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Old 04-17-2010, 03:04 PM
 
15 posts, read 189,642 times
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Hi all, I'm currently in contract on a house, and just had a quick question about the timeline of things...

We were pre-approved, put the offer in, offer was accepted, etc.

I locked in the loan rate soon after, inspection went fine, loan officer said that she would forward my application to underwriting with all my documentation and order the title and appraisal.

About a week later, appraisal came back, right in line with the selling price of the house, LO said appraisal was sent to the underwriter.

Loan officer called my homeowner's insurance company last week to give them information on where to send the insurance binder for closing...

My question is, would this mean I'm in the final throes of this thing? Is an appraisal ordered after income verification and everything checks out? Is the request of the insurance binder something that underwriting needs or rather a step towards closing?

Thanks for the help!
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Old 04-17-2010, 06:53 PM
 
Location: Vancouver, WA
36 posts, read 205,017 times
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My knowledge is limited but our mortgage went through WF and they said the homeowner insurance is arranged after UW final approval so seems like you guys are on track
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Old 04-18-2010, 06:28 AM
 
Location: Wake Forest, NC
835 posts, read 3,967,592 times
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The Readers Digest version of a loan file.

1- get pre-approval through automated underwriting. takes 1/2 day

2- meet with client to sign documents and get copies of income and asset statements as required by automated UW. takes 1 day

3-submit loan file to underwriter for review. takes 1/2 day

4- receive back conditional approval from UW. This means if you can meet these conditions (submit these documents) you will get final approval. Things commonly on here are appraisal, clear title search, proof of homeowners insurance. Things I've seen: clearer copies of documents, explanation letters, updated income or asset information. Right now 1-2 days- last year 2-3 weeks.

5- Collect condition documents. Today in 2010 the biggest delay here is waiting for the appraisal to get completed. At this point in may only be ordered a day or 2 ago and can take up to 2 weeks with new laws implemented last year. Lets call this step 10 days.

6- submit condition documents to UW for final approval. 1-2 days.

7- get final approval or reconditioned. Final approval you can close in 2 days. If reconditioned go back to step 5 but should be in your control how long this takes and not an appraiser except if the appraisal is being conditioned for more information.


Dates on contracts have nothing to do with this process. The old "but the contract says we're closing on the 30th" has no bearing on the UW. They will expedite what they can but in no way shape or form are they bound to that date. They are responsible to do a good thorough job UW files and they will whether it meets a date or not. It is up to the Loan Officer to set proper expectations and start the process in time to keep everyone happy. This is why it is regularly said it is the LO that makes or breaks your experience in the loan process.
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Old 04-18-2010, 06:45 AM
 
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Thanks dad2jules...I have never been informed that I've been conditionally approved or anything, and the only conditional documents that have been requested have all be initiated by the LO (things like the appraisal and title). The only thing I recall being asked for was my landlord's info and homeowner's insurance provider. I submitted all my financial documents in step 2.

Is it par for the course that I may not hear anything approval-wise until final approval?
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Old 04-19-2010, 07:44 AM
 
Location: MID ATLANTIC
8,644 posts, read 22,786,365 times
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Quote:
Originally Posted by cbusbuckeye View Post
Thanks dad2jules...I have never been informed that I've been conditionally approved or anything, and the only conditional documents that have been requested have all be initiated by the LO (things like the appraisal and title). The only thing I recall being asked for was my landlord's info and homeowner's insurance provider. I submitted all my financial documents in step 2.

Is it par for the course that I may not hear anything approval-wise until final approval?
Your application is most likely considered complete, or, they are swamped and won't give you the final conditions just prior to closing. Hard to tell without knowing where you have applied. There are different processing timelines that are dependent upon where you have applied. Either way, you are pretty far into the process and it shouldn't be much longer.

I do recommend you carry a large manilla envelope in your car, up until the day of settlement. All paystubs and bank statements and anything else loan related goes in there (for both you and your spouse, if married). Online payroll and bank statements don't always have the required information, or when you get the call, you may not be near a computer. But you're almost always near a fax machine......Kinkos, UPS Office, Real Estate or Bank Chains, Home Depot and so on.
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Old 04-19-2010, 07:56 AM
 
15 posts, read 189,642 times
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Thanks SmartMoney, we applied through Fifth Third Mortgage.

Also, thanks for the manilla envelope tip, I've been carrying all my stuff in a folder in my messenger bag. Nice to have that piece of mind.
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Old 04-27-2010, 02:24 PM
 
15 posts, read 189,642 times
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Small update: LO called my insurance company today to get the declarations page for my homeowner's insurance. So they faxed that over.
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Old 04-27-2010, 09:24 PM
 
Location: MID ATLANTIC
8,644 posts, read 22,786,365 times
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Quote:
Originally Posted by cbusbuckeye View Post
Small update: LO called my insurance company today to get the declarations page for my homeowner's insurance. So they faxed that over.
Almost home!
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Old 04-28-2010, 06:49 AM
 
15 posts, read 189,642 times
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Good to hear, whew...
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Old 04-28-2010, 10:27 AM
 
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Loan commitment letter received today! Loan approved by the underwriter, we are ready to move to closing!
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