NAVIGATING BOA DELAYS

[vonny2421]

AFTER 60 LONG DAYS BETWEEN BACK N FORTH WITH THE SELLER, WE FINALLY HAVE SIGNED CONTRACTS AND MY REALTOR IS GOING TO UPLOAD IT TODAY.

THINGS THAT HAVE ALREADY BEEN COMPLETED:
ACCEPTED OFFER
INSPECTION
NACA REPAIR LIST RECEIVED FROM HAND
HAD CONTRACTOR COME OUT AND PROVIDE ESTIMATE AND SEND INFORMATION OVER TO HAND
CONTRACT REVIEWED BY LAWYER BEING THAT NY IS A LAWYER STATE
SIGNED CONTRACT

I NOTICED MANY PEOPLE SPEAK OF DELAYS WITH BOA. I WAS QUALIFIED IN ONE DAY AT AN ATD EVENT, SO IM NOT EXPECTING TO BE STUCK IN CREDIT ACCESS STAGE LONG AS I HAVE NO CHANGES AND HAVE BEEN CONSISTENT WITH UPLOADING MY DOCUMENTS.

JUST WONDERING AS FAR AS BANK APP IF ANYONE CAN SHED SOME LIGHT ON HOW TO NAVIGATE THAT PROCESS AND HOW TO KEEP THINGS MOVING DESPITE BOA DELAYS.

THANKS

[TTrumble]

Hello vonny2421,

Great job! Based on what you have written, “stay the course” is probably the best approach going forward.

It looks as if you have worked hard to be over-prepared and even be ahead of the game as far aw what is needed. As long as you have been consistent with keeping documents updated and everything else is in place, just be a “polite pest” with your counselor about getting the bank app submitted. Let him or her know that completing the bank app should be very easy in your case and work on getting the very first appointment possible to sign and submit the app.

You’ll still have a few days for the credit access approval to come through, plus we’ve got the holiday on Monday, so have a little patience too. Be reasonable but clearly eager and you should move through to the bank app quickly.

Tim Trumble
Online Operations, NACA
ttrumble@naca.com

[Peapod0609]

Try to communicate as much as you can with your MC when in Credit Access and stay on top of that. Expect it to take at minimum 1-3 days for the underwriters to get back to you and try to get that process done as soon as you can.

Once you submit the bank app after a few days I would start checking your web file daily and also start calling the mortgage processing department when you need an update. Their number is in the webfile. They were my main point of contact after I submitted the bank app, once I was at that stage I didn’t hear from my MC too much until right before closing. I pretty much only talked to the mortgage department and then right at the end a closing coordinator.

I feel like some people don’t know about the mortgage department, as it is a relatively new thing with NACA that started last summer. They are very helpful once you are at the bank app stage. Also keep your MC in the loop, too, they are still there to help until the end. Definitely utilize both.

Also stay on top of HAND, getting HAND cleared is a major hurdle and you won’t get the clear to close until HAND has cleared your file.

[vonny2421]

THANK YOU BOTH, WHAT DOES THE HAND CLEAR PROCESS CONSIST OF? THEY DID GIVE ME A REHAB SPECIALIST BUT HE HAS NOT REACHED OUT TO ME AND I HAVE TRIED TO REACH HIM MANY TIMES. i HAD CONTACT WITH CYNTHIA HERRERA ON DECEMBER 17TH IN WHICH SHE GAVE ME HIS INFORMATION, AND I HAVE SINCE REACHED OUT TO HIM VERY CONSISTENLY FOR THE LAST MONTH. IT IS MY PREFERENCE TO BE AS AHEAD OF THE PROCESS AS I CAN, SO IM JUST TRYING TO STAY CONSISTENT.

ALOT OF PEOPLE LIST HAND AS A HURDLE, SO I WOULD REALLY LIKE IF HE COULD CONTACT ME BACK SO WE CAN WORK TOGETHER TO MAKE SURE WE ARE ON THE SAME PAGE AND HE HAS WHAT HE NEEDS FROM ME MOVING FOWARD.

