Closing Crazy and disappearing/reappearing student loan conditions

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  • #67599
    azallin
    Participant

    Estimated closing date is 5/28 (I know, plenty of time).

    The only thing that bugs me is I have had the same student loan condition for BOA three times.

    After submitting the LOE and documentation the first time it disappeared for a week. I got an email to check my conditions and there was the same condition again. I emailed my MC and he told me not to worry about it and he would take care of it. The condition disappeared by the end of that day. It then popped up again for a third time last week and disappeared from my webfile within a few hours. I think this is my MC taking care of it but wanted to see if anyone else has had a similar experience and it is not some technical error. I have sent a followup email to my MC but haven’t heard back so I figured I would reach out here to see others experiences.

    For now I am sitting in the status of Approved-Outstanding Conditions.

    #67600
    azallin
    Participant

    Additionally,

    I am in school currently and my recent graduate student loans all show in-school deferment. I had a custom letter made by my lender that listed all of my loans and the estimated total monthly payment on the income based repayment plan. I made it through approval and NACA UW without an issue with this letter but BOA seems to have an issue with it. I have been trying to get my lender to produce a new custom letter that breaks it all down by individual loan and payment for each but keep getting different responses from the lender and end up with the same letter of total estimated payment without the breakdown (going on for almost four weeks now). This was something I am trying to get on my own and not something my MC said I need to get. Is this going to be a denial point with BOA if I can’t get a breakdown? @TTrumble

    #67604
    TTrumble
    Member

    Hello azallin,

    First things first, it’s not a technical glitch. It’s much more likely that you have an underwriter at BOA who is being too darned picky! (Probably somebody new to the department…)

    If that same condition comes up again, ask your counselor to have the file escalated. You have the required letter, so the condition should be cleared, period.

    BTW “denial” is a dirty word around here! 😉 This is a bump in the road, nothing more.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

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