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Tagged: bank application process, loan approval
cstar89.
firmeh89So today I went to my local office submitted my bank application, now this part of the process I know very little, what should I expect during the bank application process? I know I will receive conditions and I will work on those as they come, but what are the updates I should expect and is the final step a clear to close?
NelsontA loan estimate and application packet in the mail asking you to sign and return. You don’t need to. This is generic and sent to everybody. NACA clients just happen to have done it in the office during bank app. You should be seeing this next week as BOA has 3 days to acknowledge and send out. Once you address your conditions, which should be relatively simple, you can expect a closing disclosure. Then you can expect a clear to close with final closing disclosure and then finally you can expect a final clear to close.
The CD will look very similar to the LE. Neither will contain numbers that take buy down into account so don’t be alarmed if the numbers seem off. The CD will also have a date of closing listed. This will likely be different than the date of closing on your contract and is also an estimate at that so again, don’t worry. Under normal circumstances with no delays you can expect this tentative date to be about a week from closing and within that week you can expect the CTC, final CD and final CTC. Each of those 3 can be given via email 1 to 2 days prior to your actual close date which will be listed on the final CD and often you get all 3 in the same day. Don’t worry if you hear nothing for a while after your CD. Quite often you hear crickets and then all of a sudden you find out you are closing tomorrow. Good luck!
mariajohn11Bank will respond to you within one week regarding your application. Hope your application will be processed soon and you got the good news.
Your credit score, bank statements, Income proof, Property value, etc are the vital factor to close the mortgage.
Liubov1989@Nelsont What email should I expect the CTC, final CD and final CTC to come from? What is”LE”?
NelsontLE is loan estimate.
Your email will likely come from your naca lynx address. Mine did anyway. It was my CC using my naca lynx address. I think they do that so you don’t get their personal address and overwhelm them with questions. Out of curiosity I am searching through all my naca emails and it turns out my MC would also use my naca lynx address when communicating conditions.
firmeh89Has anyone ever had a problem with their loan not being registered? I did my bank app on Tuesday and I called Mortgage processing and they told me the loan has not yet been registered, they asked me to contact my MC, I did so an he told me everything looks good on his end.
Peapod0609@firmeh89 it is quite likely too early, yet. They usually don’t even receive the file and start looking at it for a minimum of 3 business days, possibly even longer now due to the delays BOA has been having the last month or so.
Liubov1989Guys, I know you are very knowledgeable, maybe you can help me with this: I just got an email notifying that there were some changes in my HOI policy, it says that the mortgagee has been changed to
Bank Of America Isaoa Atima
Po Box 961291 in Fort Worth, TX
Do you know who did this change? It wasn’t me. Was it BofA? Does it mean they actually working on my file?
I haven’t heard anything since last Saturday when they cleared all the conditions. I really want to belive my case is moving forward.
cstar89@liubov1989 I would assume this means your file is being worked on. Did you not have Bank of America added in the mortgagee clause? My MC required me to do this initially. Its a standard request.
It should also include your loan number….
cstar89.
Peapod0609@Liubov1989 the same thing happened to me, yes that is BOA. It is nothing to worry about, it’s just the name that they require to be on your HOI.
Liubov1989I had them on HOI but I took the name form the very first paperwork I received from them, I think I used the wrong name. I’m so happy to know they are actually doing something since my MC is on vacation I don’t really know what is going on with my case. Thank you.
NelsontThis is fine and good news. That is the correct information that should be on there and it means the bank is reviewing your file.
Peapod0609Honestly, during this stage your MC likely won’t be as involved. To get updates I would call the mortgage department, personally.
Everyone’s timeline is different, but for what it is worth I got that email on 11/01 and got my UW: CTC status on 11/06. So maybe you’re getting close to yours?
Liubov1989I feel much better now. Good that I have you guys. Thanks a lot.
tricey718Good to see some movement. 😉