Lender Conditions help

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  • #71687
    sneakerz4me
    Participant

    Hey everyone, I am currently in “Lender Status: Underwriting-Pend Incomplete “. New construction builder won’t go forward with beginning to build until I can show i have financing, therefor i am trying to get to the point where i have a conditional commitment.

    I have a few conditions that i don’t quite know how to address them. Anyone seen these before and or know how i should address them? Thank you, appreciate the help!

    Letter – Misc Explanation
    -Complete Realtors information. Names, address, phone, email, company names and ALL license numbers. Complete information was not provided on purchase contract

    Letter – Address Variation
    -Send notification to lenders inbox when appraisal ready to re-order. Per the POC the builder has not broken ground on this yet. Appraisal has been cancelled

    Incomplete – Disclosures / Forms
    -** Missing Real Estate Agent Info** – Listing Company name – Listing company address – Listing Company License – Listing Company contact number -Listing Agent name – Listing Agent email address – Listing Agent license

    Hazard Insurance
    -Provide current hazard insurance policy and any applicable riders or addendums, including second lienholder in second position when applicable. Must display Bank of America N.A. Its successors and or assigns A.T.I.M.A. P.O. Box 961291 Fort Worth, TX 76161 as loss payee.

    TASK: Real Estate Broker contact information
    -TASK: Obtain Real Estate Broker contact information for the Closing Disclosure and enter into the Other Contact screen.

    #71688
    Nelsont
    Member

    Your real estate agent needs to provide more information than they have.

    Your builder needs to confirm the intended address since it won’t exist until ground breaks.

    An appraiser needs to see the house twice. Once under construction and once again nearing completion. They won’t come out to look at a plot of land.

    Hazard insurance is a stupid and misleading but technically correct name for homeowners insurance. Get the “binder” by requesting a quote and continuing to purchase but don’t purchase instead mark send payment to lender and put the provided boa address. Make the policy effective date the intended completion date. It’s arbitrary at this point. Boa will change it themselves once closing is scheduled.

    May or may not be a condition for your MC but in any event you have some things to do that are quick and easy and your agent has some things to do as well.

    #71689
    sneakerz4me
    Participant

    @Nelsont

    Thank you!!

    Does my in-house realtor need to add that info onto the contract? If so would it be an addendum that is needed?

    How can the builder confirm address? The address is listed on the contract several times.

    Would I get a conditional lending letter before the first appraisal? Builder wants proof of secure lending before beginning the build.

    #71691
    Nelsont
    Member

    Your agent can better answer all that.

    #71692
    sneakerz4me
    Participant

    @Nelsont

    Cool. Thank you.

    #71727
    sneakerz4me
    Participant

    Received my commitment letter today, but it has conditions that have already been submitted and no longer on my webfile. Is this ok?

    #71745
    Damien Smith
    Participant

    Greetings @sneakerz4me,

    I hope this message finds you doing well! I hope that I may be of assistance to you in clarifying your concern. With the commitment letter, all items must be addressed however if you have already uploaded them then I would verify with your MC that they in fact see all of your documents addressing the conditions. Sometimes all documents though you submitted them may in fact not show for a myriad of reasons. I would just verify with your MC that the documents are in fact showing. I hope this helps!

    Damien Smith
    Online Communications, NACA

    #71746
    sneakerz4me
    Participant

    Thanks. I haven’t heard from my MC in weeks lol. So I’ll have to get in touch with someone else at the office.

    #71749
    Damien Smith
    Participant

    Greetings @Sneakerz4me,

    I understand and I do apologize about you not being able to reach your MC. I would first ask you to contact the local office as well as send an email to communications@naca.com with your full name, NACA id, MC full name, contact number and your email address advising that you are trying to reach your MC as well as you may contact Member Services 425.602.6222. I hope this helps!

    Damien Smith
    Online Communications, NACA

    #71751
    PPAUSTIN
    Participant

    Does anyone know where to find the Student Loan payment calculator? My condition indicates I have to use the calculator provided by the NACA Mortgage department. My loan is currently in forbearance. So I have no statements. I did write a letter indicating that and provided the screenshots from the website listing all of my account information. However, I am unable to locate the calculator.

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