Starting the Process in the West

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  • #66189
    azallin
    Participant

    I am really excited to be going through the process and have a question for those more experienced and closer to the finish line.

    Home-buyer Workshop 6/15/19
    Intake 3/2/20
    Submitted to UW 3/9/20

    With the achieve the dream events beginning this week and continuing through the next several weeks, is it likely my file is going to sit in pending longer since it’ll be all hands on deck in Georgia and then North Carolina?

    #66190
    Nelsont
    Member

    Yes.

    #66243
    TTrumble
    Member

    Hello azallin,

    Nope, not at all.

    Not only have the Atlanta and Raleigh events been postponed indefinitely because of the Covid-19 scare, the events themselves have virtually no effect on files in the underwriting pipeline.

    During the events, the on-site underwriters are not the only ones working on files. We have other underwriters operating in a stand-by “back office” capacity to approve event files when the volume of files gets too big for the on-site team. But when the back office underwriters aren’t working event files, they are working their regular files in the pipeline. This means they are actually working on non-event files on days and hours that they wouldn’t be otherwise. Remember, the purpose of the events is to handle a large volume of files in a short period of time, and that doesn’t just mean at the event.

    However, that’s basically a moot point right now since with the possible (and increasingly unlikely) exception of Charlotte, it looks like the tours will be taking a break prior to the Baltimore event and everything will be focused on the “regular” pipeline for the near future.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    • This reply was modified 11 months, 2 weeks ago by TTrumble.
    #66296
    azallin
    Participant

    @TTrumble

    Thank you!

    #66300
    azallin
    Participant

    Denied (conditions-volunteer activity) 3/13/20
    Volunteer activity 3/14/20
    Resubmitted to UW 3/16/20

    #66389
    TTrumble
    Member

    Hello asallin,

    Please keep us updated.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #66398
    azallin
    Participant

    Denied (conditions-blank) 3/18/20

    I emailed and left a message for my MC within minutes of receiving my second denial but no response by the end of yesterday.

    It was frustrating and a little heart breaking to see this status with no explanation as prior to this, my only condition was volunteering. I was fully expecting (putting the cart before the horse) to get into the next purchase class schedule for today and get started on the next process of this journey.

    3/19 Contacted the NACA virtual help to inquire about the blank conditions. Their response was “work on student loan payments and demonstrate saving before resubmitting file”.

    This again brought about strong emotions as both of these things had been addressed in great detail before the first UW submission. Lets assume that the UW identified that I hadn’t yet completed my volunteer activity and denied my file based on that the first time. Should it have taken 96 hours from my MC submitting the file to get that response? With 96 hours I would assume they would have looked at the file and identified any other barriers to qualification.

    I immediately called member services (local office wasn’t open yet). I spoke to a wonderful women who was able to provide additional clarification. She was able to explain that my MC had already gone back and forth with the UW on the shock savings part. The last note was my MC response but no reply from UW. The second part was UW instructing MC about using the student loan repayment calculator if a letter could not be obtained from student loan provider. I immediately resubmitted the letter already in my file and tried to get ahold of my MC.

    The front office answered and was able to tell me my MC had been working on my file this morning but was with another client currently and would call me later today. I want to first state that I have no issues with my MC and do not think any of this is his fault. My frustration is the lack of transparency with UW. Had they immediately just put it in my web file, I could have started some LOE or resubmitted documents. Blank conditions really seems unreasonable. And before anyone asks, the first time I was denied with conditions, there was a link I could click on to see the conditions, there was no such link or alternative to view the conditions. I’m not sure if this is a technical issue or planned. From my point of view I am working with my MC to satisfy the UW. Too much time is lost with only MC being able to see the conditions. What could be addressed within a matter of minutes takes the MC longer since they have many other clients and it then takes hours or days to get back to us with something that takes little time for us to accomplish. We don’t fully realize the back and forth the MCs do for us behind the scenes, however, more transparency might go a ways in both directions on smoothing out the process.

    It seems like it is a wash to get into the purchase workshop this week so hopefully next week. I did ramble on a bit but I feel that the more detailed feedback we are able to provide NACA, the better NACA can identify isolated problems or something that may need to be addressed nationally.

