Underwriting question

[working-hard-atit]

Okay please bare with me, I'm new to this mortgage thing.  Is the LO the same person who will be doing my underwriting? I've already been pre-approved and I'm going tomorrow to sign the contract and put down my good faith deposit.  What are the odds of the underwriter not approving the loan? If it helps, I'm using my VA loan, I have a medical collection on my CR that just popped up (LO aware) due to mistake Tricare maid but they're processing the paper work to get it take care of, the LO says I have two 30 day lates that should fall of in April and that I should be good to go.  What do y'all think?

[Anonymous]

Yep I agree as long as your score suffice. I think you will need to get that collection removed to qualify.

The LO is not the underwriter. Your LO is in charge of gathering initial paperwork for you, ordering the appraisal, getting any last minute financial credits/changes incorporated into the contract, etc. When you go see your LO, they should run your app through automatic underwriting to determine if either approved, requires manual UW, or denied. This process repeats itself in UW based on a real vote by the UW committee. The possible outcomes are rejected, suspended, or conditional approval. If conditionally approved, the loan processor will contact you about the conditions you will need to satisfy to get clear to close.

[Anonymous]

Your LO does not UW the loan.

Your LO or Broker "usually" knows whats required, to get you to the stage of approval with the Lender.

From your scores in your signature, it looks like your LO is assuming with a few negatives dropping off next month it would put you in a much better approval status once your scores increase.

Your UW may require the collection to be paid, but you did mention that it was a mistake and being taken care of, so shouldnt be an issue.

If your scores increase as assumed by your LO, and you qualify for all requirements from Lender, I see no issues to deny you.

[Anonymous]

I can't see siggies on my phone ...too lazy to get on laptop LOL!

I think JM-AM and I are in concurrence regarding the response to your post. Good Luck!

[working-hard-atit]

I haven't updated my credit scores on my signature yet but as of march my FICO score are TU 649 and EQ 623. Thanks for all the great info!!!

[Anonymous]

You're welcome. Good Luck!

[tooleman694]

If you cant see sigs, scroll down and click over to the full site.

[Anonymous]

Too lazy to do that too LOL