cancel
Showing results for 
Search instead for 
Did you mean: 

Investor review?

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Member

Investor review?

We are getting our mortgage through a broker and have gone through their underwriting process. Everything checked out and they approved our mortgage. But they said before getting the clear to close, it needs to go to the investor (in this case Chase) for review first. It sounded like the investor review wasn't anything major like another round through underwriting, just they give a cursory look over the application to ensure it means the loan program. The broker said their average timeframe is 3-5 days for processing. This was on 12/10.

 

Fast forward 2 weeks and we are still waiting for the "investor review" to happen. We are now 12 days past our loan contigency period. We originally had it slated to close on 12/31, and the sellers are turning around and buying another house. They are supposed to lose 1/2 and have a contigency on closing their existing house first.

 

We have no insight into the process, and the broker doesn't have much visibility either. They've raised it to their managers, and raised it to managers at Chase that they've overshot their timeframes and the delays are jeopardizing the closing dates for 2 houses now. Our broker has at least got approval to fast track everything else to get our closed once the account is back in their control, but I'm just sitting here frustrated in the meantime.

 

Does anyone have any experience with what the investor review is when going through a broker? Is there a chance of them not approving it or requesting more documents which delays us even more?


Starting Score: 9/26/2014 EQ 637, TU 643, EX 617
Current Score: 5/20/2016 EQ 760, TU 730, EX 743
Goal Score: 760 by 12/1/2016


Take the myFICO Fitness Challenge
Message 1 of 8
7 REPLIES 7
Senior Contributor

Re: Investor review?

I think that you are working with a worthless broker.

Message 2 of 8
Moderator Emerita

Re: Investor review?


@ezdriver wrote:

I think that you are working with a worthless broker.


^^^This. That is why you want to make application with a correspondent lender (or mortgage banker) where they underwrite and fund their own loans. Then the correspondent lender sells the loans after closing, usually to a big box bank for servicing. That way you aren't held up.

 

Chase is slow as it is for their own loans, but processing loans originated by a broker are really slow and the broker has zero control over how fast Chase processes the deal. By the way, it is not a cursory review by any means. It is a detailed review of your entire file. Not to scare you at all, but you should know that it isn't cursory.

Message 3 of 8
Member

Re: Investor review?

Yeah, I have been wishing I went with someone else, but it is far too late. He has been responsive, however the fact that I need to be the one pushing the loan forward leaves me disappointed. I've been on top of all requests, even having most things already lined up. But it took over a week to get the report from the appraisal done, and this 2 week process with Chase. He lack the ability to create action in others.

 

Luckily did hear back from Chase today. The mortgage was approved, however to get the docs drawn up they needed some the rental agreement and images of checks for the past 12 months of our rent. We've been renting a house that my parents own. Luckily I knew that was coming and got them right back to him. So it should be in the docs queue now and hopefully be signing the mortgage docs on Monday. We'll see if that happens.

 

This whole process has me not wanting to buy another house for a long, long time... and definitely to not use the same broker or Chase. He came well recommended from our realtor, and we trust her. She has done 2 houses for my parents and is a long time friend of the family.


Starting Score: 9/26/2014 EQ 637, TU 643, EX 617
Current Score: 5/20/2016 EQ 760, TU 730, EX 743
Goal Score: 760 by 12/1/2016


Take the myFICO Fitness Challenge
Message 4 of 8
Established Contributor

Re: Investor review?

"She has done 2 houses for my parents and is a long time friend of the family."

 

A wise man once told me, "remember grasshoppa, NEVER mix business with friends or family."

Message 5 of 8
Super Contributor

Re: Investor review?

this should be a lesson for anyone reading.

 

pick a lender with inhouse underwriting that doesnt have to send files out for investor review. many exist

 

we have one investor that asks for that. it is a subprime loan that we RARELY ever do.   if i was to do one, i would be upfront about the review before we started.

 

 

 

Retired Lender
Message 6 of 8
Member

Re: Investor review?

Got the clear to close yesterday, and everything should be in place to close Wednesday.

 

Regarding our realtor and "mixing business", our realtor has been awesome and is not the subject of this post. She recommended the lender, yes, I have zero reservations about using her for everything outside of that.


Starting Score: 9/26/2014 EQ 637, TU 643, EX 617
Current Score: 5/20/2016 EQ 760, TU 730, EX 743
Goal Score: 760 by 12/1/2016


Take the myFICO Fitness Challenge
Message 7 of 8
Moderator Emerita

Re: Investor review?


@invid wrote:

Got the clear to close yesterday, and everything should be in place to close Wednesday.

 

Regarding our realtor and "mixing business", our realtor has been awesome and is not the subject of this post. She recommended the lender, yes, I have zero reservations about using her for everything outside of that.


Congrats! Let us know how it goes so we can pop the champagne and all celebrate with you! Smiley Tongue

Message 8 of 8
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.