Home Buying in Tempe>Question Details

mobernard75, Home Buyer in Tempe, AZ

Where can I find an underwriter for a home loan?

Asked by mobernard75, Tempe, AZ Sun May 19, 2013

My husband got a prequal from a lender and when it was time to make an offer on a house this lender ran his credit again and told him that he didn't have current credit so the house hunting came to a halt. We were told that an underwriter could do it, but to no avail. So hubby had to go and get some credit cards while we wait 3-12 months for them to show on his credit report. This has been so discouraging. We have the money down and my husband has a great credit score. Can someone point us in the right direction?

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An underwriter is someone who makes decisions on the loan for a home. The loan officer should have been able to catch this when they initially spoke to you. Did this lender provide you with a preapproval letter? Many of my clients have used good lenders and I could give you their information if that will help.
0 votes Thank Flag Link Mon May 20, 2013
Yes, we got a letter.
Flag Wed May 22, 2013
I think you are mistaking that the loan officer was trying to say.. you might give them a call back ..
underwriters work with or for lenders..
check out http://en.wikipedia.org/wiki/Underwriting
helps a bit. I hope.
Brad
0 votes Thank Flag Link Sun May 19, 2013
Hello Mobernard75:

If I am understanding correctly, there had to have been a fairly long time lag between getting the pre-qualification and your house hunting. Credit reports last 120 days, and to go from being qualified to having no current credit is very unusual...

Sergei is correct in that whomever told you to find an underwriter "dose not know what they are talking about." Underwriters not only work for mortgage brokers, they work for mortgage bankers and plain-old bankers, and whoever else wants loans to get done. But, they do NOT usually like to talk to the general public.

The other piece that does not jive, is you say your hubby had to go get credit cards, yet he has a great credit score. Are you talking about a Tri-merge mortgage credit score, which, if "great", should allow you to qualify and buy a home, or are you referencing some "free credit score" site or some other type of credit score? (You may want to read my blog on Trulia "Credit Scores and Your Mortgage Interest Rate" which talks about the fact there are dozens of "credit scores", but only one applies to mortgage approvals).

You need to talk to another lender and get a straight answer. You can call my office and ask for Calvin; he will help explain the whole picture. Take care.

Bill Parker, Loan Officer
AZ Lic# 09011570
NMLS #223607
CPA--Licensed, no longer practicing

GenCor Mortgage Inc.
15730 N. 83rd Way, Suite 103
Scottsdale, AZ 85260
(O) 480-525-8496, EXT 743; (M) 602-565-3646; (F) 480-436-5226
EM: BParker@GenCorMortgage.com
Website: http://www.GenCorMortgage.com
LinkedIn: http://www.linkedin.com/in/billparkercpa

MISSION STATEMENT: To create an unbelievably enjoyable experience for my clients, while guiding them through the most important financial transactions of their personal lives. My clients know me as their Mortgage Lender for Life. I truly appreciate your referrals.

If you think it's expensive to hire a professional to do the job, wait until you hire an amateur.
Red Adair, Oil well firefighter
0 votes Thank Flag Link Sun May 19, 2013
Hello, If you got a prequal from the lender you should have been fine when you were making an offer. Lender should never run your credit two times, unless your prequal expire. Underwriting is a department that approve the loans, they work for mortgage brokers, so who ever told you that you need to get one dose not know what they are talking about.
If you are working with a realtor he should be able to recomend a better lender and help you with the process.
I recomend Wells Fargo, Chandler and Alma School ( north west corner) Carl James. I'm a realtor and I use him for all my clients , they have great programs. And if you don't have a real estate agent I can help you with your purchase.
0 votes Thank Flag Link Sun May 19, 2013
Choose your lender wisely, be clear you are serious about buying and then have the lender pull your credit. The loan officer at that time will know what needs to be done to get you preapproved. If the loan officer is not sure, he can ask an underwriter what to do to get your file approved. Then you can start looking at properties. Personally, I like my lender to have an underwriter in the same office for fast results. You can contact me if you like. Great question, sorry you were disappointed but soon you will be able to buy a house.
0 votes Thank Flag Link Sun May 19, 2013
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