We are knee deep in the process with our VA Vendee loan. Vendee = purchasing a VA foreclosure with the same terms as a VA loan, only not required to be a veteran. We are awaiting final thumbs up from the UW after receiving approved with conditions. We have finished the LOEs to satisfy conditions and gather final bank statements, etc. Our loan processor mentioned nothing about pulling additional 401k statements.
In the process of this, my company’s HR Platform has changed vendors. Basically we changed companies that manage our 401k and pension plans. No biggie, I thought, except I couldn’t process my 401k loan during system blackout for the transitions. Now today, my loan processor is asking for a statement from Oct-Dec. The new platform only gives statements from 12/31-present. I’ve called everyone imaginable and no one can pull these previous statements. I have a statement gap from 12/10-12/31 for my 401k account. No changes occurred during this gap except regular 401k deposits that happen biweekly from my paycheck.
Is this going to kill our loan in the 11th hour? I’m freaking out a bit.
In the process of this, my company’s HR Platform has changed vendors. Basically we changed companies that manage our 401k and pension plans. No biggie, I thought, except I couldn’t process my 401k loan during system blackout for the transitions. Now today, my loan processor is asking for a statement from Oct-Dec. The new platform only gives statements from 12/31-present. I’ve called everyone imaginable and no one can pull these previous statements. I have a statement gap from 12/10-12/31 for my 401k account. No changes occurred during this gap except regular 401k deposits that happen biweekly from my paycheck.
Is this going to kill our loan in the 11th hour? I’m freaking out a bit.
For additional clarity, I called my HR person, our benefits center (twice), the former system administrator, the current (new) administrator. All say “no.” The response I’m continuing to get is that any statements not downloaded prior to 12/31/19 are no longer available to retrieval. Which is bonkers to me! Yes, the new administrator might not have it. But surely SOMEONE has this information. My higher question is, will the UW kill our loan because I haven’t tracked this down yet.
To be clear, this was not a condition on the approved with conditions from UW. This 401k statement was a request from our LP. Probably in anticipation of the UW.
To be clear, this was not a condition on the approved with conditions from UW. This 401k statement was a request from our LP. Probably in anticipation of the UW.
Yes, we’ve provided statements from 09/2019-12/10/2019. 12/10 was the day we applied for the loan. I didn’t pull an additional up to date statement until yesterday. So there is a gap that I no longer can access. The only change between 12/10-1/15 was a $2k increase from my paycheck deposits & company match. I have before 401k loan balances and after. I just have zero way (yet) of pulling 12/10-12/31 statements.
With the system platform switch, it isn’t a matter of me not knowing where or how to download the statements. It is because we changed 401k administrators completely. They do not have our former administrator’s statements. So the furthest back on my company internal system and on the new administrator system that can be seen is back to 12/31.
With the system platform switch, it isn’t a matter of me not knowing where or how to download the statements. It is because we changed 401k administrators completely. They do not have our former administrator’s statements. So the furthest back on my company internal system and on the new administrator system that can be seen is back to 12/31.
Loan processor just called back after she spoke with the UW. If we cant supply this, it will in fact kill the loan. This is NUTS. Recap:
Company changed 401k administrator. Company system blackout 12/21-1/10. New administrator doesn't get previous administrators statement records. Old administrator doesn't keep previous participant statement records. My company says they didn't keep them and should have been downloaded by 12/31, even though the system was locked as of 12/21. I have a gap with no documentation of 401k account statements from 12/10-12/31. UW with my lender says this will be a deal breaker, even though I have 35k still in my 401k. Another 28k in my bank. And proof of all transactions with 401k. They just want the actual downloaded statement form 12/10-12/31, whcih I dont have nor could I have downloaded.
What in the actual *BLEEP*.
UPDATE: We got our exception approved. My loan processor just called. She entered an exception to the underwriter to use my pay stubs in lieu of the missing 401k statements. Talk about a hail mary!!!