Mortgage processing question

[Anonymous]

So I am under contract, pre approved and all the good stuff. My file went into manual underwriting with my lender a few days ago. Yesterday my LO emails me and says the underwriter is not liking my credit file from past accounts. And requested a LOX on those. I wrote it and emailed it to him. He said it looked good and he should know something in a couple of hours. This morning he emails me and says “good news your status went from underwriting to in processing. We are good!” I replied “so that’s a good thing right”. He says “yes we are back on track”. What exactly does this mean? I would ask him but he’s not available for the rest of the day. I tried searching on here but couldn’t find an answer. Any help is appreciated!

[Anonymous]

"Back on track" means you are back on to a possible final approval.  You'll be updated once the UW has everything in order.  All you have to do is wait for the final "approved" and your closing date. 

Good Luck!

[Anonymous]

Thank you for the prompt response! I figured that’s what it meant. But after reading a lot on here I found that when most people come out of underwriting they have a solid approval and not back in processing. But what you said makes perfect sense. They have all supporting docs they need/ requested: pay stubs. , w2s ect. They also have a solid appraisal, inspection, and termite inspection. So I imagine it’s just a matter of time now. Thanks!

[Anonymous]

Just to give a little background on everything that’s gone on
Got pre approved
Found house
Made offer
Offer accepted
Contract signed and sent to lender
Sent lender requested docs w-2, bank statements, explanation of random inquiries, any debt not listed on report
Few days go by between then appraisal is ordered and done, inspection ordered and done,
Repairs needed accepted
Lender requests stated loxs
2 days pass, LO sends stated emails
Tentative closing date 05/28 stated on the contract

[Anonymous]

I suppose another question I have. Is there a chance that my loan was conditionally approved and the LOXs were the conditions, seeing as how the appraisal and such are already done. Is it normal for the loan to go from underwriting back to in processing? Sorry if I’m asking mundane questions I just want to be clear on where I stand

[Anonymous]

I emailed my LO this morning to ask where we stand and if I should go ahead and get home owners insurance. He replied “get insurance, you will need it to be approved the loan processor has your file and will let us know if their are any more docs needed. If not then we will send it back to underwriting for final review and approval”. This is so nerve wracking. Playing the waiting game now

[Anonymous]

Does anyone care to share their personal experience? Or maybe ease my anxiety a bit? Lol

[CAS2019]

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@Anonymous wrote:
Does anyone care to share their personal experience? Or maybe ease my anxiety a bit? Lol

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When I was going through the loan process in December/January, even though everything went much smoother than I had anticipated (I heard horror stories re going through the escrow mortgage thing), I STILL had the jitters.  My wonderful LO kept telling me, if I wasn’t going through anxiety, then she would be concerned!  She told me it is a normal feeling.  You expect the worst and ends up for naught.

Your anxiety is normal.  Can’t wait to read you have the keys in hand!

[BurgeoningHope]

I wish I had wise words of experience, but I am about to embark on this journey for the first time in my life myself. I am, however, thoroughly commiserating with you, have my fingers crossed for you, and hope things go very well with all of the back-and-forth. I will say that there have been people with awful credit situations around here able to close, which eases my mind a lot. Hopefully, yours too!

[Anonymous]

Thank you for sharing your current journey. I appreciate it because Im about to go through the process also. I have no idea what will come, but I hope it all goes well for you. It also brings me hope to see that others have also been approved under considerably difficult circumstances.