Why would mortgage processor call me - so nervous! (loan officer, preapproval, loan)

[ladyvictoria]

Hi everyone,
I am a first time home buyer in the middle of buying a house. We just had our inspection and waiting for the appraisal. Before I started looking I got preapproval but not the quick one everyone gets. Because of our circumstances, our loan officer submitted our application and all necessary documentation to underwriters. I got a letter from them saying I am approved. The home I end up offering is actually lot less than what I am preapproved for. In any case I am told no problem they'll just adjust the loan. But now they want to see all documents again and yesterday mortgage processor called me at home and at work left a message. I called her back but she is not in today. I am really nervous. We usually communicate through my loan officer which he seemed surprised that she called me. What could be going on? Oh I am applying for FHA loan with 3.5% down.
Thanks a million

[charlesclark]

A lot of processors don't like to communicate directly with the borrower, but sometimes the processor may have a quick question that s/he felt would be easy for you to answer.

I wouldn't worry about the call coming directly from the processor. If the loan had a serious problem the LO would probably be advised ASAP.

[ladyvictoria]

Thanks Charlesclark, I hope you are right. I thought maybe she was doing an employment check. I guess I'll know tomorrow.

[charlesclark]

About employment checks.

It hasn't happened to me yet, but a friend of mine lost a loan because the borrower got mad at her boss, got another job, and quit the morning of the closing.

Of course the investor had waited until right after she quit before calling.

The processor may have your personal work number as the number of the business, and wanted to get the correct number to call.

[Debsi]

Where I work the loan processors call the borrowers all the time. It is part of their job. They are the ones that get everything that is required for closing, not the loan officers.

[VictorBurek]

Same with me Debsi. My assistant processes all the loans i do and he contacts the clients throughout the process to get updated information and anything else the lender may require.

To OP, dont worry about the processor calling, but whatever he/she asks for get it to him/her as quick as possible. The processor will only ask you for what the lender is asking.

[charlesclark]

For me totally different. They want us to be in close contact with the borrower. I know that it isn't as efficient, but that is their way of doing business. It would be interesting to see what percentage of LO's do that part of the processors "job".

[Kathleen1971]

Processor here and I try to speak to all of my clients once a day even if just for a little hand holding through the process. Once my LO turns in the loan to me I don't want him getting in the file and messing things up lol.

[lifelongMOgal]

FHA loan rules have changed significantly and I suspect this is "due diligence" on the part of the loan processor. Be grateful for the communication rather than being left out of the loop just to find out your loan has been rejected for a reason that could have been easily cleared up with a phone call.

[Bluecielos]

Originally Posted by charlesclark

About employment checks.

It hasn't happened to me yet, but a friend of mine lost a loan because the borrower got mad at her boss, got another job, and quit the morning of the closing.

Of course the investor had waited until right after she quit before calling.

The processor may have your personal work number as the number of the business, and wanted to get the correct number to call.

Now some lenders have the requirement that they have to call within 10 days of the borrower signing closing documents to verify that they are still employed.