November 22, 2019 at 2:36 pm #62428NewYorkSpiritMember
@vonny2421 i had income verification, 4506t form and fraud alert on my credit report that had no phone number. Wasnt bad at all.November 22, 2019 at 2:42 pm #62429
@NewYorkSpirit That’s not bad at all. Mortgage Processing said I should hear back sometime next week.November 22, 2019 at 4:19 pm #62432November 25, 2019 at 8:02 am #62471
Hi, I submitted the Bank App. on 11/15, and believe they pulled my credit on 11/21. But still didn’t get any response from the Bank or my MC. How long it will take? And how people get the appraisal before they submitted the Bank Application. Now we need the appraisal ASAP because of the P&S ad wondering if I can get it now?November 25, 2019 at 8:09 am #62472
@Liubov1989 Im in the same boat as you. I submitted my bank app on 11/15 and my credit was pulled on 11/20 and no word from BOA. When I submitted for Credit Access my MC entered the information so BOA knew who to contact for the Appraisal. I received an email with my loan estimate right after she hit submit on my credit access. Thats when BOA ordered the Appraisal. It was completed before my bank applicationNovember 25, 2019 at 8:20 am #62473
Typically the underwriters respond (usually with conditions) within 3 business days. I would call the mortgage processing center and see if they have anything in the system that hasn’t been conveyed to your MC yet…this is a point in the process where you need to take an active role.
Bank of America orders the appraisal – not NACA – when you click the accept button in the email sent to you after your MC is provided with a ratified contract. This should have been done immediately after your seller accepted your offer. The appraisal is done by an unbiased 3rd party company so it depends on their own schedule. It might be done the next day or 2 weeks later.
Realistically you need to have a 60 day contract. We are at the point in the year where you may not need 60 days but the process does usually take that long. Unfortunately Bank of America does not generally pay much attention to the contract deadlines and instead sets their own. Out of curiosity when is your contract close date and how many days to close is it? You might want to prepare yourself for extra time and have your agent convey to the sellers of potential delays. The more everybody involved in the transaction knows the better off everybody is. Good luck with everything! Let us know how it goes.November 27, 2019 at 8:00 am #62533
@Nelsont, I didn’t get this part “when you click the accept button in the email sent to you after your MC is provided with a ratified contract. “What button you are talking about?
Also, there are NO lender conditions yet, but you said it takes approximately 3 days, maybe I don’t have any conditions? Is it possible?
I still didn’t get the appraisal, it is very critical for us to get it ASAP. Any ideas on how to request it and if it is ready – where would I find it? In my web-file or I should receive it?
I am so confused.November 27, 2019 at 8:50 am #62538
So when you want to make an offer you ask your MC for a PSL. Once you get your PSL you make your offer. When the seller accepts your offer you submit the ratified contract to your MC. You will then get an email from NACA that is an acknowledgement of entering into a contract and advising you to schedule a credit access appointment. In this email there will be a link asking you to acknowledge the information. Once you click the link and and acknowledge BOA’s system is alerted to order an appraisal.
If you call the mortgage processing center they can advise if any conditions have come through. It is possible to not have conditions but, not likely and you would also receive some kind of response good or bad.
Your appraisal will be mailed to you via USPS. It may also be uploaded to your webfile though my MC and many members on here had to get it emailed from their MC. While your situation is critical unless you have already been under contract for 2 months it is not any more critical than any other naca member BOA is dealing with. 60 days from contract to close is about the norm IF there are no issues/delays.November 27, 2019 at 9:11 am #62541
@Nelsont I have received only one email with Loan Estimate which says “…If you want to proceed with this loan, please click here to let us know”. This is the only link I received. I didn’t get any “acknowledgment of entering into a contract” email. We sent the contract to our MC and uploaded it to the web-file and then schedule the Credit Access appointment. So I wasn’t able to “request” the appraisal.
I think my case is just a little different.November 27, 2019 at 9:20 am #62542
I wasn’t taking any quotes I was paraphrasing. The email you received is in fact the email I was talking about. And you don’t request the appraisal nor does naca. Bank of America requests it. When you “click here to let us know” bank of america schedules the appraisal.November 27, 2019 at 9:20 am #62543
My file is in the same status as you. Mortgage Processing told me BOA is focusing on files closing this week and its still in the initial stage. I call daily, sometimes twice a day and I have received the same update. I was told I should receive conditions next week. I submitted my bank application on 11/15.
I believe the loan estimate email should’ve triggered BOA to order the Appraisal. That’s how it went for me. Once it was completed I received an alert from NACA that it was completed and to log into my file. The Appraisal was on my webfile under Lender documents. I received a copy via USPS a week later.
I would imagine either the Appraiser is behind or there is some disconnect in getting it scheduled.November 27, 2019 at 9:25 am #62544
The loan estimate does not trigger the appraisal. When you click on the link in the email to accept the loan estimate the appraisal is ordered. They will not order and pay for an appraisal if you have issues with the loan estimate.
The appraisal is done by a 3rd party, likely a local home appraisal company, so the timing is based entirely on their schedule.November 27, 2019 at 9:29 am #62546
@Nelsont I didn’t mean to cause confusion. I was trying to relay that was the email where you acknowledged and accepted the loan estimate which led to the Appraisal being ordered.November 27, 2019 at 9:34 am #62547Tara585Member
I had so much anxiety regarding the appraisal and I was told the appraiser was behind. I actually got my initial CD and appraisal on the same day!!I think if there was an issue you would already know it.November 27, 2019 at 9:43 am #62548
Thank you so much. Now it is more clear. I hope, will get anything next week. Waiting is killing me. But thank you all for your answers.
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