Lender Condition

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    Hi ya’ll,

    I’ve been reading some good experiences and advice on this forum so I want to share my time so far as well as ask a few questions.

    P&S – signed 07/11 (estimated close date 08/16)
    Credit Access finally approved on – 07/24 – it took 4 days for me to get a response from my MC on what was needed, took 2 days to get my file approved once submitted. It still frustrates me because I could have had my bank application submitted earlier
    Bank app submitted late on Thursday – 07/25
    Submitted HOI dec page to CC – 07/26
    Credit checked – 07/29
    HAND cleared, no repairs – 07/31
    Lender Conditions – 08/01

    At this point since everything seems to take 4-5 days I doubt I’ll be able to close by 08/16. One of the conditions asked for the following:

    Provide the following documentation for the sales contract: Agreement of Closing Attorney to serve as Holder of Earnest money to be signed by the title company

    Has anyone had that condition before? I don’t even know the title company NACA is using and there isn’t even a place for the title company to sign on that agreement. Just buyer, seller, agents and closing attorney. I haven’t received a response yet from my agent or MC and I don’t think the CC knows…


    My state doesn’t require lawyers so they are almost never involved unless something unique is going on.

    As far as your close date did your agent plug in for a month roughly? You almost assuredly need 45 to 60 days and possibly more. I had a 45 day to close contract and it took 52 days only because me and my agent were as pesky as possible. And I had to waive some repairs in order for that to happen.

    I think the timeline to get your closing disclosure from HAND clearance is 11 business days. Your tentative close date regardless of what’s in your contract will be on the closing disclosure. From closing disclosure to clear to close then to final clear to close might take a week. Closing will then be maybe the next day or within the week. Your actual close date will be on the final closing disclosure which you get at the final clear to close.

    NACA has a flipped process. Normally you set the settlement date and your seller negotiates or agrees with it and the bank does what they can to honor your legally binding contract. With NACA your contract is a guideline and they dictate the closing date. I know they say they can close within 28 days but based on my own experience and what I’ve seen others go through the 28 day clock starts at your bank app.


    Yeah reading through this forum it doesn’t seem like anyone has closed in 28 days. And looking at my timeline now, I definitely don’t see that happening which is unfortunate. I’m just hoping everything else goes through smoothly at least – i’m really trying to avoid any hiccups.

    I heard back from my agent and it seems she has the condition already handled so that is good news. I have another condition that i’m a bit worried about but I’m hoping it all works out.

    Thanks for your response!


    Hello Perkins5,

    I specifically want to address your comment “it doesn’t seem like anyone has closed in 28 days” and Nelsont’s comment “based on my own experience and what I’ve seen others go through the 28 day clock starts at your bank app”.

    The reason closings are taking longer than they should is actually implied in Nelsont’s comment. The fact is that on NACA’s end, everything is in place for our target 28-day contract-to-closing timeline to work almost flawlessly. The issue, almost without exception, is BOA taking longer than it should to get the wheels turning on their end.

    Part of it is a result of Citi leaving the mortgage servicing business, which put 100% of NACA loans at BOA. Combined with the increasing volume of people coming to NACA, it does have them bogged down.

    On our end, our underwriters are turning most files around in 48 hours. We are meeting the 10-day contract-to-bank-app goal. Much of this is a result of the ATD events and our ability to get so many files qualified over the course of just a few days. It frees up the underwriters to turn around the credit access request much more quickly. Combined with the fact that HAND clearance is not required for Credit Access, things actually move very efficiently at NACA.

    Honestly, the bottom line point I want to make here is that when you see somebody here or elsewhere on line blaming NACA for taking so long to close either simply doesn’t know what they are talking about or are deliberately not telling the truth.

    Regarding the original questions, the closing attorney is typically specified in the P&S contract, which usually is satisfactory. However, the requirements for the closing attorney/title firm vary dramatically from state to state, so it’s hard to really give you a definitive answer here. Your counselor is going to be your go-to on this one.

    Tim Trumble
    Online Operations, NACA


    @TTrumble or anyone with advise. Help please! I am at the end, well I think am. I’ve submitted all lender conditions. Multiple times! Although I had no new conditions I went though my webfile today and resubmitted more items just in case. My mortgage application was submitted 2 weeks ago but came back with some lender conditions, which I had already submitted! My contract is up at the end of this week. Tried contacting my cc to imply about the next steps moving forward. After days without a response I began calling around. Last week I found out that my cc is no longer with NACA! Was told to contact the supervisor over her caseload. After leaving multiple multiple voicemail and emails with her I still have not had a response from her. I also emailed member services. No response from them either. I’ve been checking my webfile daily. On the 2nd I noticed I had a commitment letter in my webfile (I had no clue what the commitment letter was). No one ever explained the steps after application submission. However I signed and submitted that this morning. About an hour ago I received an email to check my webfile lender conditions. Checked my webfile, nothing there?? My status has been “mortgage process” for the about 4 weeks. Since I do not have a closing coordinator to explain anything to me… Can someone advise me what’s next. When will I get a closing disclosure and clear to close?


    Where is your MC in all this and are you sending your conditions via email or just uploading?

    In my case the cc only handled the file but my MC was the point of contact. All my conditions were emailed directly to my MC. Sometimes I would hear back from only my MC sometimes I would hear back from my cc who would copy my MC. My cc also pretty much only dealt directly with my agent.


    My mc has been responding but has limited information. He’ll tell me that my case is moving along and to refer to my cc for further details. I have been sending my documents via webfile upload as well as emailing them to my webfile and all parties involved. Just to be certain!


    I’ve working with the underwriter. His name is listed on the webfile. He told he’s the only person who can talk with the bank. I would try the underwriter.


    Today is the 2nd time I’ve gotten a email to “log into your webfile to check lender conditions” When I check there’s nothing there. Has this happened to anyone else?


    Three times I’ve been sent an email telling me to check my life for lender conditions, and each time there have been no changes.


    @alessiaconner The best advice I can give you is to insist to get in touch with your Closing Coordinator until you do. Keep calling him/her and send e-mails, your CC is your best point of contact right now

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