Under writing process

Anonymous · ‎07-28-2015

So we are waiting on the under writer to get back to us on the one condition that we had. It was sent back to the under writer when resolved and it has been 2 weeks and we have heard nothing. My loan processor said that the 2nd under writer is reviewing our loan currently. How many under writers does this go through? Does it take this long for one condition we had? evrything else is great, what we were told. Chase is our lender. Not happy, we need a home. I voiced my concerns to my lender. Whats the hold up?

Revelate · ‎07-28-2015

@Anonymous wrote:
So we are waiting on the under writer to get back to us on the one condition that we had. It was sent back to the under writer when resolved and it has been 2 weeks and we have heard nothing. My loan processor said that the 2nd under writer is reviewing our loan currently. How many under writers does this go through? Does it take this long for one condition we had? evrything else is great, what we were told. Chase is our lender. Not happy, we need a home. I voiced my concerns to my lender. Whats the hold up?

What's your target closing date? If there's nothing wrong generally you won't get much in the way of updates with many lenders. If your date is coming up shortly, then yeah should've heard more, if it's a couple weeks out, there may well just be nothing wrong. Files are prioritized by closing date more than anything else, it's not a true FIFO system for any of them.

There's a lot of fluff time built into the current mortgage process.

Anonymous · ‎07-28-2015

When you said 2nd Underwriter I knew your Lender was Chase. The files goes to a 2nd Underwriter when the 1st underwriter denies the loan or for 2nd opinion. Call the loan processor to know for sure.

Anonymous · ‎07-28-2015

I have. This all the answer we had recieved so far. Sucks.

Anonymous · ‎07-28-2015

What was your condition?

Anonymous · ‎07-28-2015

@Anonymous wrote:
I have. This all the answer we had recieved so far. Sucks.

Chase is the worse Lender to deal with. They process a lot of mortgage applications, but many never close. You'd end up with a bunch of hard credit inquiries and no house. They wasted 2 months of my time and fortunately I was able to get an extension so that my new Lender can get my loan to closing. My loan with Chase didn't close due to issues with HOA. Issue they should have caught well before closing date. Chase has too many Incompetent mortage banking officers

Anonymous · ‎07-28-2015

Our debt was high, about 220.00. We had to make that up. I stated that by paying off credit cards this would take care of the 220.00. The loan officer looked it up and came up with 208.00 and said 13.00 shouldn't be that big of an issue, that we would be ok. Now we're just waiting on the response of the 2nd under writer....

Anonymous · ‎07-28-2015

@Anonymous wrote:
Our debt was high, about 220.00. We had to make that up. I stated that by paying off credit cards this would take care of the 220.00. The loan officer looked it up and came up with 208.00 and said 13.00 shouldn't be that big of an issue, that we would be ok. Now we're just waiting on the response of the 2nd under writer....

Normally Chase sends files to the Underwriter who approves it then it goes to Quality Control. If there are any issues with the file like 1st underwrtier denies the loan it goes to a 2nd underwriter for an approval or 2nd denial. If denied a declination letter is sent 2-3 weeks later.

Anonymous · ‎07-28-2015

Denial was never brought up. My loan officer just said that if we take care of this debt we should be approved. All she said about the 2nd under writer was that its just in for review and we should know soon.

Anonymous · ‎07-28-2015

@Anonymous wrote:
Denial was never brought up. My loan officer just said that if we take care of this debt we should be approved. All she said about the 2nd under writer was that its just in for review and we should know soon.

Good luck! Did the first underwriter approve or deny? The file doesn't just hop from one underwitter to another without the 1st making a decision. I think your LO officer is not being straightforward with you.