Good morning people! So I’ve cleared my lender conditions and know this is what I see on my file
Lender Status: Underwriting-Initial Review – File was sent to an underwriter and are waiting on an initial credit decision. Conditions will not be posted at this stage unless referred from an Underwriting or Approved status. NACA Action is not needed at this time.
My question is if this means it’s going through NACA underwriting again or is it with the bank? Any input is appreciated!
Lender Status: Approved-Outstanding Conditions – File is underwritten and conditionally approved. The lender still has open conditions that must be addressed. These conditions will be posted to be addressed by the Member or NACA as applicable. When the loan is in ‘Approved’ status a commitment letter may be provided if the title and homeowners insurance (‘HOI’) is provided and complete. Thus, a commitment letter is possible in this status.
Seems pretty self explanatory. Does anyone have any input on how far I possibly am from closing? Thanks in advance