No news good news underwriting a loan

They wanted to know where our money was going during this period, and where the new deposits were coming from. We satisfied the second set of conditions on May 16, But if we had put some extra money aside before applying for the loan, we might have cleared the obstacle that ultimately led to our rejection.

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We sent the signed disclosures back to the new lender on May We put a lot into the process, but got nothing out of it. I want people to learn from our experience. We sent our mortgage application to the loan officer on April 3, Underwriting is when you really have to hold your breath.

Mortgage pre-approval is not a license to spend money from your savings, or to charge up your credit cards.

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This has been such an inconvenience yet alone nerve wrecking experience for us!! And, most importantly, we finally got approved for the loan.

Our lease was up in less than a month. I am really, really NOT happy with their mortgage process!!! Our loan package was submitted to the underwriter that same day. On May 23, when the Bank of America drama was still unfolding, we spoke to our sales agent at the home builder.

A Tale of Mortgage Rejection This experience has been quite a roller coaster for us. Lastly, I would encourage home buyers to save as much money as possible. We too are going through DR Horton! My issue was never with our Coach for the program but with our LO!

We spoke to the new lender and completed an application by phone on May 24, Jun 25,  · If your lender used the desktop underwriting application to pre-qualify you (and most do, I forget what it's proper name is) then unless you have a weird situation like being self employed, no news is good news.

Sep 27,  · Yes no news is good news when you know you have a dependable LO. Our process time has taken over a month!!!! This of course is because of mistakes our LO has been making throughout the process that my husband and I would catch sometimes and then inform him!!

When it comes to mortgage lending, no news isn’t necessarily good news. Particularly in today’s economic climate, many lenders are struggling to meet closing deadlines, but don’t readily offer up that information.

Jeff and his underwriting team snapped into action. Eight days later, Dan and Sandy received a full loan commitment and. Apr 14,  · Underwriting wait (insurance, loan officer, escrow, approval) regarding my LO's lack of communication or is it reasonable to assume she's likely very busy and simply waiting for news to report to me?

What is not being communicated to the general public is our industry experienced a system wide failure for a loan operating.

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Sep 17,  · PSA: If your mortgage underwriter hasn't asked for anything yet Discussion in ' OT Discussion Club ' started by slashbinslashbash, Sep 16. The GOOD news, is that we had another company come over last night, who already did a desktop approval for us prior, and said that because this is an FHA loan, our appraisal will transfer, no more money out of pocket.

Confessions of a Mortgage Reject, And Life After Rejection Download
No news good news underwriting a loan
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