Credit Access/Appraisal

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  • #62589
    firmeh89
    Member

    Hi,
    Wanted to see if anyone can tell me what I am to expect next in this process. I was qualified on 11/19 and immediately went home searching and found a house and made an offer which was accepted. My realtor then set up and inspection which was completed and I received the report with minor issues that can be fixed after closing (hoping to waive it with Hand) And I also just finished signing the contract with my attorney and he will send it on Monday to sellers attorney so they can sign. Now I believe I need to do credit access so my question is once sellers sign contract and it is uploaded do I call to set up an appointment or wait for them to call me and is credit access similar to the initial qualification because the only thing i had to upload since qualification was my paystubs? Also one of the conditions on the contact was an immediate appraisal for which my attorney explained to sellers that it is not in our hand to Schedule the appraisal and that we need to wait for the bank to do that so I wanted to know when does that usually get scheduled?
    Thank you

    #62592
    Nelsont
    Member

    You should set up the appointment. Although a good MC will be on top of it and try to schedule one on behalf as soon as the contract is sent over you should still preempt it.

    When you send your contract over and set up a credit access appointment you will get an email asking you to click a link and acknowledge the terms that you wish to proceed. When you click the link and say yes you wish to proceed the bank is alerted to order the appraisal.

    Good luck with everything!

    #62599
    firmeh89
    Member

    Good to know, when I do get that email and accept it is there a timeframe for when the appraisals usually happen?

    #62600
    Nelsont
    Member

    Not really. It’s a local 3rd party company that operates in your county. So whenever it fits into their schedule.

    #62603
    firmeh89
    Member

    So when they order it and the 3rd party company receives it do they give us the date of appraisal do I need to be there for the appraisal?
    And
    How soon do we find out the results of the appraisal?

    #62604
    Nelsont
    Member

    The only thing you need to do is receive it in the and via email from your MC or view it on your web file. The appraisal is done alone with no parties present. You will not be made aware of anything except the results after the fact. This is standard practice.

    Now if you order and pay for your own appraisal then that’s a different story but it won’t be accepted by the bank.

    #62616
    Peapod0609
    Member

    Definitely reach out to your MC if you have not already and let them know you have an accepted contract, and you will have to come in for a credit access appointment as soon as you can.

    Once your MC processes the contract in your file is when you should get a loan estimate and an email should be sent to you asking to accept it. My MC told me that is when the bank is notified and the appraisal process will start.

    To give you a rough idea of what you might expect, my timeline for this is below:

    -Contract processed by MC, loan offer email originated and sent 9/30. Our MC told us as soon as you click “accept” on this email, this is when the bank orders the appraisal.
    -Credit Access appointment 10/01.
    -Received email on 10/05 that appraisal was done. According to the report, the appraisal was done on 10/03. Asked MC on 10/07 if he could send us the appraisal as we could not see it in the web file yet. Emailed it same day.

    #62619

    @nelsont while I wait for my appraisal dispute, is my file on hold or do they still proceed?

    #62621
    Nelsont
    Member

    I believe they proceed. But, your appraisal, just as with any other piece of information, will be a hold up if they can finish reviewing your file before the dispute is resolved. In that situation you would get a webfile status update to state as much.

    #62622

    @nelsont thank you. I called the mortgage department and spoke with a nice young man. He told me that my file should be out of predecision by now (bank app signed 11/15) but he did say that they are behind but I shouldnt still be in predecision regardless of the appraisal. Hopefully something happens this week.

    #62633
    Peapod0609
    Member

    Yeah, they still should be able to move forward without the appraisal being finalized because there’s so many other things that have to be worked out and that the bank has to check. They usually move forward with other parts of the process while that is being worked on, it usually doesn’t cause everything to come to a halt. The only exception being that of course if everything else was done and the appraisal was the last thing you were waiting for for a CTC or something, but that obviously is not the case here.

    #62636
    firmeh89
    Member

    Thanks you all for the help

    #63095
    firmeh89
    Member

    @newyorkspirit in how long did you receive your appraisal from when you received the loan Estimate email and clicked accept? I got the email on 12/06 at 5 pm and accepted, on that same day I was submitted for credit access and on Monday 12/9 I was Credit Access approved, on 12/10 my Bank App was submitted. The last hurdle it seems is the appraisal that’s why I’m a little anxious.

    #63096

    @firmeh89 my appraisal was done before I even signed my bank app. My appraisal came back incorrectly and Ive been waiting for the revision. But reach out and see if your appraisal waa submitted.

    #63111
    firmeh89
    Member

    @newyorkspirit do you have an approximate timeline from credit access to appraisal? My credit access and bank application was only 2 day difference, I honestly don’t know why it’s taking this long, normally I don’t care but the sellers are pushing for it to be done ASAP

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