UW and conditions

[Anonymous]

Our file was sent to the UW on June 26th. We were notified of a conditional approval on June 27th which we expected because the appraisal has not come back. On June 29th additional documents were requested regarding regular drafts from our checking account (HOA and Def Comp Loan) and I submitted them same day. 

Now we are in a holding pattern. I guess my question is....does the UW usually review a file and request everything needed from the client at once or is it a request as it is found type of scenerio? 

I know...I am trying to apply a timetable/rulebook where one doesn't exist. Just curious what peoples experiences are. 

[NC_Mtg_Loaner]

UW usually requests all at once. 

Processors submitting items to clear conditions will typically submit everything for the Clear to CLose once they have everything that will CTC the file. 

As busy as everyone in the industry is, the less time they really want to spend reviewing/approving files.   (meaning that they don't want to peace meal your approval together)

Of course this is often easier said than done.

[Anonymous]

@NC_Mtg_Loaner 

I reached out to the proccessor and got a rather short "you are not my only file" email response. LOL Based on what you are telling me I am incline to believe that she may be waiting on the appraisal before submitting all the additional to the UW. 

In my line of work "polite and pushy" is often how things get done...but I think I will leave her in peace for a few days. 

-Nik

[NC_Mtg_Loaner]

yeah the squeaky wheel gets the grease.  

In this market where the industry is incredibly understaffed, it's absolutely horrible on the internal workings of a system that processes and UWs loans.  The Industry infrastructure simply can't handle the volume as everyone in America refinances in the next year or two.