Credit Access-Request

[firmeh89]

Hello All, so I went in to my local office for credit access on this past Friday and my question is how long will it take to get qualified if there are no conditions etc, also if there were any conditions would calling the mortgage Dept be an option to find out or is that only during the bank app stage?

[Nelsont]

They usually have 2 or 3 days to respond. Whether you have conditions or not it typically goes fast since you are under contract. I do not think the mortgage processing center will help since you have not signed your bank app but, it couldn’t hurt calling them.

[Peapod0609]

In my case the underwriters always responded within 1-2 business days each time we submitted anything to them. Having no conditions is not likely, but not completely impossible. They usually have something they need clarification on.

I think 2-3 business days is more likely. If there are conditions they should be in your web file. I am not sure if the mortgage department helps at the credit access stage or not, you can try. I think your MC is still your best contact at this stage in the process.

[TTrumble]

Hello firmeh89,

Without exception, your counselor is still your point of contact. Do not call the mortgage department as they cannot help you. Just let the process work and you should know something in the next couple of days.

Tim Trumble
Online Operations, NACA
ttrumble@naca.com

[firmeh89]

Thank you all for your reply’s, just got a automated message that I am Credit Access Aprroved! Next step Bank Application!

[TTrumble]

Congratulations!!!

Tim Trumble
Online Operations, NACA
ttrumble@naca.com

[Peapod0609]

@firmeh89 congratulations! That is a huge hurdle in the process, as once you sign the bank app you are well on your way and more or less good to go, it’s just a waiting game with the bank at that point.

Unless there was some huge mistake made, you misrepresented something about your situation, or your status changes (like you lose your job or go and take out a new loan), then you should feel very good at this stage of the game! I would expect at least 3 weeks from now until closing, probably more like 4 because of the impending holiday season. So hopefully your contract is far enough out.

After you sign the bank app, the bank should have reviewed your file and should give you conditions within a week or so of receiving the file. At that point be sure to be in contact with the mortgage department, their number is in your webfile. They can give you updates at this point until the final clear to close. They were like my best friends during the process and I called them almost every single day to get updates and keep my file moving along.

[firmeh89]

Thank you all very much!

[Connie]

I’m looking at my web file now; intake preparation, qualification process, housing search are all ticked green. Bank submission tab is in red and the remaining 2 steps are grayed out. I do see credit access conditions but no conditions listed. What does that mean?

[Nelsont]

Probably nothing. The status is glitchy at best due to the nature of humans updating it and possibly clicking the wrong thing or looking at someone else’s files. The best thing to do is use the status as a guideline only and visual reminder/verification then call the mortgage processing department to see if there is anything that hasn’t made it your way yet.

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