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

[SpecialK1975]

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.

[ECY2016]

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.

[SpecialK1975]

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

[ECY2016]

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

[SpecialK1975]

Oo my. What is your contract close date?

[TTrumble]

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

[SpecialK1975]

@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.

[TTrumble]

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

[SpecialK1975]

@ 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.

[SpecialK1975]

@Tim, I emailed you from my gmail account.

[patience123]

What does ACR and 1008 mean?

[SpecialK1975]

@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.

[SpecialK1975]

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.

[SpecialK1975]

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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