THANKS

[vonny2421]

Ernest Salazar WAS THE NAME GIVEN TO ME, AND IVE HAD NO RESPONSE FROM HIM.

[Nelsont]

Your HAND specialist will reach out to you only if they have questions or they approve you. When I had questions I was calling off the hook and finally able to reach my assigned person who said they don’t normally take calls and their information is only provided if it is requested of you to send information to them. HAND is one of those departments where you want to and only should hear from them twice: once to get the repair list and once to get the approval. Otherwise they are like the underwriters – an internal department only who you will hear from only at predefined points in the process.

With that said the process involves reviewing he inspection report and determining what is required to be repaired or replaced from a health and safety perspective in order for the loan to be issued and what is recommended. Once the required repairs are made either by you or your seller likely with more contract negotiations involved you need to get it reinspected and have that re inspection report uploaded. If you use the same home inspector they will probably cut you a deal.

• This reply was modified 2 years, 6 months ago by Nelsont.

[vonny2421]

THANK YOU FOR THE RESPONSE.

SO IF I DONT HEAR FROM HIM, IS THAT CONSIDERED A GOOD THING?

IM ONLY QUESTIONING BECAUSE I HADN’T HEARD ANYTHING BACK SINCE I SUBMITTED BY ESTIMATE AND OTHER REQUIRED HAND DOCUMENTS A MONTH AGO.

[firmeh89]

Hey vonney2421 congrats on making it this far, I feel as if I was over prepared like you and that helped a lot. I was Credit Access approved in 2 days and make sure that once the contract is uploaded you call and set up an appointment for credit Access because they are sometimes way to busy to even notice, I signed my bank app on December 10th and was final clear to close on January 8th with a close date of the 15th but we had to delay closing because sellers are not ready. While in between signing bank app and clear to close I stayed on top of my web file and called Mortgage Processing everyday they kept me in the loop and moved my file along. I also had Ernest Salazar as my HAND Speacialist, he is great!! He was on top of my file and had me cleared in a week. I think it was maybe 3 days after my home inspection was uploaded to when I received the HAND repair list , I had required repairs that I had waived and it was not an issue, I just had to send over a form requesting it. I wish you luck!!

[vonny2421]

@firmeh89 YOU ARE IN LONG ISLAND ALSO CORRECT? WILL YOU HAVE TO GO ALL THE WAY TO JERSEY TO CLOSE?

[Nelsont]

Where are you at in the process? A month seems awful long. Double check your eamils. HAND clearance will be a 1 sentence email. It will not be a webfile status update.

And the rule is you must go to your local office. Exceptions are made if your local office is not in your MSA and is over a 2 hour drive. Florida and Texas are good examples. Local offices cover multiple MSAs and are 5-8 hour drives apart. LI is considered NYC MSA so the entire area is serviced by the NJ office. There might also be one in Brooklyn?

• This reply was modified 2 years, 6 months ago by Nelsont.
• This reply was modified 2 years, 6 months ago by Nelsont.

[firmeh89]

@vonney2421 no my closing is set for my realtors office in Long Island, my closing is next week. My attorney who closes lots of NACA homes never closes in local office from what he told me.

[vonny2421]

OK IM TRYING TO FIGURE OUT HOW TO MAKE THAT POSSIBLE FOR MYSELF? I KEEP HEARING PEOPLE SAY WE CAN ONLY CLOSE AT A NACA OFFICE. IM VERY FAR AWAY IN SUFFOLK FROM NEWARK, SO I WASNT SURE IF THERE IS SOMETHING I NEED TO DO OR SOMEONE I NEED TO CALL TO CLEAR THIS REQUIREMENT SO WE CAN CLOSE LOCALLY?

[Nelsont]

Talk to your local office and inquire. The other people who might know are your attorney or title company.

[vonny2421]

THANKS WILL DO.

[firmeh89]

Do you have an attorney already vonney2421

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