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Old 05-28-2010, 05:52 PM
 
68 posts, read 464,396 times
Reputation: 25

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Hi All!

Thanks to this forum, I have learned quite alot of information on the Loan process and started/signed on some documentations BEFORE the lender even ask for it.

Below is my Loan Process with BOA and hopefully everything goes smoothly!! So far they have been very quick and responsive through email.


BOA Estimated Closing Date: June 3, 2010 (this date is actually when I need to remove my 14 day loan contingency, but my realtor won't remove it until I get the final approval and appraisal) BOA loan officer set this date on my loan status online (due to my contingency) so the LP and Underwriter can work faster towards this goal, I'm predicting maybe actual closing date to be 1-2 weeks after this date (time needed for 3rd party verification to be done), but hopefully faster.


05/04/2010 - Preapproved Letter to Shop
05/20/2010 - Offer on a house accepted
05/21/2010 - Sales Contract signed (seller/buyer)
05/24/2010 - All Documents emailed/fax to start loan application
05/26/2010 - Application complete, LO hand over to LP
05/28/2010 - Received official Conditional Approval from LP (faxed all required conditions and documentations over to LP same day (according to online status, these conditions/explanations are needed for final approval and some for closing)


Pending Dates:
06/01/2010 - LP says will call to notify appraisal schedule (06/03??)
06/03/2010 - Possible appraisal date according to LP

Remaining dates unknown, Need to close before June 19th (Escrow schedule to close 30 days from contract date)

*Crossing fingers and dreaming over this through the long weekend...

have a great weekend all!!
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Old 06-01-2010, 12:20 PM
 
68 posts, read 464,396 times
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UPDATE: 06/01/2010

06/01/2010 - According to LP, appraisal IS scheduled for Thursday 06/03/2010, I don't know time but I'm assuming they will contact my realtor or listing agent directly.
- Needed additional documents to verify bank statement and employment verification, and LP handed LOAN to UW and will get new status tomorrow from UW to see if I need to provide anymore documents.

06/02/2010 - New To Do List to be completed from UW
06/03/2010 - Appraisal Schedule for this date

Future dates unknown

*fingers crossed*
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Old 06-02-2010, 04:53 PM
 
68 posts, read 464,396 times
Reputation: 25
UPDATE: 06/02/2010

06/02/2010 - NO updates, UW has not return loan to LP for additional to do list yet, I'm assuming he's waiting for the appraisal results tomorrow to make final decision
06/03/2010 - Appraisal date, hopefully I'll get some to do list instead of Friday, since one can never get things done during the weekend

Future dates still unknown, but realtor says if all goes well, I might even be able to close next week.
" IF..all goes well "

"fingers and toes still crossed*
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Old 06-03-2010, 11:47 AM
 
20,185 posts, read 22,689,377 times
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Good luck... too bad you don't get the 8k housing credit but I bet you got it at a good price!
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Old 06-03-2010, 12:52 PM
 
68 posts, read 464,396 times
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Hopefully I can close in time to apply for the state tax credit 10K in California.


UPDATE: 06/03/2010 Appraisal today, no reply from UW and LP yet, waiting for next tasks, hopefully I'll get some results this afternoon or tomorrow.


Quote:
Originally Posted by evilnewbie View Post
Good luck... too bad you don't get the 8k housing credit but I bet you got it at a good price!
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Old 06-04-2010, 11:43 AM
 
68 posts, read 464,396 times
Reputation: 25
UPDATE 06/04/2010

05/04/2010 - Preapproved Letter to Shop

05/20/2010 - Offer on a house accepted
05/21/2010 - Sales Contract signed (seller/buyer)

1st week

05/24/2010 - All Documents emailed/fax to start loan application
05/26/2010 - Application complete, LO hand over to LP
05/28/2010 - Received official Conditional Approval from LP (faxed all required conditions and documentations over to LP same day (according to online status, these conditions/explanations are needed for final approval and some for closing)

