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I’m not sure if I’m understanding, but my driver’s license was set to expire the same month as the projected closing, and it was flagged. Since we’re buying in a different city than we live in, and I also didn’t want to go through the hassle of renewing only to renew again, especially during the COVID, I used my passport. It did have the current address, but I’m pretty sure that the ID is to confirm your identity, not your address. Any ID that is expired is no longer valid. So I could see if they were saying it has to be updated as in unexpired.
If not, the post-qual handbook actually seems to say the reverse of what your MC seems to be saying. P. 31: You need to provide “Any new ID obtained since NACA Qualification. If you have moved, provide updated bank statements, utility bills or identification with your new address.”
That makes it seems like the old ID is fine as long as the new address is on the rest.
Then again, apparently it’s actually a crime in some states not to update your address on your ID within 30 days of moving so… There’s that.
Even if they should, they don’t. But you don’t have to wait for a backlog or anything to clear — as previous posters including Tim Trumble of NACA wrote, the electronic versions are being processed again. In my experience, it takes 5 or 6 weeks for the transcript to show up in the system. So not too much longer. Du courage, mon frère!
Also, better to do it now at qualification rather than later. At the qual stage, my income was judged to be pitiful and unstable enough (I’m a student) not to qualify for determination of PITI, so everything was based on my husband’s job and we didn’t do the verification of employment (VOE) for me. But when we got to the lender underwriting stage, the lender required both my income and my employment to be verified. We’re lucky in that it didn’t hold us up too much, but lots of people get stuck there because the companies they work for aren’t good about verifying on time or ever.
Judging by everyone’s experience as expressed in this forum, it seems that the earlier you dot i’s and cross t’s the better.May 14, 2020 at 12:54 pm in reply to: Virtual ATD Event putting everyone else’s file on hold? #67987
@azallin You’re right. I have found the chat feature to be the least helpful and most frustrating feature. And it’s not just around ATDs. If there’s not going to be more training/better connections with the rest of the organization, the chat should be relabeled so that only people new to NACA use it, since that seems to be what it’s for—just basic questions.
All that said, if you’re already at the BoA underwriting stage, I wouldn’t worry too much about not getting a response to the LOE you uploaded last week. Just make sure you always also send whatever you’re submitting to your NACA email file (email[NACA ID#]@naca.com). I have had things that were accepted and removed from my action plan/commitment letter still listed as pending weeks later.
Good luck with the process. You’re so close — just hang in there!
I was, too! I was thinking it was like any other deposit, but it’s not.
The realtor collects the earnest money and holds it — they’re licensed as the “escrow” agent, too. Then, as long as everything goes as it should with the sale, they transfer the earnest money to the next escrow agent, which in Massachusetts is the closing attorney and in most places is the title company. For NACA, the earnest money will then be applied against your closing costs, including interest buy down or principal reduction, if you choose to do either. Any excess will be refunded to you.
If all DOESN’T go as it should, though, if the buyer breaches the purchase and sale contract in some way, then the earnest money would go to the seller.
I don’t think so. But you can fill out the 4506-T request for transcript and that should work.
Ditto on what Taco said re the earnest money. But for me, Chrome wouldn’t print the URLs. I had to go to Safari.
Congratulations! We’re super blessed to be getting through during the COVID!
It must depend what office you’re coming out of. Once we got to credit access, then lender underwriting, our file was being advanced but the webfile status lagged way behind what was happening. What was reliable was the area below, where NACA and then lender conditions were posted.
That’s what I would pay attention to.
You have to upload statements from all the accounts you’re actively using — but you can only actively use a maximum of 3. I had to take all the money out of my 4th (except enough to keep it open), show that I took it from there and show that it was deposited in another, then not touch it again so there wouldn’t be any change from month to month and all our money in and out was easily accounted for.
My two cents on how many bank accounts to have? I would have at least two. One for the payment shock and previous savings that’s going toward the house, and one for daily bills. Divide the month’s payment shock into however many paychecks you’re getting, and have that amount direct deposited to the savings account from every check. That way you know for sure every month you’re making your payment shock, and you don’t have to worry as much about the spending side. Makes it easy to see when you’ve reached what you need for MRF and interest rate buydown, too.
Wait, she wants all of the cancelled checks on one page? Or she wants the front and back of any one cancelled check on the same page?
If it’s that each one, front and back, has to be on the same page, you should be able to just download a pdf from your online portal.
(FYI, we had to give not just the cancelled check, but also a transaction report to prove the money came out of our bank on a month not yet complete, so no bank statement yet).
Congrats on getting your closing disclosure!
Regarding principle reduction, I’m pretty sure you would have had to do this at the bank application stage (we did). I’m also pretty sure if you go back and try to do this now, it will hold up your process. If lowering the monthly payment is crucial, do it. If not, and you still want to reduce your debt over the long haul, you can always send in the extra money with your first normal mortgage payment, specifying that you want it to go to principle, not interest.
Hi, Niquak2020. I can understand your concern given COVID. If you have the email saying your waiver was accepted, send that to Ernesto Salazar, the HAND supervisor (ESalazar@naca.com). Explain your concern, and ask that HAND work to clear the condition. Mr. Salazar is usually very responsive and understanding, so hopefully that will work. If there’s nothing he can do, and you still can’t talk to your own rep, call your local office and ask them who to talk to in the absence of your own rep. They can substitute someone in who can address this.
We have the same closing date as you now.
My apologies. We didn’t waive the TRID disclosure — we waived the right to receive the appraisal by mail. And that turned out fine. We got it by email about a week before we got it by mail, but in the meantime the loan process could proceed.
The date has already passed but for the benefit of others who might land on this thread down the line, I agree: don’t sweat the small stuff.
But also, we DO have to give the right amount of money, no?
On the technical side, real estate laws passed in 2015 (called Truth in Lending RESPA/Integrated Disclosure or TRID) do require that final closing disclosures be sent at least 3 days prior to closing. That’s because of problems in the past with changes being made right up to scheduled closing date and closings then not able to happen because people didn’t come with the right amount on their certified checks. Actually, the new laws required that the closing disclosure be sent 7 business (postal) days ahead if sent by snail mail, and 3 if sent electronically. But in your bank application process, you will likely sign a waiver of this TRID requirement. (We did.) You just have to trust that you’ll get the email in enough time to get the check cut (or wire sent).
Congratulations! We’re in the “close to closing crazies” ourselves and sitting still in this moment is sooooo hard, especially after hustling to get things done for so long. But I know it will be worth it. Not to be sacrilegious, but as the hymn goes, “Soon and very soon, we are going to see the [keys], Hallelujah, Hallelujah, we’re going to see the [keys]!” LOL.