Qualificaiton – Pending (Still)

[BakerTheBaker]

So our file was submitted two weeks ago, and I just got a hold of someone at Member Services who said there are no conditions, but that it also hasn’t been reviewed by Underwriting? The Processing Department’s phone volume is too heavy so I keep getting transferred. I’m going to keep calling, I guess, but now I’m nervous. We’re well past 7 to 10 days, and even with two days for the holiday, it’s going to be more than 10 days. I assume this is just the sign of high volume for them, and not something wrong? Our builder is, not surprisingly, champing at the bit.

[tricey718]

I just got off the phone with Mortgage Processing and now Im told I should receive my conditions by the end of this week. I submitted my bank application on 11/15

[BakerTheBaker]

Thanks for the info, @tricey718 . Looks like they’re definitely a little behind.

[Liubov1989]

@bakerthebaker We are in the same boat, we submitted the Bank App on 11/15/2019 and received the Appraisal on 11/29/2019 but still haven’t received any lender conditions. I called the mortgage department – all they said that Bank is working on my case, and there were no updates after appraisal. I hope we will receive conditions by the end of this week as they told you. We should be closing on 12/18/2019 and I really hope we will be on time. What is your closing date?

[NewYorkSpirit]

@liubov1989 how did you get your closing date?

[tricey718]

Per my contract 12/16

[Liubov1989]

@newyorkspirit Per my P&S contract.

[NewYorkSpirit]

@tricey718 oh okay. My contract said Dec 27 but I can close earlier if it happens that way. Im praying for us all! We all signed on 11/15

[Nelsont]

Unfortunately the date on your contract is not followed by BOA. While it certainly gives you a legitimate case to have your file escalated I would prepare yourself to look at the end of the month into January for closing. Especially since BOA is about 2 weeks behind schedule and the process takes a week or two after conditions have been met. :/

Just stay on top of everything like you’re doing.

[NewYorkSpirit]

@nelsont thank you. Yea. I have to be out by the end of December… I am staying on top of everything…

[Liubov1989]

@Nelsont OMG. January?! I hope you’re wrong. Do you know how long does it take for BOA to review docs after we addressed lender conditions?

[Liubov1989]

@newyorkspirit Me too, we have to move out before January 1st. My realtor said he was informed that BOA hired more people to work with NACA clients so I hope this will help us all. I will need a vacation once the process is over. Good luck to you and please keep me posted.

[Peapod0609]

Yes, as @Nelsont stated the bank is backed up (not uncommon for Bank of America lol) and you can expect some delays is what multiple people are hearing.

@tricey718 if you haven’t gotten any conditions yet and your contract date is 12/16 for closing chances are you will need an extension with the seller. Not saying it is impossible to close by then, but with the delays at the bank I wouldn’t count on closing on time. So you might want to start preparing for possible extensions, especially if you do not hear anything very soon, would be my advice.

@NewYorkSpirit your situation seems to have a bit more leeway with a date of 12/27 but the holiday will eat into some of your timeline as well. I believe you mentioned that you had an appraisal issue going on, too, so that might muck up things a bit.

Definitely keep calling the mortgage department for updates often, stay on top of your files! If it is getting close to your contract date, get an extension, and if the seller does not want to grant one, call the mortgage department and ask for your file to be escalated. A few members on here have had to do that as their contracts expired and they still did not have a clear to close.

[Nelsont]

@Liubov1989

BOA used to have an internal timeline of around 18 days from bank app to close. Of course this was unofficial and I don’t know if this is still applicable but, that is also dependent upon their own backlog and how quickly you can address your conditions (some conditions take an unnecessary amount of time to address because employers and landlords can be very slow returning phone calls or even unmotivated to fill out forms for employment and rental verification).

• This reply was modified 7 months ago by Nelsont.

[tricey718]

I know 12/16 would be a stretch at this point. Im really hoping it happens before the end of the year as Im using the .5% BOA grant. Its hard to ask for an extension when I dont really have a timeline since my file is still in the initial stage 3 weeks later. I will continue to call every day. Luckily Ive been on a month to month and I havent notified my landlord yet.

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