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Old 05-15-2012, 11:24 AM
2 posts, read 251,593 times
Reputation: 22


So my loan was sent to underwriting today. I am beyond nervous now because I had to send over two letters of explanation of cash deposits (the largest being $360.00)! That has me really anxious, but other than that, everything has went rather smooth so far. One of the cash deposits I took out $240.00 because we wre going to go away and then we deposited the money back in the account when we decided not to, which they should be able to see in my bank statements. The second was $360.00, the last of the money my sister had paid me back from last year when I lent her money to help her out. I just sent letters of explanation to the processor about this. Do you think this will be fine? Or will it cause problems?

Also, when should I expect to hear something from the bank on if it was fully approved? We are expected to close on June 1st, and the loan officer and processor asked my realtor to set up a time with me to close that day (so is that a good sign? ). I talked to my realtor and we set the time for 1pm on June 1st!!!

So excited, but overly nervous as well!
Any advice or comments are appreciated!!
Thank youu
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Old 05-15-2012, 11:35 AM
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Reputation: 2523
Should be fine so long as you had the minimum amount necessary to close prior to the new activity (i.e. mortgage companies do not want you to see you scrambling to borrow money for your down payment + settlement expenses).

Also, given the current state of the mortgage market, your originator will want to make sure all documentation validating their assessment of your level of risk is in order so that no problems occur when your loan is eventually sold on the secondary market.
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Old 05-15-2012, 01:19 PM
Location: Baltimore
1,759 posts, read 4,417,949 times
Reputation: 1193
You're in underwriting and scheduled to close June 1?! You need to give your agent and lender a gold star for achievement because they are well ahead of the game. Cash deposits under 1000 shouldn't be an issue, I deposited over 10k in cash over the course of a year in per diem payments.

Bottom line is that banks are being extra cautious with lending. Don't spend any large sums of money or apply for credit before you close and you should be fine.
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Old 05-15-2012, 02:32 PM
2 posts, read 251,593 times
Reputation: 22
They've been awesome with everything! Everything has went so smooth so far they kind of just took care of everything! I got along documents together and the letters of explanation have been the only bump in the road so far! Knock on wood!! Does underwriting normally take weeks? Or do you think conditions or committment will be within days?
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Old 05-15-2012, 06:52 PM
Location: Baltimore
1,759 posts, read 4,417,949 times
Reputation: 1193
Usually takes a few days max unless they need things.
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Old 05-17-2012, 09:19 AM
92 posts, read 384,836 times
Reputation: 84
I just closed on my first home this week, so I feel your pain. In general, those kind of deposits/withdrawls should not be a problem. Lenders are just absolutely paranoid and stingy now and want an explanation for everything. I'm kind of surprised they didn't get mad at me for paying my taxes in between going under contract and closing this week. I don't think you're typically
"fully" approved until about 72 hours before closing, they usually do a final credit check at that point. Full approval is also contingent on the home inspection, appraisal, and any extra work that needs to be done as a result. So financially you could be all set, but not necessarily fully approved.

Until then, just make sure you don't make any major purchases, especially with your credit card. Simple stuff like buying gas, food, etc is fine, but don't get any furniture, cars etc until you close. Basically, the less changes to your financial profile between application and closing, the better.

If they let you get this far, you are probably in good shape. Its common to be approved with "conditions" (i.e. random stuff the underwriters want). So don't be surprised if they start asking for stuff at the last minute. Just try to relax and do what you need to do.
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Old 05-18-2012, 10:15 AM
Location: Squirrel Hill
1,350 posts, read 3,162,291 times
Reputation: 402
Should be fine. Standard stuff these days.
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Old 05-18-2012, 01:09 PM
Location: Columbia, MD
553 posts, read 1,510,828 times
Reputation: 392
Being in underwriting usually means it's in the queue for an underwriter to approve. If your lender used the desktop underwriting application to pre-qualify you (and most do, I forget what it's proper name is) then unless you have a weird situation like being self employed, no news is good news.

You won't hear anything until your file gets to an underwriter for review + approval, and right now, I've seen it can take anywhere from 3-7 business days from when it's "in underwriting", depending on your lender and how backed up their underwriting department is at the moment.

So like others said, just relax. If your pre-qual was smooth, then your underwriting in all probability will be smooth, and if you don't hear anything then it means there are no problems.
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Old 06-25-2013, 08:16 AM
2 posts, read 109,150 times
Reputation: 16
Default mortgage question

I applied for a USDA Mortgage on Tuesday June 18th on Thursday June 20h my file went into Underwriting today the bank appraiser is scheduled to go out and do the appraisal, I have no been asked for any additionl information from the UW or LO Should I take this as a good sign that approval is coming?
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Old 06-25-2013, 10:09 PM
Location: Baltimore, MD, US
103 posts, read 284,912 times
Reputation: 121
When do you close? My lender at least is a balance between first come first served and closing date (i.e. ours was in the underwriting queue a bit longer than usual because our closing date is further out). I think ours sat in queue for about two weeks and is just coming out now.

Ask your mortgage officer if you have a lot of anxiety and they can usually either tell you if there are things that are potential road bumps or soothe your fears. I'm anxious by nature and mine has become pretty good at that.
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