Next step?

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  • #62062
    Connie
    Member

    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 advance

    #62063
    Nelsont
    Member

    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.

    #62064
    Connie
    Member

    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 contract

    #62065
    Nelsont
    Member

    Oh. Then this is probably an error. I would contact the mortgage processing center to make sure.

    #62066
    Connie
    Member

    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 tomorrow

    #62067
    Connie
    Member

    From my webfile, what i gather is that i have qualified to start searching for homes now. Isn’t it?

    #62068
    Nelsont
    Member

    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.

    • This reply was modified 6 months, 3 weeks ago by Nelsont.
    • This reply was modified 6 months, 3 weeks ago by Nelsont.
    #62071
    Nelsont
    Member

    Your qualification letter is equivalent to a pre approval letter without which real estate agents will almost never take you to look at houses.

    #62076
    Peapod0609
    Member

    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.

    #62086
    Connie
    Member

    Thanks a lot. Will contact her on monday

    #62094
    TTrumble
    Member

    Hello Connie,

    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.

    Tim Trumble
    Online Operations, NACA
    @naca.com">ttrumble@naca.com

    #62119
    Connie
    Member

    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. Thanks

    #62204
    dallasBuyer
    Member

    Hello @Connie do you have any update regarding your status. Mine changed to same status as your but it was with UW.

Viewing 13 posts - 1 through 13 (of 13 total)
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