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Old 04-10-2008, 10:38 AM
 
76 posts, read 343,486 times
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Do they review your paper work for final approval for a mortgage loan? I have selected the house in a new development and it's being built and it's almost finished. We did the contract and we made monthly payments towards the home. We got approve through their automated system. I just want to know exactly the role of the under writers.
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Old 04-10-2008, 11:43 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,574,178 times
Reputation: 1008
yes always...the final paperwork that they will look at is the appraisal, and the CO (certificate of occupancy). They should have everything else by then.
The homeowner insurance company will require a copy of that appraisal

Quote:
Originally Posted by micheleroll View Post
Do they review your paper work for final approval for a mortgage loan? I have selected the house in a new development and it's being built and it's almost finished. We did the contract and we made monthly payments towards the home. We got approve through their automated system. I just want to know exactly the role of the under writers.
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Old 04-10-2008, 05:26 PM
 
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Have you already been conditioned for income and asset documentation? paystubs, W2's, bank statements?

They will always ask for most recent income and asset documentation at closing and do a verbal verification of employment. They will also want to paper trail where your cash to close came from.
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Old 04-10-2008, 08:56 PM
 
Location: Cary, NC
1,036 posts, read 3,742,182 times
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Even after the automated approval, an underwriter needs to make sure you meed the conditions required by the system. It all depends on how much paper work (those income/asset docs) and other items the lender requested and has obtained.

The loan officer should have been working with you since the contract collecting documents and updating you of the status. Usually the final items are the appraisal once the home is complete and the certificate of occupancy. At that point you can do your final walkthrough and approve of the property and sign the closing docs.

Has the loan officer given you a list of conditions on the approval or updated you on the status?
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