I am working with a mortgage company. after pulling my credit scores I’ve given him all my paper work, (W-2′s , paystubs. etc). He told me even though my credit isn’t the best he still can get me 100% financed. He told me let me give it to the underwritters and we should get an approval tomorrow. that was yesterday. Today, I still have not received an approval and I am getting a little nervous. How long does an approval takes? some people tell me it takes only 24 hours, some say it takes weeks. What exactly does the underwriter do? (FYI: I did do my research on this company good reputation and I did not have to pay any up-front fees).
Dec 232011
Dec 232011
I was wondering what are the chances of our financing falling through…Im so nervous I have heard about peoples loans falling through whne they go to the underwriter. We are working with a mortgage company that their loans are locally processed, underwritten, and closed by their company. We were told by the branch manager that we have nothing to worry about, but that doesnt help. We were pre-approved,found a house,made an offer had it accepted,locked in at 5.5%, gave the earnest money, had the inspection and appraisal done,had our funds verified, had our employment verified, the title company called and said we needed to get home owners insurance so we did that also, we havent had any changes to our credit, havent bought anything big, my husband has been in the Army Active duty for 15 years so he has steady employment, he had his identity stolen and we have been working to get it cleared up, his score is only 605… If it matters we are in Oklahoma state and are using my husbands VA loan…Im so nervous what are the chances of it falling through?
I am a teacher and my husband is a commercial underwriter. We recently moved to a new city (1 year ago)and doubled our income. We currently rent from my sister in law in a ROUGH gang infested area, no place to raise our 3 little ones. We are trying to rebuld our credit however the process is a snail. My husbands credit is 559 and rising. How can we find a trustworthy mortgage broker? Is it better to work with someone local or do the internet thing?
My loan for a single family residence just went to the underwriter. My loan agent says she received all the documents required and will send them over for review with the underwriter.
Barring any unforeseen issues, how long would it take for me to hear anything.
I’m asking for an average, I know different outcomes for different situations.
I’m in CA, 320K loan, 430k home. B of A for the loan.
Dec 022011
My husband and I applied for a mortgage and were approved in principle. The application went to the final stages and the underwriter refused the application. It turns out that approx 4 years ago I had a default for £2000, although the debt is in my name it was actually my ex-partners debt. My husband has never had any adverse credit and is never late paying anything, in-fact he has never even used any of his overdraft, unfortunately I am the main earner in the house and therefore my name has to go on the application. The loan amount for the house is not that much (£70k) in comparison to other mortgages. I have appealed against the decision of the bank, do I really have any hope of getting my mortgage?
As an experience Loan Officers, what advice can you give to me about your profession? I am very interested in working as a Loan Processor but I am also curious of what “real skills” does it take to work in a Mortgage Loan Office. Whom should you build a close working relationship with? I know the essential people would include a Mortgage Broker license, underwriter, loan consultant, document drawer, etc. but what else is needed besides a large capital.
“real skills” = things that are not included in the job description
I am soooo nervous right now. The underwriter was calling around doing the final verification of employment, etc yesterday. It was so funny b/c when she called to verify employment, I answered the phone. I didn’t let on that it was me and I just gave her directions as to how to acquire the information. lol. Here it is, not even daylight yet and I am wide awake!:smileytongue:
bybill barber
My appraisal was completed yesterday on the home and 10 acres we are trying to purchase with an FHA loan. The appraiser made note that part of the 10 acres was farmland. The house was orginally on 80 acres. The seller split off the house and 10 acres in 2009 while trying to sell it by owner. Since he still owns all the land, he has all the tillable land rented out to a farmer who put it into corn this year. The corn has been harvested. My LO is awaiting the underwriter approval or conditions and is expecting to get a condition. She thinks the UW will request the farmland be split from the parcel. And then we will have the seller deed that to us seperately.
Can anyone chime in on this. I am trying to guess at what might happen so I can prepare what might be needed. I don’t think it is fair for them to request the land be split. Since the land will be owned by someone new, there will not be farming continuing on the land that was farmed this year. Why can’t the UW just take that at face value? I know we sent over in our file the survey results from the seller which shows the house and 10 acres and the other 70 acres. I think it is quite clear that the only reason it was all farmed was because the seller owned it all and that certainly won’t be the case once the house is sold.
Any guesses on what we can do or provide if the UW comes back with a condition?
bywvhomes
I have been in the real estate market for about 7 years. I started as a Loan Coordinator, then credit officer/assoc. underwriter, call center manager, Product manager. The market is slowly disappearing, I’m unemployed now. I think I should try another field, maybe Financial planning. I don’t know if this market is already saturated, with other fellow real estate professionals. The market is only going to get worse, what should I do?