Home Buying in Minnesota>Question Details

Allison, Home Buyer in Minnesota

My Broker submitted my loan app to UW 38 days ago. They've come back 3 times with addl info needed. How much longer will it be?

Asked by Allison, Minnesota Fri May 13, 2011

The underwriter has come back these three times:
1. two LOE on things in my bank statement. One for advances and one for an overdraft charge. Updated pay stubs and updated bank statement. 401K information. Proof of gift Money paper trail.
2. Lender asked for verification of employment and a credit supplement proving an inquiry wasn't an additional line of credit being taken out.
3. Clearer copies of bank statement and 401K info. Updated pay stubs. W2 from 2008.
I supplied all of these things to them immediately upon being asked.

How much more can I expect as far as back and forth or does this seem like a pretty complete list of things to supply?

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Answers

3
Allison

Your loan originator should be able to send in the final set of conditions and if it is what the underwriter requested, they should not condition for anything else. If the documentation you provide them, (i.e. an inquiry explanation that you applied for a credit card) leads the underwriter to require a follow up document, that is not unusual.

Everything on that list is a normal condition required on most files. The difference is that your loan originator should have been able to anticipate some of those conditions, prepared you for them up front, and included them with the initial submission. It sounds like they took whatever they had, sent it in and are letting the underwriter determine how the should document the file. That may be a lazy approach, but in the end you will need to get the underwriter everything that she needs.

Peter Boyle
20 Years Mortgage Experience
0 votes Thank Flag Link Sat May 14, 2011
Hi Allison,

Be prepared to provide the underwriter with your most recent bank statements and pay stubs if your loan does not close within the next few weeks.

Also, if your credit report has expired, the underwriter will request a new report and if there are any new inquiries or changes, you will have to address those issues.

Best regards,

Elva Wormley
Cobalt Financial Corporation
0 votes Thank Flag Link Fri May 13, 2011
These are all normal. The best person to ask this question to would be your loan officer. No one here can tell you is the U/W will ask for anything else.

It should be noted that all of the things you listed with the possible exception of the credit supplement, should have been submitted in the original loan package. You should ask your loan officer why a complete file was not submitted. Being able to anticipate what will be asked for is a skill that the best loan officers possess and one that can save you time and frustration.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Fri May 13, 2011
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