Underwriting Timeline

[800goal800]

I've been working with a lender for the past month and am expected to close in approximately 10 days.  I received a loan commitment letter with a few contingcies on my part: pay off two accounts and show one year pre-paid insurance. They need to order a credit report no more than 10 days out and a new VOE. 

Given above, I'm assuming that someone in underwriting has reviewed ?

[MortgageMama]

Assuming you have immediately taken care of your contingencies and provided proof to your lender that you have done so, yes. But it may be tight. You didn't mention whether this was a purchase or refinance...

[800goal800]

@MortgageMama  They will have the payoff letters in next few days. This is a purchase. 

[800goal800]

We received a Loan Commitment Letter on 4/6 that said...." mortgage loan on above referenced property has reached final commitment ".

Loan commitment was based on the mentioned contingenceices - what I was repsosnible for was submitted today.

My question is that if they are only asking for those two items after the loan commitment letter, has it gone through underwriting ?

[ShanetheMortgageMan]

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@800goal800 wrote:

My question is that if they are only asking for those two items after the loan commitment letter, has it gone through underwriting ?

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Yes, they wouldn't have issued a loan commitment letter otherwise.

[800goal800]

Even though the loan comittments was 4/6 and closing is 5/3 ?   We applied and got pre-approval on 3/16.

[VALoanHopeful]

8 days prior was then they started working on the final details of my loan. I already had conditional approval, but had ZERO idea if they had cleared my conditions. They ended up wanting a couple very minor things (promotion letter showing new higher bonus payout) and an address of an employer. I didn't get my clear to close until 1.5 days prior to signing with the mobile notary. 

I would assume based on the fact they gave you conditions underwriting has at least done a first look at your loan.

[800goal800]

The two conditions I needed to do were submitted ( one payoff letter and copy of first year insurance paid ) on Friday and the lender did another credit check and verified employment.  We are scheduled to close next Tuesday -

When and how should I receive closing disclosures ?

[ShanetheMortgageMan]

You'll need to sign it by this Friday in order to sign loan documents next Tuesday.  There is a 3 day waiting period, starting the date you sign it but doesn't include Sundays, so Fri/Sat/Mon would be the 3 days and you could sign on Tuesday.  They are normally emailed to you for e-signatures, but you can also print/sign/date it by hand as well.

[MauiMan85297]

Once underwriting has given the final approval (CTC) then the processors will send out the CD for you to sign electronically-should only be a day or 2 once file went to UW (depending on UW workload).  Congrats on the loan!!!