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What does it mean when a short sale offer is sent from the audit department back to the underwriter?

I have been waiting on a short sale for over 6 months. We got word that the underwriter approved it and it moved up to the audit department. Now we just found out that it has been moved back down to the underwriter. What does that mean? Was the audit department not happy with the offer and sending it back to get a counter? I'm so worried right now and don't know what to think. This is the second mortgage holder on the house. First bank already approved months ago.
  • March 20 2014 - Orem
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Answers (1)

Best Answer

It typically means that the audit has been completed and it has been sent back to the underwriter for further review. Each bank has a slightly different process they use to vet any information found by one party by another. It is pretty typical to see multiple people accessing the information before an approval is given. 
  • March 24 2014
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