What are these ACR, C&I Letter, 1008, Appraisal

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  • #35356
    SpecialK1975
    Member

    Hello all,

    I saw this update in my file. What are these? How long does it take the appraisal report to come back? How long does it take to see the CTC status after the ACR, C&I Letter, and 1008? Today is my day 27 from P&S contract signing.

    #35357
    ECY2016
    Member

    I saw those on my files since Dec 15. We were supposed to close on the 22nd and had to ask for an extension for January 6. Those things came on the file after the bank uploaded all the conditions that we were supposed to address.

    Today I just saw “docs pulled” on my file. This is the first time since December 15 that there was any activity on my file.

    On my file, the appraisal report took 3 days, I checked on the Citi website.

    #35358
    SpecialK1975
    Member

    @ecy2016, thank you for responding. Have you gotten your ctc and cd so you can close tomorrow?

    #35365
    ECY2016
    Member

    No, I did not! At this rate it’s highly unlikely I will close tomorrow. I have not heard anything back yet.

    #35368
    SpecialK1975
    Member

    Oo my. What is your contract close date?

    #35370
    TTrumble
    Member

    Hello SpecialK1975,

    I’m not going to get detailed here, because it actually would serve no practical purpose. The three documents are the bank’s commitment to making the loan, specifying the terms and stating that the loan will be in full compliance with the law. It’s a significant step forward.

    Were Citi not so badly backlogged right now, I would say that your CD would be issued in the next couple of days, provided the appraisal comes back with no problems. The way things are at the moment though, I’m not going to stick my neck out.

    Remember, the bank is the one that orders and initially receives the appraisal, not NACA, so at this point, we’re waiting on that more than anything else.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #35371
    SpecialK1975
    Member

    @Tim, thank you for giving me that piece of information. HR did email me today to let me know that they processed a employment verification for Citibank, so that lets me know that my file is being worked on. Lender is waiting on my MC for my conditions, so hopefully my MC will get to those some time today.

    #35391
    TTrumble
    Member

    Hello SpecialK1975,

    That’s GREAT news! The bank’s verbal VOE is one of the very last steps before giving the Clear to Close! Keep your fingers crossed, you might get the CTC as early as this afternoon!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #35392
    SpecialK1975
    Member

    @ Tim, I don’t think so. Lender has requested NACA to review conditions, and my documents for conditions. I’ve emailed my counselor and no response. I don’t think the appraisal has come back, or at least nothing is in the file. ATL system was down I believe, so I’m in wait mode.

    #35395
    SpecialK1975
    Member

    @Tim, I emailed you from my gmail account.

    #35407
    patience123
    Member

    What does ACR and 1008 mean?

    #35421
    SpecialK1975
    Member

    @Patience123, Tim explained them a little up top.


    @ECY2016
    , I actually had to go to office in order for my MC to address the conditions. Smh. I decided to call the office and the receptionist suggested if I wanted to see my counselor to come in before 2 cause he was leaving and is going to be out all next week. My MC was not responding to emails but responded to her instant message to tell me that he may not be able to see me until 2 (I was there at 12:20). I said that’s fine I’ll wait. I wasn’t leaving at all. 30 minutes later he comes. It took 5 minutes if that to address the darn conditions.

    #35422
    SpecialK1975
    Member

    Lender pulled docs about 10 minutes after that. I sure hope there are no more conditions else I’ll be making visits to the office next week to see Manager since MC is out. Geesh.

    #35518
    SpecialK1975
    Member

    Appraisal is in (values a little more than the sale price). My file says “file is pending appraisal review”. @Tim, does this mean I should be getting that CTC status after this? My MC is going to be out of the office all next week and my contract closing is January 23. I’m praying everything is cleared this week.

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