Lender Status??

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  • #61509
    Tara585
    Member

    Just went through credit access and approved in less than one day. Went in to sign my bank app. and now my status reads: Lender Status: Pre-decision. Has anyone ever had this status and if so what does it mean? I haven’t seen that on the forum before. Just curious.

    #61510
    cynthesized
    Member

    Hello,
    I also have this status. I think it basically means that your file has not been reviewed by a BOA underwriter yet. Am following this post though because I could be wrong. For reference, my file has been at that status for 2 days. Please update as your changes and I will do the same.

    #61512
    Tara585
    Member

    @cynthesize, my status changed to that today late afternoon. I will definitely keep posting any changes.

    #61525
    Nelsont
    Member

    The idea behind nacas qualification process is that what is normally done by the bank is already done so the only reason to not be approved is for your information to be improperly conveyed or a change of circumstance occurs. A decision won’t be made until maybe a day or two before closing. But your status will probably update once conditions are assigned.

    #61549
    Tara585
    Member

    Thanks for the information. Has anyone ever heard of a bank app going through without conditions? I ask that because some people seem to fly through the process and others have issues up and right at closing. Ive followed @Nelsont and he did know his closing literally until hours before he closed. That was both amazing and scary.I wish more people would list there process more. I love reading them and they give ideas of possible hiccups thats possible.

    #62275

    @nelsont @tara585 I see my file says this and I had one condition which was my 4506t form. Is it possible to have more conditions added or is this it?

    #62277
    Nelsont
    Member

    It is possible. Usually though they will give you everything thing at once. If that’s your only condition you’re in good shape.

    #62278

    @nelsont THANK YOU!!! I will keep praying. I resubmitted the form and contacted my MC to possibly resend it on her end. I will keep you posted. Thanks again

    #62288
    Peapod0609
    Member

    What I did to helps peed up the process was call the mortgage department almost every day and ask them if anything needed to be done on my file. Typically it takes at least 3 weeks or so from the day you sign the bank app until the day you get the CTC – Final from BOA. The more on top of your file you are, the quicker you can expect that CTC.

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