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Answers (9)
- rickgtech
- Contributions:5
Thank you all for the reply...
It so happens that I did get the loan approved by another lender and now I have 2 months living at the house we so much love.
As for the lender that gave us the run around she was not experienced in dealing with preparing loan docs and flipped homes, I WILL NEVER RECOMMEND " iMORTGAGE" and the so called loan officer was Catalina Ortiz 1 year experience. It was a nightmare dealing with her nothing but broken promises for 3 months trying to get the house, so look out for this lender I would not let my worst enemy to go what we went through and for anybody that is buying a house make sure they have years of qualified experience as a loan officer.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Rick,
This shouldn't be one of your concerns. In my opinion it was unprofessional to bring this to your attention.
I wouldn't worry about this now. These things usually get resolved satisfactorily.
Happy funding, Rudi
This shouldn't be one of your concerns. In my opinion it was unprofessional to bring this to your attention.
I wouldn't worry about this now. These things usually get resolved satisfactorily.
Happy funding, Rudi
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
There may not always be a clear answer. Taking the other side of the coin, if they suspect fraud they will also be vague in anything said to you and pass the file to the appropriate department for "review".
On a less ominous note; it could be the appraisal or it could be something in the guidelines that just isn't clear cut. Also, some guidleines may require an underwiter with a higher authority to sign off on something, it could be as simple as the number of tradelines on the credit report.
On a less ominous note; it could be the appraisal or it could be something in the guidelines that just isn't clear cut. Also, some guidleines may require an underwiter with a higher authority to sign off on something, it could be as simple as the number of tradelines on the credit report.
- Ken Doss, "DossBucks"
- Contributions:19
I agree with Michael,
The "head of underwriting" comment usually means there is something a little abnormal about a document or an aspect of the file. This doesn't mean there is a problem but it does make my "ears perk-up" a bit.
You need to get a very clear answer from your Loan Officer on why it went to the next level. Jeremy is correct that some Loan Officers/Brokers will us this an an excuse to get a couple of extra days "breathing room". So, be "tough" with them on getting a "real" answer.
If they give you an odd answer, feel free to send me specifics if you wish. Contact info is on my profile.
I hope this helps!
Ken
The "head of underwriting" comment usually means there is something a little abnormal about a document or an aspect of the file. This doesn't mean there is a problem but it does make my "ears perk-up" a bit.
You need to get a very clear answer from your Loan Officer on why it went to the next level. Jeremy is correct that some Loan Officers/Brokers will us this an an excuse to get a couple of extra days "breathing room". So, be "tough" with them on getting a "real" answer.
If they give you an odd answer, feel free to send me specifics if you wish. Contact info is on my profile.
I hope this helps!
Ken
- Michael Mullin, "WA and CA FHA Expert"
- Contributions:369
Jeremy is on the mark with his comments but, as a lender, I'd like to expand a little - a file doesn't go to the "head of Underwriting" unless there is a problem.
Underwriter's are allowed to use their judgment (within parameters) and do so all day long - I'd be afraid of having my file turned down if my Underwriter told me my client's file had to be reviewed by management.
Here's the question for your lender when you call them today - "What specific guideline did my file exceed such that it needs to be reviewed by the head Underwriter?" If you don't get a clear answer you might have a problem.
Time wise - shouldn't be more than 1-2 business days maximum for this review. If it's taking longer it's possible your loan officer is hiding something.
Underwriter's are allowed to use their judgment (within parameters) and do so all day long - I'd be afraid of having my file turned down if my Underwriter told me my client's file had to be reviewed by management.
Here's the question for your lender when you call them today - "What specific guideline did my file exceed such that it needs to be reviewed by the head Underwriter?" If you don't get a clear answer you might have a problem.
Time wise - shouldn't be more than 1-2 business days maximum for this review. If it's taking longer it's possible your loan officer is hiding something.
- Chris Blasic, "Top Realestate agent"
- Contributions:392
Hi Rickgtech,
Jeremy is correct they are checking and double checking the files these days. Not much for concern as long as nothing is on your side is out of the ordinary. Have your agent stay on it.
good luck
Jeremy is correct they are checking and double checking the files these days. Not much for concern as long as nothing is on your side is out of the ordinary. Have your agent stay on it.
good luck
- Maria Morton, "MariaMorton"
- Contributions:716
Hey, Jeremy! That is a nice video on your profile!
- Jeremy Colonna, "Jeremy Colonna"
- Contributions:133
In this particular market, lenders are a good bit more cautious than in years past. You may have some particular component of your loan that is outside the normal "vanilla" parameters of Fannie Mae. As such, they need to make sure that they get the head of underwriting to sign off. If they didn't and the file was audited, that could pose a problem for them down the road.
Just make sure that you stay on your lender. Many mortgage brokers (Even some mortgage bankers!) use underwriters as an excuse to cover up their own failings. They make a convenient scapegoat, because very few consumers know exactly what an underwriter does.
Just make sure that you stay on your lender. Many mortgage brokers (Even some mortgage bankers!) use underwriters as an excuse to cover up their own failings. They make a convenient scapegoat, because very few consumers know exactly what an underwriter does.
- wetdawgs
- Contributions:26854
This is standard practice, having a final signature and checking of facts. Why does it cause concern?
Why does the Underwriter have to take my loan package to the Head of Underwriting
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