Lender Status Help

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  • #72355
    SkinsNation
    Participant

    Good morning people! So I’ve cleared my lender conditions and know this is what I see on my file

    Lender Status: Underwriting-Initial Review – File was sent to an underwriter and are waiting on an initial credit decision. Conditions will not be posted at this stage unless referred from an Underwriting or Approved status. NACA Action is not needed at this time.

    My question is if this means it’s going through NACA underwriting again or is it with the bank? Any input is appreciated!

    #72357
    SkinsNation
    Participant

    Update new status:

    Lender Status: Approved-Outstanding Conditions – File is underwritten and conditionally approved. The lender still has open conditions that must be addressed. These conditions will be posted to be addressed by the Member or NACA as applicable. When the loan is in ‘Approved’ status a commitment letter may be provided if the title and homeowners insurance (‘HOI’) is provided and complete. Thus, a commitment letter is possible in this status.

    Seems pretty self explanatory. Does anyone have any input on how far I possibly am from closing? Thanks in advance

    #72362
    marvb
    Participant

    We stood at this point for weeks on our old house it’s really no definitive way to tell progress. Check in with MC

    #72363
    SkinsNation
    Participant

    Update: received loan approval document with a couple outstanding conditions with the lender as the responsible party

    #72364
    SkinsNation
    Participant

    Thanks Marv. I checked with him this morning and he assured me that me and my wife have met all of the requirements on our side of things. Thankful to have a responsive MC

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