U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Old 08-27-2013, 01:21 PM
Location: Somewhere in the Pacific Rim
170 posts, read 249,913 times
Reputation: 144


I'm currently in the waiting stage of my home purchase. Currently waiting for my appraisal to be done and after that underwriting.

I asked my loan officer if I can get a conditional loan approval before my appraisal gets done in case something checks out and I get denied. Loan officer told me that my conditional loan approval was done when I gave all my paperwork and documents and was run through the automated underwriter system.

Is the conditional loan approval done through the desktop software or manually by an underwriter?
Rate this post positively Reply With Quote Quick reply to this message

Old 08-27-2013, 01:56 PM
3,806 posts, read 8,257,485 times
Reputation: 4944
Both. Upon getting an "Approve/Eligible," DU/DO lists the conditions, which include manual verification of all of the components that were entered into the system to get the approval. An underwriter reviews those manual verifications so as to support and confirm the approval. If they are not supported, the file is suspended, moved to a Manual Underwrite status, or declined.

You will receive a list of items needed once underwriting has reviewed the file, appraisal and all. This is the true Conditional Approval.

Conditional Approvals are pretty much hypothetical until every document and confirmation is obtained. Your LO can send you the actual DU decision, complete with required items. NOTE: every lender has different Overlays that add requirements on top of DU Findings, thus further diminishing the legitimacy of any automated approval.
Rate this post positively Reply With Quote Quick reply to this message
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top