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Still waiting on underwriting

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germaine47
Frequent Contributor

Re: Still waiting on underwriting

Good Morning Watching,

 

I am a first time home-buyer and I am a little confused as to the process your Loan Officer is taking you through.  I decided to go the route of a Mortgage Broker because my sister and best-friend went this route, they both had a positive experience.  Now I am not sure if this is the play by play steps that each loan goes through but I will tell you my experience and maybe this will give you some insight as to what you should do next.

 

  1.  After my Pre-Qualification was done (Credit Pull, Paper Work including Pay-Stubs, Bank Statements, 40K Statement) all sent the next Business Day.
  2.  Got With Broker and found House that I Placed under signed contract and faxed over to MB.
  3.  Appraisal/Inspection was then ordered , it  come back within the contractual price amount with a C3 rating (Property well maintained no repairs required) Appraisal was ordered the next day and given to MB within 72 hours.  My Loan application was then completed had to sign off on about 32 pages.
  4.  Then I  went to UW on 04/10/2012 in which I didn't have to pay off anything but I had to write letters of explanations for (unexplained deposits, addresses changes, and why son was on my bankstatements.  I wrote approximately 10 LOE.  I had to close a account that I disputed but the CC company was stubborn.  I Stayed in UW until 04/23/2012.
  5.  My File was then sent over to USDA and my MB said that they are having a 10-15 day turnaround period, had to do a extension on my contract because I did not close on April 27th, contract was extended to May 11, Still waiting on clear to close.

How can the Loan Officer submit your file to UW without knowing what your house is actually worth?  My List Price was 119,500, I offered the full amount with closing cost being paid byn the Seller.  The Appraised amount came back at 119,900, my realtor said that if it came below that the seller would have to drop the price I would have to come up with more money.

Fico September 2012; TU 681, EX 674, EQ 652
Fako October 2012: TU 706, EX 641,
Message 31 of 65
Anonymous
Not applicable

Re: Still waiting on underwriting

The "asking price" of this home was 155,000.. This is what they (they being WF) are running everything for... However, when the sellers called their bank for the pay off come to find out the owed more then the 155,000 they had asked for. At that time they started talking to their bank about a short sell... Their bank as agreed to the short sell. They currently have a letter from their bank stating they will accept appraised value of the home for the pay off with allotment of the sellers paying closing cost.

We have submitted everything with WF... Including LOE, pay stubs, bank statements,full loan app...

 

Message 32 of 65
germaine47
Frequent Contributor

Re: Still waiting on underwriting

It looks like it shouldnt be much longer now for UW.  I was under he impression that it take 48 hours but it really took 13 days.  These guys a very through so I guess it is a lesson in patience for all of us.  I think everything will work out WF seems to me that they are going to work things out for you.  Congratulations!!!!

Fico September 2012; TU 681, EX 674, EQ 652
Fako October 2012: TU 706, EX 641,
Message 33 of 65
Anonymous
Not applicable

Re: Still waiting on underwriting

Thank you very much..... But, I don't think congratulations are in order quite yet.. ha ha.. We do still have a long way to go... Everything was all lined out and ready to go until they did the 2nd credit pull (so that they could do a supplemental credit report and add our rent payments to it, only had 2 tradelines reporting).. and that stupid 30 day late somehow just showed back up... but, it's getting taken care of now... I'm just waiting for the next thing to pop up... Not sure how many more pop ups I can handle... But, really hoping to go back to underwriting this week... Hoping for some kind of answer this week... Processor did tell me last week that she really thinks things will be ok once we get that score back to where it was...

Message 34 of 65
How2increase
Regular Contributor

Re: Still waiting on underwriting

Watching, this is such a stressful process! Urghh I feel your pain. I honestly think that everything will work out for you guys. I know it's just a pain going through all of this but you will appreciate that home even more! 😉. Question, how do they add your rent payments to your credit report?
Jan 2012 TU 517 EX(fako) 524 EQ 470
Current score LENDER PULL TU 652 EX 641 EQ 617
Yayy we made it!!!
Message 35 of 65
Anonymous
Not applicable

Re: Still waiting on underwriting

WF has a 3rd party scoring agency (It's called Rells) they add a supplemental credit report.

 

Yes, very stressfull... Really hoping to hear big news sometime this week...

Message 36 of 65
Anonymous
Not applicable

Re: Still waiting on underwriting

I am so sick of waiting...

I called FGMC yesterday and asked them about the required scores... We DO fit into their score range... I'm just kind of debating about this because it would mean starting all over... and another hard credit pull...

I e-mailed the processor a little bit ago and asked her if she could check on the status of the re-score... She had told me last week then even once it comes back from the re-score it will have to go to underwriting again which will take another "48 hours"... I told her that an ideal thing would be for it to come back from re-score today and go to underwriting and we get a pre-approval letter on Thursday (Thursday is my husband and I's anniversary)..

Yea, I know, probably a long shot but, man I don't think this is right at all...

Message 37 of 65
Catacam
Frequent Contributor

Re: Still waiting on underwriting

I went through the same crazy wait. It is so hard, but trust that and believe that it will work!!

CLOSED ON OUR FIRST HOME MAY 30TH!!!


Starting Score: TU 589 EQ 526 EX603
Current Score: TU 635 EQ 603 EX ??
Goal Score: 750


Take the FICO Fitness Challenge

Message 38 of 65
Anonymous
Not applicable

Re: Still waiting on underwriting

I just realized that in 5 days will be a month since the first WF did the 1st credit pull... I sent the processor another e-mail telling her that really it is unacceptable because, we do not have anything that shows these sellers we really are trying to do something...

Message 39 of 65
How2increase
Regular Contributor

Re: Still waiting on underwriting

That is so frustrating for me to even hear you going through this, I can't even imagine how you are feeling right now! I will be 🙏 for you.
Jan 2012 TU 517 EX(fako) 524 EQ 470
Current score LENDER PULL TU 652 EX 641 EQ 617
Yayy we made it!!!
Message 40 of 65
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