Financing in Mount Vernon>Question Details

Ashley Johns…, Home Buyer in Bronx, NY

Mortgage Underwriting Process

Asked by Ashley Johnson, Bronx, NY Wed Dec 14, 2011

I found a home that I liked, I told my mortgage broker about it, he prequalified me for my offer. The offer was accepted. We are in contract right now and right now I am in the underwriting process. I have given ALL accurate information. Nothing about my finances has changed since I first was prequalified. No divorce, no loss of job, no added debt(to what I already have), nothing. Yet, waiting for this underwriting process is nerve racking.

What are some reasons that I may not get qualified?
What are some issues that could pop up that I am not aware of?

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Answers

3
For an accurate answer as it applies to your specific situation, do ask your loan officer the question, as lenders do check and reverify all information...
0 votes Thank Flag Link Wed Dec 14, 2011
The underwriting process is very difficult at the moment because banks are so strict about lending thanks to the mortgage crisis of the past 5 years.

The best thing you can do is make sure that your mortgage rep is staying in touch with the underwriting division of his bank. A good mortgage rep will have made friendships with one or more people in the company's underwriting department that he can keep in constant contact with and hopefully they will treat him favorably while your loan request is being considered.

Aside from that, there is nothing you can do other than submitting all documents requested as quickly as possible.
0 votes Thank Flag Link Wed Dec 14, 2011
Ashley,
Since your mortgage broker did not give you a underwritten preapproval there can be plenty of questions the underwritter can have. Any deposits over $1000 that isn't from your paycheck is questioned. Your credit report is checked to make sure you are you. They look at employment and addresses on it. Any credit card you use is going to have the current minimum payment included in your DTI.
Underwritting takes 2-5 business days depending on the work load of the lender. Expect a commitment asking for more items then you gave, that is normal. Good luck!
0 votes Thank Flag Link Wed Dec 14, 2011
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