Stuck in Underwriting.... (loan, approved, requirements, loan)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Everything has been submitted to my lender in a timely manner over the last few weeks, and everything seems to be going fairly smoothly, BUT.....
Ugh...Still waiting. I spoke with my LO yesterday and was told that everything looks "great", but they still need the Appraisal Desk Review.That was requested on Tuesday. The original appraisal came back a week and a half ago and the LO said it looked (big surprise)......."great".
I'm just on pins and needles today. The general terms of "great" and "should", etc. are now beginning to wear on my nerves. This is my third home purchase and I have never seen this much involved with getting a mortgage approved before.
Anyone know how long this review process should take? Is it normal for this to happen? Know of the odds of it coming back "off" from the original and delaying the process any longer?
Everything you said seems normal. Quite often lenders do a desk review of the appraisal where they have another appraiser review it to make sure it is okay.
Pretty normal these days. The guidelines have changed so much and have become so much more complicated that more time is needed. In the past most closing could happen in 20-30 days, lately (the last yr and a half) we're seeing 45 day closings.
Thank you for your reply, Derek. I am seeing this as a common thread on many different sites. I'm still awaiting the results of the desk review. I'm beginning to wonder if this is just a way to buy time until my originator finds a buyer for the mortgage. Anyway, I guess it will be another weekend of waiting....
How do they desk review the appraisal report? Do they check if the information in the report is correct? Speaking of "buy time until my originator finds a buyer for the mortgage", I remember once someone mentioned to me that his LO told him that they had found an investor for his loan. I have been curious what that means. So, you do not have a loan until you have an investor for your loan?
How do they desk review the appraisal report? Do they check if the information in the report is correct?
All that means is that they have another appraiser verify the details and explanations in the appraisal to make sure it is a reasonable, well supported and USPAP compliant report.
Just keep your fingers crossed that the reviewer is competent and trained as a reviewer.
That is my understanding, onlooker. The company I am working with for this mortgage is an in-house lender and underwriter, however they sell all of the loans they originate. They do not service any type of loan.
Thank you, Annemieke. At this point, I can assure you that every available appendage is crossed and there are lots of prayers being said, too, that this reviewer is qualified and experienced. I reviewed the original appraisal and was impressed with the amount of information given in each section. There were lots of comments on market condition, stability, etc. as well. Of course, I'm no appraiser, so I'm not sure if it's as high quality as I would like to think it is. The originator did state to me, however, that he was very satisfied with it and didn't think there would be a problem in underwriting. I guess it will all depend on the "quality" of this desk reviewer, though, and if all the comps check out and add up.
Everything has been submitted to my lender in a timely manner over the last few weeks, and everything seems to be going fairly smoothly, BUT.....
Ugh...Still waiting. I spoke with my LO yesterday and was told that everything looks "great", but they still need the Appraisal Desk Review.That was requested on Tuesday. The original appraisal came back a week and a half ago and the LO said it looked (big surprise)......."great".
I'm just on pins and needles today. The general terms of "great" and "should", etc. are now beginning to wear on my nerves. This is my third home purchase and I have never seen this much involved with getting a mortgage approved before.
Anyone know how long this review process should take? Is it normal for this to happen? Know of the odds of it coming back "off" from the original and delaying the process any longer?
Not to make you more nervous, Tiffany77. Here is an article by the Mortgage Professor on underwriting The Problem In 2010 Is Underwriting for your info.
Thanks for the link. I have no doubt whatsoever that things have really tightened up in underwriting. As I stated before, I've purchased and sold homes in the past, and I can hardly believe how the guidelines and documentation requirements have changed.
It can be a headache, but I'm not sure it is all bad. We are paying for the mistakes of the past, but if it actually changes things for the better, it will be worth it for everyone. The only thing is...that's yet to be seen, and the ones who have made good decisions about affordability, regardless of what the banks were willing to lend in the past, are stuck paying the price for the ones who haven't.
Still hoping everything comes back A-OK with the appraisal review. If not, on to plan B.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
