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My loan has been delayed by my lender due to DU issues. My lender claims there is a system glitch with my file where the underwriter is unable to get approve/eligible. Has anyone seen an issue where DU is experiencing a system glitch? *They received DU approve/eligible weeks ago before they sent my file to the underwriter but nothing has changed in my file since then. My lender requested for my file to be manually underwritten and I'm afraid this may take much longer and delay my closing even more.
My credit score is over 700, been at my job for 6 yrs and was told DTI should be fine. Is there something else my LO is not telling me? and is there really a such thing as "DU system glitches"?
Need a lot more info, but, from your post, they need to delete the MORENET number and run it fresh. OR they could run LP as Freddie pricing has been a little more favorable lately. Or they need to re-create your file (new loan #, you'd sign new disclosures) and run it that way.
A Manual downgrade is unusual for a file that was formerly DU A/E. Some lenders can't perform a Manual Underwrite and maintain pricing/placement post-close.
Bottom line, there are easy fixes, unless something is happening to trigger it, such as: are your actual cash reserves significantly less than originally stated? has anything happened to worsen your debtload since it was first run?
Last edited by Pfhtex; 02-11-2017 at 09:54 AM..
Reason: spelling
Phftex, Thanks for your reply. The only thing I can think of is a new loan that finally hit my credit report just recently. I took this loan out prior to preapproval and notified my lender of the amount when applying since it was not showing on my credit report. She ensured me she would include it in my calculations but I'm starting to think she did not. The lender states they haven't rerun my credit but has not given me a final word on if they included the new loan or not.
Phftex, Thanks for your reply. The only thing I can think of is a new loan that finally hit my credit report just recently. I took this loan out prior to preapproval and notified my lender of the amount when applying since it was not showing on my credit report. She ensured me she would include it in my calculations but I'm starting to think she did not. The lender states they haven't rerun my credit but has not given me a final word on if they included the new loan or not.
Need to know if they are getting a true Error, or if the results are coming back with a "REFER."
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