Credit Access vs Bank Approval

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This topic contains 4 replies, has 2 voices, and was last updated by  southflorida 4 months ago.

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  • #42967

    southflorida
    Member

    I am a little confused about what the difference is between credit access and bank approval and what they consist of? Can someone please explain briefly what credit access is and who actually works in this stage of the file?

    #42986

    TTrumble
    Member

    Hello southflorida,

    Credit Access is NACA underwriters granting permission for your file to be sent to the bank.

    I suspect you saw the term “bank app” and misinterpreted it to mean Bank Approval. It actually means Bank Application.

    Granting Credit Access gives permission to your counselor to fill out and submit the Bank Application.

    BTW, if you ever see a reference to a “1003”, that is another name for the actual Bank Application, which is officially Fannie Mae Form 1003. (Don’t let the reference to Fannie Mae throw you off. The form is simply used as the industry standard.)

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    • This reply was modified 4 months ago by  TTrumble.
    #42998

    southflorida
    Member

    I am waiting for the builder to sign the contract, between my funds and the builder’s incentives, I anticipate that my interest will be about 0.75% but my counselor keeps insisting that when he plugs the numbers in the system, it doesn’t let him decrease the interest more than 2.375%. He had the same issue the last time he tried to prepare a specific property approval letter for me, I was with him at the office and I saw how he tried to put both my interest buydown funds along with the seller contribution and the system wouldn’t let him, he is suggesting to put my savings in principal reduction but I know the NACA’s guidelines and I know it’s possible, putting my savings in principal reduction would end up in a monthly payment higher than what I am approved for. I am just thinking about going to the NACA’s office and hoping the manager would be there so we can straighten this out. What do you recommend?

    #43024

    TTrumble
    Member

    Hello southflorida,

    We’re thinking along the same lines. Get the office manager involved or another resource so this can be straightened out.

    Your counselor actually has multiple options to get help in entering in the information correctly. We have an internal helpline that can assist him and he can also reach out to the regional director if need be as well as the office manager. There’s really no need for him to struggle with it.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #43025

    southflorida
    Member

    oh ok, perfect, I am still waiting for the builder to sign the contract but if he mentions again anything about the issue I will let him know the options he has to resolve the system’s error messages that he is getting. Thank you Tim as always.

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