    #66402
    azallin
    Participant

    After 30 minutes on the phone with my MC it seems we are starting to get on the same page.

    The confusion seems to be regarding federal student loans. Which seem to be common theme across many of the forum posts.

    Background:
    I have multiple federal student loans across undergrad and grad school with a couple not in repayment because I graduate from grad school in May 2021.

    At the very start of this process I made sure to have a specialized letter created by my student loan holder stating what the total monthly payment will be for all of my loan once they are in repayment based on the income based repayment plan. Now one problem with the letter is the payment amount it listed is the total household payment, however, they did not add that caveat, so it reads as if it is my payment and not a combination with my spouse. We are a single income home filing taxes jointly so there is a total household payment between our loans that is established. This would not be the case if we filed separately.

    Now even with that little miss it was only a difference of $74 per month on our DTI ratio. Now I am not sure if due to the amount of documents I submitted it got lost in the shuffle but the UW unfortunately used the student loan calculator to determine what my payment is and it was 6X more then what the true payment is. Thankfully my very patient MC took the time for me to fully explain the federal student loans and sent him the letter again, directing him to the statement at the bottom of the letter stipulating the total payment and accepting that the DTI is going to be off by $74 for the time being until I get a new letter. My MC said he will be resubmitting my file to UW today. So now I will just wait for that text message update of file status pending.

    If you have student loans that are not in repayment make sure to ask for a full repayment letter well in advance of submitting your paperwork. I have had to request the letter twice and it has taken almost a month for them to complete it.

    #66474
    azallin
    Participant

    PROCESS SO FAR

    Home-buyer Workshop 6/15/19
    Intake 3/2/20
    Submitted to UW 3/9/20
    Denied (conditions-volunteer activity) 3/13/20
    Volunteer activity 3/14/20
    Resubmitted to UW 3/16/20
    Denied (conditions-student loan payment clarification) 3/18/20
    Resubmitted to UW 3/19/20
    Qualified 3/23/20

    #66859
    azallin
    Participant

    Purchase Workshop 3/26/20
    Picked Realtor w/o NACA experience 3/29/20
    RED class completed by realtor 3/31/20
    Walked house and requested property specific letter end of day 4/7/20
    Property letter received and offer made on house 4/8/20

    • This reply was modified 10 months, 3 weeks ago by azallin.
    • This reply was modified 10 months, 3 weeks ago by azallin.
    #66986
    azallin
    Participant

    Under contract 4/11
    Home inspection AM 4/13
    Status update to property identified PM 4/13
    Upload home inspection and termite AM 4/14
    HAND condition- condition addressed AM 4/14
    Loan estimate accepted PM 4/14
    Status update to credit access PM 4/14

    #67026
    azallin
    Participant

    HAND cleared AM 4/15
    Credit access conditions- 1)Joint Asset Letter 2)LOE for recent deposit (COVID-19 stimulus). Letters uploaded within an hour of notification PM 4/15

    • This reply was modified 10 months, 2 weeks ago by azallin.
    • This reply was modified 10 months, 2 weeks ago by azallin.
    #67253
    azallin
    Participant

    Credit Access Approved and Appraisal ordered 4/16
    Bank App submitted 4/17 PM
    BofA Credit pull and appraisal completed 4/21 AM
    Status update to Underwriting-Initial Review 4/21 PM
    Appraisal uploaded 4/22 AM

    #67715
    azallin
    Participant

    Approved- Outstanding Conditions- Condition requesting proof of payment for student loans that have not entered repayment 4/24

    Provided LOE and letter from lender for total student loan payment when all are in repayment. Checked in with MC and he confirmed that what I had provided should have satisfied BOA. He did speculate that with the shelter-at-home orders in place and the skyrocketing applications for refinancing, that there are newer people handling NACA apps.

    Same condition popped in and out several times 4/27-5/1

    Same condition again 5/6

    New LOE and lender documentation of the estimated total payment once entering repayment submitted. Emailed MC and called member services to have file escalated. Initial estimated closing date 5/28.

    #67743
    Al92
    Member

    @azallin I see the mortgage process is keeping you busy 🙂

    Are you uploading documents to address conditions on your Web-File or is your MC doing it for you?

    Thanks

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