic banking there, but I hate them. I just continue doing it because where I live, they are on every corned and their online banking is great, but I hate the company. It's just too convenient not to use for checking. I do all loans, savings, etc elsewhere (AmEx online, credit union, etc)

 

Thanks for the heads up, but our lender definitely didn't give us a 100% guarantee that they would fund our loan. They said that, based on the current facts and our file, they could approve us to close tomorrow. However, we are building a new house and we won't close for 5 months, so our LO of course cautioned that things beyond everyone's control can always happen. Assuming nothing crazy changes, we should be fine.

 

Also, this lender has a broker relationship with our builder's company-owned financing company so they have a great track record, come highly recommended, etc. We feel very good about them.

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 18 of 21
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Frequent Contributor

Re: In Underwriting - Thanks Mortgage Board!!


@MBOhio2 wrote:

Chase is generally a miserable company. I actually do my basic banking there, but I hate them. I just continue doing it because where I live, they are on every corned and their online banking is great, but I hate the company. It's just too convenient not to use for checking. I do all loans, savings, etc elsewhere (AmEx online, credit union, etc)

 

Thanks for the heads up, but our lender definitely didn't give us a 100% guarantee that they would fund our loan. They said that, based on the current facts and our file, they could approve us to close tomorrow. However, we are building a new house and we won't close for 5 months, so our LO of course cautioned that things beyond everyone's control can always happen. Assuming nothing crazy changes, we should be fine.

 

Also, this lender has a broker relationship with our builder's company-owned financing company so they have a great track record, come highly recommended, etc. We feel very good about them.


Congrats on the good news.  Are they going to disregard your student loans?


Starting Score: 06/2011 505 EX 523 Lender Pulled
Current Score: 08/2011 628 EX 575 Lender Pulled
11/14/2011 TU 584

Goal Score: 700


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***Closed on my home 05/18/2012***


Message 19 of 21
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Established Contributor

Re: In Underwriting - Thanks Mortgage Board!!

Yes, essentially. They said that due to everythiing else in our file (which is all positive) that as long as I can provide a letter confirming that the defaulted loans are not federally insured (which they are not - but I did wonder why this mattered), they can approve our mortgage loan even with the outstanding defaulted loan balance, which is about $100K. I also have to show them evidence that I was making monthly payment on all of the defaulted loans, which I am.

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 20 of 21
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