Profile picture for Cooper30

Waiting on underwriter for pre-approval

 I am a first time home buyer and ready to pull my hair out. I've been working on getting a loan for a month now. My scores are 646, 553, and 637. When the bank pulled my credit I had roughly $6,000 in civil fines and collections. I paid all debt off and faxed letters of satisfaction to loan officer. She submitted to underwriter and the underwriter requested I write a letter stating why I had 3 accounts in collections and 3 civil fines. I faxed my loan officer the letter today. Is it normal for the underwriters to request something like that and does that mean my loan may be approved? Also, if it is denied how long should I wait to try again? Thank you.

  • April 28 2014 - US
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Answers (2)

Profile picture for wetdawgs
Asking for explanations of unusual events on credit reports is normal.    Asking for the explanations is only a sign that the process is moving forward.

Civil fines and collections are a hint that something has gone awry in your history.    Therefore, it is normal for a lender to ask for more background on what happened.     Some justifications may mean you may move forward (e.g. ended up in a coma after an auto accident), others mean that you'll need to wait (e.g. ooops, forgot to pay…. Or, ooops, spent too much).

If you are denied, please ask for an explanation so you can understand what steps you need to take.


  • April 28 2014
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Hello, Sorry to hear you are having a stressful time. Based on the brief narrative you wrote this does not sound out of the ordinary or anything you should be alarmed about. Your lender should have you through underwriting soon. Hang in there... If denied feel free to apply with another lender as there is some human element to loan applications that are on the fence. Good Luck!
  • April 28 2014
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