2nd week
06/01/2010 - According to LP, appraisal IS scheduled for Thursday 06/03/2010, I don't know time but I'm assuming they will contact my realtor or listing agent directly.
- Needed additional documents to verify bank statement and employment verification, and LP handed LOAN to UW and will get new status tomorrow from UW to see if I need to provide anymore documents.
06/02/2010 - NO updates, UW has not return loan to LP for additional to do list yet, I'm assuming he's waiting for the appraisal results tomorrow to make final decision
06/03/2010 - Appraisal date, hopefully I'll get some to do list instead of Friday, since one can never get things done during the weekend
06/04/2010 - LP says appraisal report is in so one thing off the checklist

Now...waiting for underwriter to see what else I need and the only thing that BOA screwed up as of now is my WELCOME package which supposed to come within 3 days after application , the package that includes GFE, truth lending, borrower's etc. forms, they just finally gave me a tracking # today end of 2nd week! anyway, it's not my fault some forms weren't signed, because I didn't get it yet. If I lose the house, they lose the business, so....

Hopefully by early next week I'll get my final answer *cross fingers and toes again*
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Old 06-04-2010, 01:07 PM
 
20,185 posts, read 22,689,377 times
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$10k is even better... good luck!
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Old 06-07-2010, 01:36 PM
 
68 posts, read 464,396 times
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UPDATE: 06/07/2010

3rd week
06/07/2010 - Received WELCOME package and signed all forms necessary including faxing over additional statement and explanation requirements
- VOE was faxed over to my HR and my direct manager filled out and faxed back

Now...just waiting for the final approval notice.....and hopefully closing soon....

*fingers and toes still crossed*
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Old 06-08-2010, 02:52 PM
 
68 posts, read 464,396 times
Reputation: 25
UPDATE: 06/08/2010

3rd week
06/07/2010 - Received WELCOME package and signed all forms necessary including faxing over additional statement and explanation requirements
- VOE was faxed over to my HR and my direct manager filled out and faxed back
06/08/2010 - NO UPDATE...LP says Loan is still with UW...maybe tomorrow??
LP says she still needs to call my direct manager to verify through phone about my income, I don't understand what's taking so long, my direct manager has already faxed over the VOE. Anyway, my realtor says listing agent willing to extend contingency until this friday, if not then either seller backs out, or I gamble the 3% deposit by removing the contingency first

Waiting for final approval.....and approximate closing date if approved.

Last edited by my1sthome; 06-08-2010 at 04:19 PM..
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Old 06-09-2010, 12:03 AM
 
68 posts, read 464,396 times
Reputation: 25
UPDATE: 06/08/2010

SO I called up the BOA Loan Processor last minute before she got off work at around 5pm her time in FL and she was giving me an attitude. She said that she already got the VOE but she still needs to call my manager to verify some things over the phone verbally and tried to contact my manager but no one returned her call. My manager and all the people who answers the phone (which is about only two and myself) did not receive any call from her,

and she was like "you can't have anything to do with the VOE"

WHICH I DIDN'T!!

then she's like "I'm going to try to call your manager tomorrow again and even if I get everything cleared I still won't be able to give you a final approval answer tomorrow either" and I'm like thinking "then what the heck do you need?!" to get me the answer since you know my loan contingency was due LAST THURSDAY!

Anyway, I said thank you and hung up.

Tonight, which was like an hour ago, I emailed all my information to LENDINGTREE, prior to sending them the information, the lady at LENDINGTREE told me that the Underwriter works just the floor below theirs (in the same corporate office in IRVINE) and she can literally take the entire application
and run down to expedite it and promises to give me an answer for final approval in 48 hrs by thursday, so I told the lady at LendingTree that I'll give them a try and if I don't get an answer by Thrusday, it's considered useless also...so she said definitely no problem.


NOw...let see how this goes.....

Really starting to think BOA sucks..I mean what else do they want??????
Guess Credit scores and good past payment records don't mean dunk
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