Credit Access Woes

[Almost]

Hello There,

This forum has kept me from being so anxious during this process so I thank @ttrumble and everyone who comments.

-I got qualified at the May 16th ATD Event

-I signed a P & S on June 1st and reading the Purchase Workbook reached out to my MC to start the Credit Access process.

I’ll spare all details but it’s been difficult, understandably so, getting in contact with my MC but now I’m desperate. Have we spoken? Yes. Things are moving at a snails pace. My emails are rarely answered but I keep my phone by me at all times so I’m available if he calls.

I’m about 2 weeks away from closing and I haven’t been through the Credit Access Process and the seller is wanting to know when the Appraisal is.

I didn’t hear from my MC this week so I decided to call Member Services yesterday and waited on hold for an hour an a half only to have my MC send me an email the moment I made it through to a person on Member Services. She and I had a good laugh at the timing.

The email from my MC yesterday said that he would be sending me my Credit Access action plan in “45min to 1h 30 min”. I was hopeful. I have not received anything. I have sent a follow up email.

Sitting in the HAND Property Webinar (I highly recommend, it was lovely) they mentioned that they do not prioritize files where to bank loan app hasn’t been submitted. I’m about to be in their priority file window but am concerned things will be delayed.

I’ve seen others sail through this part of the process. I’ve been polite and I’m trying to be understanding. I’ve kept everything up to date to make things easier for my MC.

Everything I read says time is of the essence. HAND mentioned that I should have my loan app in 3-5 business days after I received my repair list. That was on 6/5.

I’m close to begging. Please help.

[purdynerdy]

You have to do everything in your power to get your credit access appointment.

You have to politely pester your MC until you have your appointment. I know the ATD events are helping people, but it’s only leaving MC around the country TWO days to work on existing caseload.

This is the point where you have to advocate heavy for your file. Don’t be afraid to take it above your MC. You should have received your loan estimate and locked in your rate. Did you get it yet? Keep calling and emailing until things get done. You are going to have to extend your closing date because you still have a lot a steps to go.

[Nelsont]

The first thing I will say is you read your workbook and paid attention to the workshop and especially on here is there any reason you had roughly a 30 day contract when it is recommended to have a 60 day contract? Sometimes you can get away with 45. Rarely less. Once you get through credit access bank of america takes 3 to 6 weeks to perform their underwriting schedule closing…

The appraisal is ordered by bank of america as soon as you submit your offer, so the order would have been placed first week of June. Because it is performed by a local company it is completely dependent on 1. their workload and 2. the employees they have available. In California for instance Governor Newsom prohibited appraisals between April and May. In other states it was not quite as drastic but, in many cases there was a temporary hold which caused a backlog of first come first served once the employees returned to work. In some cases appraisers were still working, in others some companies had appraisers not able to return to work and in others some sellers were not allowing appraisers into the house. All this is to say typically you get the results within a couple weeks or less but, given the current environment they may very well be a backlog.

Unfortunately I do not have more answers for you but, I hope this sheds a little light for you and that things will pick up for you very soon.

[Almost]

@purdynerdy – No. I haven’t received my loan estimate.

@nelsont – My realtor has reassured me that I have 60 days which put my mind at ease if we have to extend the closing date.

How does BOA know to order the appraisal? Who does this request come from?

I’ll keep trying to push and advocate for my file. Thank you both.

[Nelsont]

Oh OK good.

Bank of America is notified by naca when you submit your P&S contract. Typically you should receive an auto generated email from naca once you’ve done so that asks you to click a link and agree to terms. Clicking that link essentially notifies the bank to order the appraisal. I think that’s how it’s works.

[Almost]

What you described has not taken place. When I spoke to my MC two weeks ago he mentioned that one thing on the P & S needed to be updated and he would call my Realtor.

He never called and my realtor has emailed and called him to no avail.

We are more than eager to turn things around quickly during this process but I’m getting quite discouraged.

Thanks so much for your responses.

[purdynerdy]

I think your MC is dropping the ball.

Hopefully @Ttrumble can help.

There is a lot of things that hadn’t happened that should have happened much earlier.

[Almost]

Thank you both for responding! I’m hoping to get some movement very very soon. **fingers crossed**

[jasmine1103]

@almost so we may be closing twins! I am having credit access woes. Send all my information Monday and have been emailing my MC since then. No communication. Signed p&s contract 6/6, inspection with terminate complete, all information needed for credit access up to date. I am currently number 65 on hold with NACA SERVICES. Soo i wish you luck !

[Almost]

@jasmine1103 Wishing you luck as well!! I’ll be sure to update this thread to celebrate the progress please do the same! I love reading the threads and seeing things happen for people.

[jasmine1103]

@almost i sure will. It gives everyone here hope that this is real!

[jasmine1103]

Update- just received a text saying my status as went to credit access request .. is this for an appointment or what happens next ??

[Almost]

Not sure. I’m still stuck on ‘Property Identified’.

@nelsont or @purdynerdy – any insight?

[purdynerdy]

Credit Access – Request means file was sent to underwriter for credit access approval.

[jasmine1103]

@purdynerdy oh wow yay now I’m nervous 😂

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