The loan process?

[BundiFan]

so does getting through the automated system pretty much guartee you are approve.  If you are approved through the automated system does it still go to manual under writing?

[DallasLoanGuy]

When you are approved thru 'Automated' the file is still scrutinized by an underwriter to ensure that the data entered into the computer matches the documents that you send to them.

Good loan officer: You are 99.9% good

Bad loan officer: You are 75% good

Lots of things can kill the deal.

Examples:

Oops, forgot to tell loan officer about the 402k loan

Ooops, I told the loan officer that I make $5K per month but that is 1099 income and I write off everything and tell the tax man that I make $2K per month. (guess which number we use?)

Ooops, I forgot to tell the loan officer about that large deposit in my checking account that cannot be attributed to income deposits.

ect, ect

All of the above can be explained away or gotten around if your profile isn't teetering on the brink of approve/deny.

Message Edited by DallasLoanGuy on 05-02-2008 10:05 AM

[Anonymous]

I got approved through the automated system three weeks ago for $160k with a dti of 53%, however, my file has been with the manual underwriter since then for a full approval. They are waiting on employment verification from my employer for a stipend I receive each month. I am on pins and needles worried that I won't get approved. My loan officer assures me that my chances are good because of my high scores and okay reserves. She says all files are scrutinized these days. I just didn't expect an approval to take this long, but I don't want to start house shopping until I have that letter of approval from the underwriter.