2nd time around. Stalled at UW

Home Forums Purchase Program 2nd time around. Stalled at UW

This topic contains 3 replies, has 2 voices, and was last updated by  TheReedsinMD 1 week, 4 days ago.

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  • #40482

    TheReedsinMD
    Member

    We previously were under contract on a home that fell through 2 weeks before closing. Passed credit access & our credit and income was approved by Citi in December.

    Currently under contract on a different house and am stuck at Credit access due to VOR.
    The corporate office of our apartment has over 4,000 residents and getting documents from them in a timely manner has proven difficult.

    Underwriter will not accept anything other than new VOR. We provided 6 month signed ledger, canceled checks for Dec 2017, Jan 2018, and Feb 2018 to show tha t we have continued to pay rent on time.

    Any help you could give, Tim?

    #40483

    TheReedsinMD
    Member

    **Forgot to add that the VOR previously completed is from November 2017

    #40503

    DM
    Member

    I assume VOR means Verification of Rent. Are you saying that the Lender Citi Underwriter needs another VOR before closing? My mortgage counselor emailed my landlord the VOR from for them to fill out and return to my MC before getting qualified by the NACA underwriter.
    In addition I send them pdf statement from my BOA checking account online the bill pay to my landlord which I always pay on time. You might have to take time off work and go to your landlord office to fill out the form to send to your NACA MC. Maybe they are stalling to lose a tenant like yourself to your new home.

    • This reply was modified 1 week, 4 days ago by  DM.
    #40506

    TheReedsinMD
    Member

    Thanks for your reply @dm.
    The NACA Underwriter is requesting a 2nd VOR showing Feb 2017 to Feb 2018 as the prior VOR is Nov 2016 to November 2017.
    When initially submitted for credit access this time our MC gave VOR and copy of checks for Dec 2017, Jan 2018, and Feb 2018 but UW is refusing other thing other than new VOR.

    We have provided cancelled checks from our bank, bank statements showing checks cleared, and a signed 6 month ledger (which is as far as the on-site property manager was able to go back) as well as copies of our lease for the past 2 years.

    MC says we should hear something back from the UW today. Fingers crossed she’s in a good mood 😉

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