I have been told "my loan is in line for final underwriting", but now my normally chatty lo seems evasive and distant. Bad sign?

Asked by Sam Spade, Seattle, WA Fri Apr 2, 2010

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Melaine Loy’s answer
Melaine Loy, , Great Falls, MT
Fri Apr 2, 2010
Hello Sam,

Melaine Loy from Real Estate Salutions of Great Falls and speaking on the Realtor side, this is usually the last step for completing your loan and from my experience the Loan Officer is in the waiting mode as well so they probably don't have much to report. With that said, if you are not feeling like you are getting enough information, just ask until you feel comfortable with the explanation. Not knowing how long it has been since you have talked to your LO, I would have to say this probably isn't a bad sign but I would expect they would keep you updated often. You can also visit my website at REALESTATESALUTIONS.COM and find information on the home buying process that may address this issue. Good luck and be Positive...

Melaine Loy, CRS, GRI
Broker, Real Estate Salutions of Great Falls
(406) 770-3030
Call or Text Cell (406) 231-0520
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Robin Silver…, Mortgage Broker Or Lender, Garden City, NY
Sat Apr 3, 2010
I feel like this is something that could be written by one of my clients sometimes. There are times when we have sent those last remaining conditions in, and we are waiting for the underwriter to sign off on them. Sometimes this is done in a day, sometimes it takes a week, and we are also sitting there on pins and needles waiting for that final sign off. We have no control. If I am doing a loan for someone who we are banking, meaning that we are the direct lenders on the loan, sometimes if things get delayed I can ask to have the one or 2 conditions signed off on. However, if it is a brokered loan, I can check the banks website every other hour to see the progress, but I can't do anything to move that person's file to the top of the heap.
I know that when you, as a buyer, are in the midst of the process, you feel like you are the only one waiting for your loan to be cleared. Sometimes it gets held up by things like too many underwriters taking off for spring break because their kids are off from school. Sometimes its just because through the normal flow there are more loans at that moment, and they are not planned for. Eventually, someone will get to it. Yesterday, most of the bank underwriting departments closed early for the holiday weekend. Your LO has nothing to gain, they don't get paid until your loan closes.
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Jeanne Feeni…, Agent, Basking Ridge, NJ
Sat Apr 3, 2010
I would suspect that the LO may just be overwhelmed by inquiries - when in underwriting the process is largely out of his hands. But that is where it needs to be in order to reach completion. My suggestion is to continue to check in with him and ask him to check to be sure the underwriters have everything they need. If there are any loose ends in terms of information requests from you, act promptly.

Good luck!

Jeanne Feenick
Unwavering Commitment to Service
Web Reference:  http://www.feenick.com
0 votes
Scott Godzyk, Agent, Manchester, NH
Sat Apr 3, 2010
Sam the normal process in brief is to get prequailified, find a house, get your offer approved, LO collects all financials and submits to underwriting, underwriting comes back with a committment and/or list of conditions (items they need in addition to any you already sent in) . Once it is sent into underwriting the LO woudlnt have anything to report until it comes back or if the UW has questions, however it is no excuse for the LO to forget about you and not take a minute to tell you it is in UW and ill contact you when it is complete, not knowing is always the hardest thing,. good luck with your purchase
Web Reference:  http://www.ScottSellsNH.com
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