Underwriting Question

Home Forums Purchase Program Underwriting Question

Tagged: 

Viewing 15 posts - 1 through 15 (of 17 total)
  • Author
    Posts
  • #67899
    k.minniefield
    Participant

    My file was sent to the NACA underwriters on 5/4/2020. I know the underwriters are backed up but is this normal?

    #67917
    Taco
    Participant

    It can take that long. I think it took me about three weeks (In total) before I was approved. There was one or two conditions that I had to clear up beforehand. Have you emailed your counselor to be sure you don’t have any conditions out there? If not, you should be hearing something soo. Best of luck to you!

    🌮taco 🌮

    #67918
    Rml712
    Participant

    I submitted on 4/27 and was told I had conditions to address on 5/5. We haven’t heard back since 5/5, but I just found out today that we haven’t heard anything because our MC never resubmitted our file!! Definitely stay on top of your MC! Your status should change to “Qualification – Pending” and then if you have conditions it will be “Not Approved – Conditions.” It should change back to pending as soon as you are resubmitted. You’ll also get text messages when the status changes. If you do not see those status changes, ask your MC to double check on the file.

    #67919
    k.minniefield
    Participant

    When you submitted on the 27th did you automatically get the text saying Pending or did that not happen until the underwriter reviewed your file?

    #67920
    Nelsont
    Member

    It might be worth noting the text message feature in 2019 only consistently worked with Verizon I think. I had tmobile and never got a single text during the entire process (also my webfile was not always updated right away especially after closing it took 5 months to change out of housing search). I think other members with at&t and other service providers had hit and miss texting and webfile updates as well. Hopefully it has changed for the better. But definitely be your own advocate and stay on top of your file all the way through.

    #67922
    Al92
    Member

    I started receiving text messages during credit access. However, I dont’t think i am receiving a text message each time there is a significant change on my File. Im on T-Mobile.

    #67929
    Rml712
    Participant

    @k.minniefield – I got the text message right away


    @Nelsont
    – I have Tmobile and I have always gotten a text for appts and such.NACA told me the webfile is updated automatically and so far I have noticed that – which is why I felt like something was off since my status did not change and I was right.

    The texts may be pushed out by the MC? Who knows. I’m in AZ and it is very consistent.

    @k.minnifield – I would rely more on what your webfile says and not worry too much about the text messages. Just keep checking it and if you feel like something is up, politely bother your MC

    #67938
    MovingInMass
    Participant

    It must depend what office you’re coming out of. Once we got to credit access, then lender underwriting, our file was being advanced but the webfile status lagged way behind what was happening. What was reliable was the area below, where NACA and then lender conditions were posted.

    That’s what I would pay attention to.

    #68297
    haiti25
    Participant

    I am running into an issue regarding my credit line. I have literally no other credit lines to help me. No bills where I rent are in my name only in landlords name, my phone bill is in my name but with other account holders which makes my payments seem late although my bank statements reflex otherwise. I want to use my car insurance I have had about 3 different insurances within the last year but each month I have paid insurance and it has never lapsed but my mc is saying that it has to be consistently with the same company. When I read my book, I got a different understanding, may you give me some clarity on this?

    #68300
    Nelsont
    Member

    The first thing you need to do is put as many bills in your name as you can afford. Then you need to pay rent via your own personal check or checking account (don’t give people cash). Finally you need to stick with all of your providers including insurance without switching for a while.

    One of the keys to obtaining a mortgage loan is stability. Banks won’t issue you a loan if exhibit erratic behavior…if you keep switching insurance providers whose to say you won’t keep switching jobs or apartments. If you keep switching apartments then whose to say you won’t want out of your mortgage loan? That’s the kind of how they look at it.

    Basically showing income is not enough to obtain a mortgage loan from any bank. You need to show a history of being able to pay everything on time from your own bank accounts among other things.

    #68302
    haiti25
    Participant

    Well I am actually maybe days away from being submitted I am in the program now, and my MC literally told me this yesterday. My initial intake meeting was November 2019. I am stuck. Switching insurances or not I have not missed a payment. What else can I do to prove this?

    #68304
    TTrumble
    Member

    Hello haiti25,

    You are definitely going to have to put forth some effort to create three acceptable lines of Alternative Credit.

    One key thing to remember is that these are alternates to “normal” lines of credit. We need to see a 12-month on-time payment history for each line of credit or alternate form.

    Your insurance doesn’t qualify because having three different policies over a year and expecting them to count as one would be like taking four months on a Visa, four months on a MasterCard and four months on a Discover card and expecting them to count as one. You will need to be on your current policy for twelve consecutive months for it to count.

    I’m afraid your statement about the phone bill doesn’t quite make sense. You say the phone bill is in your name, but other account holders make it appear late. It’s YOUR account. First, how are there other “account holders” if it’s in your name and second, how do they make an account for which YOU are responsible appear late? What you are saying contradicts itself. Please clarify.

    Even when those two are straightened out, you will still have to find a third alternative source, so you should be thinking about where you can establish an account to create that third regular monthly payment. Cable, Satellite, internet, Netflix, health insurance (not through employer), gym membership, and so on can all work.

    You have some work to do, but as long as you are willing to put forth the effort required, you will be able to get qualified.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #68309
    haiti25
    Participant

    Thanks for your response. For example the entire phone bill is about $250, my half is $125 which is paid on time but the remainder isn’t paid on time, which reflects as an ongoing balance. I currently rent and all the bills are in my landlord’s name and he allows it to remain as is and I just pay the bills but none are in my name. I only have my lease, my car insurance. My other insurances are deducted from my job which won’t be eligible. My gym membership hasn’t been a year, and even if it was it was paid for a 6 month period.

    #68313
    Robin2546
    Participant

    My counselor said they submitted our file to the underwriter last Thursday 5/14. We hadn’t heard anything so Tuesday I reached out to her and she said that I needed to resubmit a couple of forms because they didn’t load…so I did. I asked her about the process and she said that the underwriter was working on underwriting but stopped to ask for those forms. How long does it normally take the underwriter? I understand that they are all busy but I can’t help but feel like she just isn’t doing her part.

    #68317
    Nelsont
    Member

    The underwriter might take 1 to 3 days. But the question is when do they actually get to it and when they do when does your MC actually let you know? Typically if at any point it’s been 3 to 5 days since you submitted for underwriting and haven’t heard back then definitely reach out. But Thursday to Tuesday is normal. Remember they have 3 days supposedly and depending on what time of day your file was submitted the clock may not have started until Friday and what time of day you reached out you may not have been 72 hours.

Viewing 15 posts - 1 through 15 (of 17 total)
  • You must be logged in to reply to this topic.
Follow us on Facebook RSS Feed Follow us on Twitter