automated underwriting system

[Anonymous]

Hello All,

I received an "accept" through Bank of America's automated underwriting system and then they ordered an appraisal and sent my file to the underwriters.  I'm Nervous---what are the chances that my loan can be denied?

[Anonymous]

Hey Maygem,

Right now my fiance and I are going through B of A. If you have a good LO like us you should be just fine. Our UW right now asked us for tons of stuff. Ridiculous stuff in my opinion. Are you getting an FHA loan? We were supposed to close Wed. with B of A and we still havent got a clear to close.  They asked for all our conditions and we had had them turned in 2 weeks ago. They didnt touch anything until Monday. At this time  we still dont know when a closing date will be set. My LO is trying to get things moving as the Seller is supposed to be back in Nebraska by now and we are due out of our duplex in 2 weeks. My LO is great, but the Loan Processors will never return calls. If I wasnt so far in the process  would be changing lenders in a heart beat.

Sorry bout the rant, but just wanted to give you a heads up.

[Anonymous]

Thank you for your reply.  Yes, I am getting an FHA loan.  I just really don't know what the process is from this point.  Someone from Landsafe credit called me on Friday so she could call my student loan lender to make sure that the loans were in deferment status; they are until 2014, and they asked what the estimated payments would be. 

[palmbeachwife]

BOA seems to be a nightmare for me and everyone else who chose them as lenders.

[Anonymous]

On Tuesday, I received an "conditional approval" from BOA.  I had to write a couple of letters of explanation for some past derogatories.  We did the last walk through and now we have to wait on the inspector to go and give their report back to BOA.  Hopefully that will be the last step and we will have our closing date set in stone.