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mre0609
Joined: 17 Apr 2009
Posts: 8
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| Posted: Fri Apr 17, 2009 7:25 pm Post subject: Underwriting ? |
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My mortgage has been in underwriting for 4 days now. They have already asked for 3 months bank statements, a letter of explanation why i was 30 days late on a student loan payment back in 06, and a letter of explanation on credit inquiries in the past 90 days (there were 4 of them, all mortgage applications). I sent them all this. They now want a copy of the homeowners association letter and a copy of the extended contract (I was supposed to close 2 weeks ago, but it was delayed due to some work being done on the house).
My question is...if they were going to deny me b/c of my credit, wouldn't they have have denied me already? Would I be wrong to assume that they are asking for homeowner's agreements b/c they are in the final steps of going through my loan packet? I mean why would they waste their time getting all of these other documents from the realtor if my credit wasn't good enough to begin with?
I have good credit by the way. |
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jerrylang
Joined: 21 Apr 2009
Posts: 1
Location: Rhode Island
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| Posted: Tue Apr 21, 2009 1:25 pm Post subject: Re: Underwriting ? |
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mre0609 wrote: My mortgage has been in underwriting for 4 days now. They have already asked for 3 months bank statements, a letter of explanation why i was 30 days late on a student loan payment back in 06, and a letter of explanation on credit inquiries in the past 90 days (there were 4 of them, all mortgage applications). I sent them all this. They now want a copy of the homeowners association letter and a copy of the extended contract (I was supposed to close 2 weeks ago, but it was delayed due to some work being done on the house).
My question is...if they were going to deny me b/c of my credit, wouldn't they have have denied me already? Would I be wrong to assume that they are asking for homeowner's agreements b/c they are in the final steps of going through my loan packet? I mean why would they waste their time getting all of these other documents from the realtor if my credit wasn't good enough to begin with?
I have good credit by the way.
Unfortunately this is the current status of the lending industry. You can never give them enough documetation. It's all about Cover your butt with underwriters now. The credit letter about the student loan seems a bit overboard if you have good credit. The letter about 90 inquiries is now becoming quite typical. 45-60 day closings are now becoming the norm.
I would not get too nervous about it yet. |
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