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Old 07-24-2008, 09:48 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 11,151,706 times
Reputation: 967
Depends on the experience of the loan officer.

All my preapprovals for purchases have gone to closing.
I dont issue them unless there is a good chance of the loan getting closed. I dont like to waste my time trying to close a loan that will never make it to the closing table.

I collect docs upfront, and go over credit before I issue a preapproval.
If the borrower doesn't like it, then they need to find another lender!


Quote:
Originally Posted by Va-Cat View Post
I guess my question then would be, is a preapproval worth anything? Based on your experience Renriq02, what percentage of preapprovals would you say never make it to a closing? Is it a high number?
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Old 07-24-2008, 10:03 AM
 
3,526 posts, read 5,190,088 times
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Quote:
Originally Posted by renriq02 View Post
Depends on the experience of the loan officer.

All my preapprovals for purchases have gone to closing.
I dont issue them unless there is a good chance of the loan getting closed. I dont like to waste my time trying to close a loan that will never make it to the closing table.

I collect docs upfront, and go over credit before I issue a preapproval.
If the borrower doesn't like it, then they need to find another lender!
Sounds like a reasonable way to do things. Thanks for the answer
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Old 07-21-2009, 11:45 AM
 
5 posts, read 63,120 times
Reputation: 12
My loan has went to Usda for final approval yesterday,they have already planned on closing Friday at 4.Does this mean that they are pretty sure of their decision?Or could it possibly still be turned down and have to cancel closing?I know that this is one of the most stressful things I have went threw it will be 6 weeks this Friday from when first submitted a application to hear yes or no.Thank you so much.
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Old 07-21-2009, 11:49 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 11,151,706 times
Reputation: 967
there's a good chance that you will be approved BUT we dont know your qualifications

1. credit score
2. income
3. debt to income ratio
4. price of home
5. if any down payment
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Old 07-21-2009, 11:55 AM
 
5 posts, read 63,120 times
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How long is it usually in Usda underwriting?Does it sometime get threw the banks underwriting and then not threw Usda's?All the qualifications look fine from the LO point of view and I have met all the conditions threw the bank.What do you think?
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Old 07-21-2009, 12:00 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 11,151,706 times
Reputation: 967
1. if your LO has USDA experience with MANY files then they'll be able to tell you yes or no

2. The bank or LO does NOT underwriter USDAs. USDA underwrites their own loans so you can forget what the bank said

Quote:
Originally Posted by rachealparker View Post
How long is it usually in Usda underwriting?Does it sometime get threw the banks underwriting and then not threw Usda's?All the qualifications look fine from the LO point of view and I have met all the conditions threw the bank.What do you think?
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Old 05-19-2011, 02:53 PM
 
1 posts, read 4,133 times
Reputation: 12
i got a approval through my lender and it approved the gus automated system will usda automatically approve my loan?
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Old 08-15-2012, 11:17 PM
 
1 posts, read 2,671 times
Reputation: 10
The loan underwriter that the loan officer works with usually has a list of things needed to be verified before the underwriter approves it to be sent to USDA for the final certification. They do often do this with contingency letters to the loan officer. USDA works on the certs in order of date of filing. My date is being worked on now. We had to get a loan extension. I'm praying to close in the next few days.
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