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What happens between initial review & clear to close review?

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Frequent Contributor

What happens between initial review & clear to close review?

We are hoping to get our conditions cleared today with NFCU and loan sent to final review to get clear to close.

What types of things are reviewed In that final review process? How often are loans killed at that point?

Waiting is torture!
RBFCU Premier $25K, Sam’s Club MC $25K, Citi Exec WEMC $27.5K, Alliant Signature $20K, SSFCU $20K, Cap1 Venture $20K, Employer CU LOC $20K, Navy GoRewards $18K, 2nd NFCU Plat $14.7K, Citi Simplicity $14.7K, PenFed Power Cash $10K, PenFed PLOC $10k, Navy Platinum $12.7K, SMG $8.5K, PenFed Promise $2.5K, Total Rewards $6K, Discover It $1.7K, Discover It $2K, Cap One QS1 $850, Overstock $29.5K
DC BK13 3/17....TU clean due to EE as of 12/17! EX clean as of 4/18! EQ clean as of 5/4/18!
Message 1 of 6
5 REPLIES 5
Established Member

Re: What happens between initial review & clear to close review?

Hang in there, in same boat. I reviewed and signed my closing disclosure almost two weeks ago with closing set for a week from today. Received the final undisclosed debt document to sign off saying I hadn't incurred new debt. Think that's my last step until we get the official CTC. 

 

Congrats to you!

Message 2 of 6
Valued Contributor

Re: What happens between initial review & clear to close review?

Reviewing the file for anything overlooked, final check list of required items and forms. Doubling check funds to close and source of funds. Making sure nothing in the file needs further explanation.
Basically this is just the final opportunity to make sure every thing about the Transaction conforms to the Loan being requested.
If you have made it this far it’s rare to be turned down “IF” everyone touching this file have done their job. The LO and Processor as a team are suppose to look at your file with the Eyes of an UW and plan ahead for everything needed to get your loan approved. Good luck!
Message 3 of 6
Regular Contributor

Re: What happens between initial review & clear to close review?

Hi, I've been following your story and it's been helpful so I hope you don't mind me asking .

Did you hear from your processor at all during initial review? When I emailed mine on Friday she said she had sent our info in for initial review and if the underwriter needed anything they would ask during that time. I have not heard anything since then. We are still two weeks out from closing but it's driving me nuts waiting. Lol should I follow up daily? I even logged into my works automated system to see if they did a final employment verification yet lol they had not lol
Message 4 of 6
Frequent Contributor

Re: What happens between initial review & clear to close review?

Hi! I know it’s super stressful at this point. I really didn’t hear from her during the initial review, although I did find something to reach out to her with every day. She was very responsive though it took a long time for her to get an answer from UW. Turns out they were just majorly backed up. Hope these next two weeks fly by!

Tomorrow will be a week past closing...glad it’s in the past!
RBFCU Premier $25K, Sam’s Club MC $25K, Citi Exec WEMC $27.5K, Alliant Signature $20K, SSFCU $20K, Cap1 Venture $20K, Employer CU LOC $20K, Navy GoRewards $18K, 2nd NFCU Plat $14.7K, Citi Simplicity $14.7K, PenFed Power Cash $10K, PenFed PLOC $10k, Navy Platinum $12.7K, SMG $8.5K, PenFed Promise $2.5K, Total Rewards $6K, Discover It $1.7K, Discover It $2K, Cap One QS1 $850, Overstock $29.5K
DC BK13 3/17....TU clean due to EE as of 12/17! EX clean as of 4/18! EQ clean as of 5/4/18!
Message 5 of 6
Regular Contributor

Re: What happens between initial review & clear to close review?

Thanks! My processor told me today that it's been in initial review a little longer just because of the busy season! Ugh I'm not a good calm waiting person lol!
Message 6 of 6
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