November 8, 2019 at 8:07 pm #62062
So about 10 minutes ago, my status changed to ‘Lender Status: Application – Loan Estimate (‘LE’) is received by Bank of America and is awaiting submission of a complete bank application. Member must be approved for NACA Credit Access’. So what am i supposed to be doing now? Thanks in advanceNovember 8, 2019 at 8:38 pm #62063
Contact your MC and schedule a credit access appointment. This will be like qualification all over again with conditions similar to those you had at qualification. This time though the numbers are not hypothetical they are specific to your house you have under contract. Once you are credit access approved you will need to come into the local office once again to wet sign your bank application which marks the official point you actually apply for the loan and bank of America starts reviewing your file.November 8, 2019 at 8:45 pm #62064
Thanks so much @nelsont. I have a question about one of the points you made. You said numbers will be specific to my house i have under contract. How is that going to happen? Does it mean I should have a house under contract at this stage? I have not started house shopping yet and hence have nothing under contractNovember 8, 2019 at 8:53 pm #62065
Oh. Then this is probably an error. I would contact the mortgage processing center to make sure.November 8, 2019 at 9:00 pm #62066
Error that i,m not supposed to be at this stage or what? my file was resubmitted to uw 2 days ago with all conditions and my file was updated today so i dont understand the error.I will call her tomorrowNovember 8, 2019 at 9:06 pm #62067
From my webfile, what i gather is that i have qualified to start searching for homes now. Isn’t it?November 8, 2019 at 9:57 pm #62068
An error in that the status is specific to the stage you are in. You should only get the status you have when you submit an offer. Being as you say you submitted your files to underwriting for qualification your status should say qualified or something along those lines but definitely nothing to do with a loan estimate which is the bank acknowledging how much the loan will cost. If I were to take a guess I would say the person updating your status clicked on the wrong button.
Definitely contact your MC. Once you are qualified you will need to come into your local office to attend the purchase workshop and receive your qualification letter. Once you get your letter you can look for houses.November 8, 2019 at 10:08 pm #62071
Your qualification letter is equivalent to a pre approval letter without which real estate agents will almost never take you to look at houses.November 9, 2019 at 11:40 am #62076
Connie, that status is usually for people who are under contract on a home. If you haven’t had an accepted offer on a home, then I am not sure why you would have that status.
I would contact your MC and/or the mortgage department (their number is listed in your web file) and ask what is going on.November 9, 2019 at 4:14 pm #62086
Thanks a lot. Will contact her on mondayNovember 9, 2019 at 9:59 pm #62094
The status in your file is very definitely in error. As Nelsont noted, that status would not happen until you have signed and submitted a contract on a home. Until you have, there are no numbers to enter into the Loan Estimate.
Have you attended the Purchase Workshop or received your Qualification Letter yet? Until you have, you are not authorized to start house hunting yet. Somebody somewhere definitely clicked on the wrong thing, so absolutely reach out to your counselor to get things clarified.
BTW, it will be Tuesday before you can contact your counselor. Monday is Veterans’ Day and all NACA offices will be closed.
Online Operations, NACA
email@example.comNovember 11, 2019 at 9:08 am #62119
Thanks for replying Tim.From all the responses on this post,I believe theres an error in my status. I got so excited when i saw that it changed and wanted to know what next, only to find out from you all that there is a mistake somewhere. I even received an email from an agent congratulating me for my naca approval. I’ll call tomorrow. ThanksNovember 15, 2019 at 12:17 am #62204
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