Anyone else get a Re-decision and 3rd review?

Home Forums Purchase Program Anyone else get a Re-decision and 3rd review?

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  • #66595
    djcwill09
    Member

    We’re in the last stages of the loan process and thought we handled conditions. Our appraiser went out yesterday because our townhome is complete. The builder wanted us to close on 3/24, but have agreed to allow us some time to finish the loan process before charging us late settlement fees.

    When I logged in, I saw this message: Underwriting-Re-decision – File is pending decline (Suspended) and is back to a lender’s underwriter for a third or more reviews. If the loan structure is materially changed such as adding a co-borrower, changing the interest rate, or changing a loan amount significantly – the loan could be sent to an underwriter for a Re-decision to denote that the loan needs to be materially reworked. Conditions will be posted to be addressed by the Member and NACA as applicable.

    I haven’t received a call yet from our MC, but will follow up on Monday. Has anyone had this status and still was able to close relatively quickly? I understand each situation is different, but I haven’t seen this status on the forum.

    #66596
    Nelsont
    Member

    I haven’t either. And I would bet there’s confusion about you or your partner’s income and/or if you have a partner not on the loan.

    #66614
    TTrumble
    Member

    Hello djcwill09,

    Like most people, you’re probably reading too much into the “suspended” status. That simply means that you are so close to the end of the process and receiving the Clear to Close that you literally cannot move any further forward and the loan has to technically be suspended while they wait for some final piece of information, most likely the appraiser’s report on the completed home.

    Most of the rest of what’s in there is technical blather just in case there is some sort of unexpected surprise and the completed home appraises for less than expected.

    For the moment, sit back and relax. The wheels are turning. If there is anything to legitimately be concerned about, your counselor will let you know.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #66615
    djcwill09
    Member

    The wheels are definitely in motion.


    @ttrumble
    , if my condition shows, NACA, Credit Other (uploaded document expired), does that mean NACA is supposed to respond to that? Is that our credit report? It was ran again last week, so should I upload it and submit it? Or leave it alone?

    #66616
    djcwill09
    Member

    Disregard Tim, seems like it was a NACA condition. It’s gone from our list of conditions.

    #66645
    djcwill09
    Member

    In case anyone is following this thread, we got an email today, 3/31 that said: ‘all conditions clear, file submitted to lender for review’ but our NACA account did not update yet. Waiting to see if we get a response within 72 hours. The builder has been emailing/asking for updates to confirm if we’re closing soon. Thankfully our MC has been responding to those requests and advising them of our steps. Wish us luck.

    #66646

    So close! Good luck!

    #66647
    djcwill09
    Member

    @nelsont meant to reply to you that BOA wanted recent income documents for my husband’s military retirement & disability. He previously uploaded it, but he emailed it to our MC and the condition went away.

    #66708
    djcwill09
    Member

    Just updating every couple of days. We received an email that we had conditions, but webfile didn’t show any conditions. Sent email to inquire what they were. No response. Called Mortgage department and got in (yay!), but they didn’t see any conditions either (awww). It’s showing ACA sent to lender UW on their end. Our webfile still shows pending decline suspended. (Boooo) Got another email that the appraisal was done and another appraisal appeared in our webfile. That’s it for now.

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