October 24, 2019 at 4:18 pm #61710
How long (average) will it take to get qualified now after your files send to the UR. I know ppl who submitted their file before 6 weeks ago and didn’t hear anything back yet.MC said going to ATD event won’t change anything even if you have everything ( I have a hard time believing that )because I spend most of my time reading this forum and getting every information I might need but she insist not to waste money to go there and how this forum is not a place to learn this things…so upset with her because I found this forum very helpful in many ways.
Sorry just venting here.October 24, 2019 at 4:37 pm #61711
Your MC won’t submit your files to the underwriters unless you have everything laid out in your action plan. If you don’t hear back after 6 weeks then there is likely miscommunication. Either you didn’t send everything or your MC thinks you are missing something. In both cases you have thought your file was submitted but really it’s sitting untouched on your MC’s desk. In order to mitigate that don’t send things in one at a time. Send everything at once unless your MC is very proactive and on top of their game. Then once you do send everything in ask for confirmation of receipt and make sure they don’t want anything else from you.
The underwriters typically have 72 hours to respond. Often they respond the next day. Now this doesn’t mean you will get qualified just because you sent in what was required of you on your action plan. Most of the time the underwriters will have questions and come back with conditions. Such as needing further clarification on specific transactions on your bank statements.
Now the other thing to keep in mind is your volunteer requirement. If you submit everything and have no conditions you still won’t hear anything until you sign up for volunteering.
Unfortunately your timeline is unique to you. If you wanted to put dates on it then I would say 1 to 2 months from intake to qualification is doable if you are on top of your game but, on the short side. I would say 6-12 months from intake to closing is what most people can expect the entire process to take.
Your MC is a certified loan officer. They are legally allowed to give advice. Us forum members are not. We are, among other things, familiar with the process and using our experiences to help others out. But that would be why your MC is steering you away. Mine did the same.
As far as the ATD event you absolutely can qualified on the spot because they cut corners. The caveat is that some of the corners cut (volunteering for instance) will need to be met before you reach your bank app phase. But the fact that your MC thinks you won’t get qualified at the ATD event says to me you had not met the requirements at the time this was mentioned to you.October 24, 2019 at 5:00 pm #61712
Thank you for detailed clarification.By the way it’s not my file which is taking 6 weeks it’s the estimate we got from our Mc based on the ppl she submitted recently.WE have done everything,submitted all files , what has been asked by my MC and what I think will be needed. And even my MC thinks that everything is good on our file and that’s why our file is submitted to the UR. We already have done the the volunteer and the reason she give us it will takes weeks is because “ there is a lot of ppl in a cue and it will take time for our file to be seen”. I am just trying to get the average time since the ATD event will add more ppl to the cue and will be even longer.October 24, 2019 at 5:58 pm #61713
Sounds like you are in good shape then. There really is no average time. There is a commitment of 72 hours to review your file and respond but Bank of America is backed up right now so anybody buying a house through them including regular non naca purchases will experience delays.October 24, 2019 at 9:50 pm #61718
@Nelsont, do you consider the 72 hour timframe to review and contact the same as them mailing the loan estimate snf the armortization paperwork as them contacting the member. I just dont really understand the process. I did get an email from the Hand Dept clearing me That was a wnderful thing. They called me today about the radon test which I absolutely received in a email from the home inspector LAST WEEK nd didt evm realized i evrn had. Thank goodness she called and asked me about it. I hate not knowing what is next. I need to get this process moving. (Sorry just venting)October 25, 2019 at 8:20 am #61734
Well from what I’ve heard and what I’ve read from the time your MC submits your files the underwriters should respond within 3 days (submitting your file in the afternoon though the 3 day clock wouldn’t start until the next day) but, usually they will respond within 1 or 2 days. I have had instances during my process where I got same day responses. Also I’ve gone long periods with nothing. The more crucial the point in the process you are the more likely you are to get a response within that time frame. Submitting your bank app for instance would be the beginning so I would not be surprised right now if BOA focuses on members who are set to close before they get to new applications while submitting conditions I would expect a more prompt response.
As far as mailing the loan estimate, this is just the bank acknowledging receipt of your application and nothing more. The loan originator is required by law to send it out within 3 business days of receipt of the application. Normally this is not an approval it’s a detailed copy of what will be offered to the buyer IF the buyer proceeds with the loan AND if the buyer is then approved. This can be found in the Code of Federal Regulations 12 CFR Part 1026 § 1026.37(b)(2) (Regulation Z) if you feel like reading through legalese.
For NACA members, while not officially approved by the bank yet at this stage, it would take a change of circumstance, an error on your file, or a misrepresentation of your information for you to be denied based on your own financial and credit history.
You are in a good position. While it is not recommenced you sit back and wait; definitely keep on top of everything and ask questions, you are on on your way to owning a home.
October 25, 2019 at 10:13 am #61736
- This reply was modified 1 year, 4 months ago by Nelsont.
@Nelsont, no I think I will not read the legalese. Been there done that in the past. LoL. Thank you so much. You always give me answers that I can understand. I just checked my web-file. Now it reads:Lender Status: Approved-outstanding Conditions-BOA has conditional approved the file. The Commitment Letter is available in Member’s webfile… I dont see the conditions or the commitment letter. Could it be because Im looking for it using my phone? I live in my phone. Lol.I need to know thise conditions so I can get on them.October 25, 2019 at 10:30 am #61737
It is possible. It is also possible the status was updated but, the letter was sent to your MC via email. Reach out to them.October 25, 2019 at 10:49 am #61738vero217Member
@Tara585 definitely reach out to your MC to make sure the conditions are for you to address. We received this status and when I called our MC she hadn’t added them for us to see in our webfile yet. Sometimes conditions are for other like your agent or title company to address so they are not visible to you. But I have learned to ask and be safe than to wait and be sorry you did.October 25, 2019 at 2:18 pm #61748VasumoMember
@tara585 You can also reach out to mortgage department. Yesterday when I called them, I found out about a new condition that was not visible for me on my file which they emailed to me and my MC, after which it appeared on my file. We both now have the same status. Good luck!October 31, 2019 at 8:49 am #61829
@Vasumo any updates on your file? Im at lender status: ACA, file with BOA underwriter for review. Im not really sure what that means. At least its being looked at.October 31, 2019 at 8:57 am #61832
ACA = All Conditions Addressed
It means your file is in progress and you are very close.October 31, 2019 at 9:17 am #61834
Is it normal not to hear anything from the Underwriter for a week? Our file was submitted to the underwriter last Thursday. Our file still says pending and no conditions. We did call to member services and they don’t see anything. Is there something we have to do to escalate this?October 31, 2019 at 9:17 am #61835Peapod0609Member
Sounds like you’re getting close @Tara585!
It looks like my web file changed just now from Underwriting-Suspend to ACA – NACA Follow Up.
It says the following, “Bank of America reviews NACA’s response to the outstanding conditions but is not able to Clear the file to Close. Outstanding conditions are identified in the Member’s Web-file. Bank of America is waiting for the outstanding conditions to be met.”October 31, 2019 at 9:23 am #61837Peapod0609Member
That is a little lengthier than normal I think, usually underwriters respond within 1-3 days, occasionally even same day. Now, this week and next week is an Achieve the Dream event so it could slightly delay things a bit. Having said that, not hearing back for 5-6 business days from Underwriting is not out of the ordinary.
I would say if you don’t hear back in the next few days, try to ask for an update.
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