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Old 05-05-2008, 12:05 PM
 
3 posts, read 25,626 times
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Im waiting on a closing date but I was told I received an "L P Approval" Does anyone know what that is or what it means?
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Old 05-05-2008, 12:45 PM
 
Location: Tucson, AZ
529 posts, read 2,137,169 times
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I'm going to guess and say Loan Paperwork Approval? Not sure though, let's home a mortgage guru jumps in here.
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Old 05-05-2008, 12:59 PM
 
Location: Casa Grande, AZ (May 08)
1,529 posts, read 3,494,366 times
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Mortgage guys will know more about this....but its "Loan Prospector" software. It means the Loan Officer/broker input all your information into the program and it says you qualify based upon that information.

USUALLY, its just a formatlity to confirm the information that was input (via w-2s, verification of reserves, etc..) and you ll get a final "clear to close".
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Old 05-05-2008, 01:01 PM
 
Location: Charlotte, North Carolina
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Loan Prospector LP
Desktop Underwriter DU

These are commonly used Loan underwriting software which can give a loan approval in a few seconds. The software views the scenario, and determines if you're approved and/or eligible.

If you mistated your income, assets, or the loan amount, then the software wont have correct results.
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Old 05-05-2008, 01:27 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,333,443 times
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LP approval is done usually the first day of application.

There are many other factors that may arise.
Did you put that you make bonuses, overtime, and/or part time income?
Are you self employed?
Have the assets been in your accounts for 2months?

The AU (automated underwriter) never gives a full approval.
They give an approval WITH conditions. All conditions need to be met

Quote:
Originally Posted by brandycady View Post
So would it be safe to say that ,provided everything is correct, we are definitely approved and should be closing soon????
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Old 10-05-2016, 12:46 PM
 
2 posts, read 3,742 times
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I was told I had an LP Except rating before my va loan went to final underwriting... What does LP Except mean ????
I
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Old 10-05-2016, 12:53 PM
 
2 posts, read 3,742 times
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We are trying to buy out first house and before submitting our loan to VA our loan originator. I just don't know if we will really be ready for the house... They say we have a close date of 14 th of October. Yet they say they can't say if really truly have the home .... So can somebody please help me explain it to me so I can understand
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Old 10-05-2016, 02:51 PM
 
11,383 posts, read 7,772,225 times
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LP approval, that must be a record..............pun intended.
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Old 10-05-2016, 03:47 PM
 
3,541 posts, read 7,688,892 times
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Quote:
Originally Posted by Harley99 View Post
We are trying to buy out first house and before submitting our loan to VA our loan originator. I just don't know if we will really be ready for the house... They say we have a close date of 14 th of October. Yet they say they can't say if really truly have the home .... So can somebody please help me explain it to me so I can understand
It's "Accept," and Loan Prospector is the Automated Underwriting System (AUS) used by Freddie Mac, as opposed to Desktop Underwriter (DU/DO) used by Fannie Mae.

LP is typically used in cases where some credit accounts are disputed, and the dispute is not removed prior to close, or you have a higher debt-to-income ratio than Fannie Mae (DU) will allow. Or is your employment or self-employment history is less than 2 years.

Lenders run both DU or LP when they have collected verbal information and some documents. The Processing and Underwriting departments then verify that everything in the application is accurate, and sufficiently documented. This "proves out" the "Accept" and confirms approval.

What is the situation on your appraisal, is it in yet?

Last edited by Pfhtex; 10-05-2016 at 05:12 PM..
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