Lender status- Approved- Outstanding conditions

[firmeh89]

So my status changed today from BOA underwriting to lender status – Approved with outstanding condition, The only condition I have is they need a updated title report, they also stated the commitment letter is available in web file which I don’t see, SOO what does this mean and what should I expect next.

[msm407]

@firmeh89. That’s been my status for the past month, My appraisal report was uploaded to my file on Monday, and my file was sent to underwriting that day, and I’ve been in limbo every since. Last email I received from my CC was yesterday morning saying that my file was “in line” to be reviewed by the underwriter. It’s been almost 5 days and nothing! I hope your experience is better

[cstar89]

@firmeh89 My commitment letter was uploaded later so there might be a slight delay, as for the conditions not every condition is for you to satisfy some are behind the scenes for your MC or could pertain to the updated title report. I’m assuming there is nothing left for you to do at this moment but you can always reach out to Mortgage Processing to confirm.

Shortly after the title information has been satisfied I would think your CD would be issued. I’m not sure what the timeline is, things may be delayed with Christmas right around the corner.

[firmeh89]

Well now my web file is saying Lender Status underwriting- Suspend: BOA underwriter completed initial review and does not approve loan, outstanding items are identified in web file that need to be provided to BOA before a commitment letter is provided. Now that does not sound good, anyone have this before?

[Nelsont]

Through my experience regardless of what the web file said anything other than what I personally uploaded pretty much was never visible. Your MC will have more information or actual copies as was the case with me.

There’s also a good chance the only things preventing your approval are things out of your control like needing your landlord or employer to verify you which is often a big holdup because they don’t always cooperate.

[Steel46]

@nelsonT You seem to have answers more than anyone else. My File changed to “Lender Status: Underwriting-Suspend – Bank of America’s Underwriter completed initial review but does not approve the loan. Outstanding items are identified in the Member’s Web-file that need to be provided to Bank of America before a Commitment Letter is provided.” However I have no conditions showing, it still says, “no conditions at this time” any ideas what this all means??

[TTrumble]

Hello firmeh89,

I need to do just a little bit of a “gotcha” here…

The BOA underwriter has reviewed the file, identified some things that need to be completed before the file can continue forward with issuing the commitment letter.

In other words, the bank is working on the file and has specified and advised us of the next steps needed to keep you on the path toward the CTC. How do you say “that does not sound good”?

How you look at things, especially at this stage of the process, is incredibly important.

I have seen so many people put themselves through so much unnecessary emotional strain by seeing every step as something working against them. Some have even gone so far as to over react and do something that causes the whole thing to collapse. It was even worse during the mortgage crisis when people sometimes got so panicked and irrational that when they got the bank’s offer of a mortgage modification to save their home, they actually thought it was some sort of trick by the bank so it could foreclose.

As Ralph Marston said, “There are plenty of difficult obstacles in your path. Don’t allow yourself to become one of them.”

What it all means is you need to just sit tight and keep your eye on things. If any of the items the bank needs require your input, your counselor will let you know. The wheels are turning. For now, just catch your breath and let it happen.

Tim Trumble
Online Operations, NACA
ttrumble@naca.com

• This reply was modified 2 years, 9 months ago by TTrumble.

[firmeh89]

Very well said @TTrumble, and you are absolutely right, thank you very much for your reply, your words put me at ease and are really appreciated!!

[Peapod0609]

Yeah, those statuses are nothing to worry about. I got them as well. I do know that “suspend” sounds like it is bad, but it is not. It just means other things have to be put in place before they advance you to the next step.

As always, reach out to your MC or the mortgage department for more info.

[kylee905]

So last week I had my file updated to lender status approved-outstanding conditions. My realitor and I had completed the conditions last Thursday and my MC stated that it usually takes the lender 24 hours to respond and that we should be getting the CD latest by This upcoming Monday which makes absolutely no sense. When I look at my portal it says their are no conditions but still states that it is under lender status approved-outstanding conditions. I have emailed my MC no joke about 8 times in the past couple days all with no response. We had to put a request in to have it extended till May 8th and kinda freaking out since my MC won’t respond or give us any updates. Please help my NACA ID is XXXXXXX.

• This reply was modified 2 years, 5 months ago by TTrumble.

[Nelsont]

Well the first thing you need to do is take the webfile status with a grain of salt. There are many reasons there could be a disconnect one of which is that it requires someone to look at your file and click an appropriate status from a drop down menu. It could be an error. It could be a condition that is purely internal and not for you at all like for communication between naca and BOA or even an internal note for boa to follow up with something.

The next thing you should do is contact the mortgage processing department. They can often see what conditions are if they are not listed.

Finally, I know it is nerve-wracking, but, try to relax and trust the process. Whether you close on time or not you have reached the point in the process where you will not be denied a loan. If indeed there are conditions for you to address you will be notified. They will not leave you hanging.

[TTrumble]

Hello all,

As I’ve noted before, people often read way too much into what their file status says. It’s more of a placeholder than anything else to just remind whoever is working on the file where to pick up working on it.

In other words, trying to read things into the status on your file is like thinking the bookmark is going to give you spoilers on the plot of the novel you are reading.

Also, “I have emailed my MC no joke about 8 times in the past couple days” is not a wise move at all. All that accomplishes is to further clog up the already busy mailbox of your counselor. In fact, we even refer to this in the our rules for our social media platforms and the Forum on the Forum home page at http://forums.naca.com/?p=34750 .

(BTW, you also broke another rule by posting your NACA ID number on line, which is also noted in the same article. Please read it through.)

You are going through what we call the “Close to Closing Crazies” right now. It is in fact about the worst thing you can do. You will become your own worst enemy, as demonstrated by emailing your counselor so much and posting your ID number online for everyone to see.

Instead, this is the point where you have to just let the process work. If your input is needed to clear a condition or to help in some other way, your counselor will let you know.

Focus your energies elsewhere, like on getting ready for your upcoming move! You’ll be getting the keys soon.

Tim Trumble
Online Operations, NACA
ttrumble@naca.com

[kylee905]

I do apologize for inputting my NACA ID. However, I do want to clarify I had lost the first house due to my MC not responding and haven’t heard back from my MC in about a week which is why I have emailed them numerous times. The sellers agent even had to go to the extent of emailing them to get an update to see about getting a extension and never got a response. So call me close crazy but yes whenever you invested money to get a property to get your first home and you can’t get a simple response back in over a week through email I’m pretty sure that would make anyone crazy.

[Nelsont]

Most MCs likely will not communicate unless they have actual news for you. If they don’t respond it’s more than likely because they have no answer.

If your MC doesn’t respond after 1 day instead of continuing to contact them you should call the mortgage processing department first and then member services. Try to escalate the case to the regional director. Otherwise you can bet your issue is not with naca it’s with boa and there’s nothing really anybody can do except for wait.

You might read about being a polite pest. That involves using the avenues available. Not bombarding your MC which @ttrumble has mentioned while sounding counterintuitive is actually the worst thing you can do.

• This reply was modified 2 years, 5 months ago by Nelsont.

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