Profile picture for Lynn499

LO has a meeting with Underwriter? is this bad?

I am working on getting Pre Approved for a mortgage so we can start looking for a home. Its been almost 2 weeks since my LO submitted to the underwriter and she just told me today she has a meeting with the underwriter this afternoon. Is that a good thing or bad thing?
She told me she put me in for 150K and that my back end ratio was a 43. We have a 597 and 605 Credit score. 
Im worried the word "meeting" is a bad thing! lol
  • August 26 - US
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Answers (16)

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Profile picture for Outer Banks N C
The loan officer works to get you that loan so her meeting the underwriter is a step towards getting you the loan. There must be a question or concern they are trying to resolve. Relax, what is your loan officer telling you?
  • August 26
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You need to find a new mortgage lender.  This LO appears to be wasting your time.
  • August 27
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If the loan officer you are working with knows their guidelines and can run an application through DU or LP, (Fannie Mae and Freddie Mac's respective underwriting systems) there is no reason to meet with an underwriter.  Sounds like the loan officer is stalling for some reason and 2 weeks is a very long time to have you waiting for an answer.  What sort of loan are you looking for? FHA or VA I assume?  Please contact me through my profile to discuss further. I am licensed in all 50 states.
  • August 27
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A good LO IS the underwriter as well. An LO that throws files against the wall and hope they stick would be the one to meet with the underwriter after submission and ask "what happened?"  Just my opinion.
  • August 27
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Profile picture for shapiroamg
You lower credit score along with higher debt ration could (not is but could) be an issue. Your loan officer is being very cautious and this is a good thing. Its better to make sure you will get the loan before making an offer and finding out you will not get the loan.
Meeting or talking with an underwriter is fairly standard. I would assume that she wants to discuss your compensating factors to help offset the lower score and higher debt ratio.
  • August 27
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Why after 2 weeks has she finally decidced to talk to the underwriter...wait she still hasnt? Do you know what the issue is and why it is taking so long? I would look into another lender. [self promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]

Jordan
  • August 27
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Profile picture for Lynn499
DAVE--- 

I called her around 5pm and she said she hasnt spoken to the under writer yet and hopefully she will hear from him.
Havent heard from her since
  • August 27
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Profile picture for Rebecca Marvel
I'd try another lender and let them know that you are shopping around. This may kick them in the pants and get them to perform. There are many lenders out there that will give you a pre-approval in 24 hours. It wouldn't hurt you to shop the rates as well.
  • August 27
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Profile picture for daveskow
how did the loan officer / underwriter meeting go yesterday?
  • August 27
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Hello

There may be some 'legit or questions' on the file that the underwriter has with the file, sometimes the process can be a little longer than expected. I will say that 2 weeks is a lil longer than usual imo (especially this time of year, late August is usually a bit slower) but it is possible..

Good luck to you
  • August 27
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Profile picture for Lynn499
In response to jared, I applied for an fha. My first time buying a home. I have 20k In the bank so I was going to put at least 3.5 percent down. My husband and I both make a combined income of About 6000 per month. And have held our jobs for each over 3 years. I've had some credit snags and judgements but paid them off so IIt would show satisfied and also have gotten a secure card and brought my score up 50 points in the past 4 Months
  • August 27
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The old "I gotta meet with the UW" stall tactic
  • August 26
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Considering the fact, that 99.99% of closed loans don't require the UW to meet with the LO, it is bad news. The good news is that you have gone about the process, in the best fashion, by getting pre-approved, before going head first into a contract. Chances are, that the issues with your application can be fixed, and you can move forward, soon. Please let us know what happens.
  • August 26
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A "meeting" could be good thing, but is probably not so good from the sound of it. I talk with underwriters all the time by phone to discuss submissions or loan scenarios that don't quite fit the normal guidelines. I rarely have formal "meetings" with an underwriter...  It seems interesting to me that it has taken 2 weeks to get to the point of the LO talking with the underwriter.  That seems really slow.  I would think any qualification issues should have and could have been discussed sooner than 2 weeks.

What type of loan did you apply for?
What is your down payment amount?
Is your income typical i.e. Salary or Hourly? Any bonus or commissions? Self-employed?
What is causing your FICO scores to be low?  Bankruptcy? Foreclosure or short sale in your past?
  • August 26
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It could be possible that your back - end debt ratio exceeds 43%. With credit scores below 620, and a back - end debt ratio above 43%, your loan would have to be manually underwritten. Some companies only take "Approve/Eligible" loans, and won't do manual underwrites. And the ones that do accept them might do so only on a case - by - case basis. If this is the case, there should be ways to get below the 43% (like getting pre - approved for a lower mortgage amount or putting more money down). Are there any major credit problems behind the 597 and 605 scores? Good luck...hope everything works out
  • August 26
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Profile picture for daveskow
its good in the sense the Underwriter  is willing to talk/ ask questions regarding your file ...its bad that the underwriter wasnt able to  approve what was submitted two weeks ago by the loan officer without asking questions  ...good luck
  • August 26
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