Then that means that they simply have not looked at your file. At all. Period. Haven't even cracked it open, haven't looked at your name, don't know any details about your situation. And they probably will not do so until 2-3 days before your closing date.
For the uninitiated: You fill out the application and send all your crap (tax returns, check stubs, bank statements, whatever) to your Loan Officer. This guy is basically just a salesman. He hands that stuff over to the Loan Processor. The Loan Processor might ask for a few things, but if you have all the basic stuff that the LO asked for, then the LP probably won't ask for anything more. They will take all your docs and tell you a week before closing that everything looks great.
But they don't know shit. The Underwriter is the one with the power. And he will not look at your file until a few days before closing. And he will come up with all kinds of things that you have to hand in; letters of explanation that you have to write; etc. Sometimes he will ask for something, and you will provide it, and the Loan Processor (who you are talking to directly by this point) will make you think that it's ok. Then the day that you're supposed to close, nope, sorry, Underwriter says that's not good enough, the Processor just misunderstood what he wanted before, you've got to go and get this thing on company letterhead.
I am applying for what I thought was a slam-dunk mortgage: Credit scores for my wife and I are in the 790's, house is only $100k, we're putting down 20% with cash from our savings accounts, income is $100k+, I own another piece of property free and clear already. But no. This process is killing me. I've had trouble sleeping, trouble eating. Trouble concentrating, trouble working.
I was up-front the whole time with the LO that I was self-employed, that my file might require a little more work than the standard person's; hey, might want to get an early start on it; could we try and close early? (knowing that we wouldn't actually close early, but that the underwriter would probably require some stuff and I didn't want it coming up at the very last minute.)
No. They did not get an early start on it. The first that I heard that there was a problem and that more documentation would be required, was September 3. We were scheduled to close on September 5. Finally got clearance to close today at 4:45PM. Hopefully the title company has some open slots tomorrow.
Once this thing is finished and my name is on the deed, I will name names (probably not here -- this is more of a rant/vent -- but on some review site where it's appropriate). I think that some of the stuff that went on here was just totally bogus. I am totally willing to trash these companies' reputations (not just the mortgage co; the appraisal co. had significant timeliness problems as well) on the Internet, because when I searched for them before I agreed to go with them, I didn't find anything resembling an actual review.
I don't have a problem with anything they asked me to provide. Ok, they're giving me lots of money, I understand if they want to see some documentation. However, the manner in which it was handled was simply horrible.
For the uninitiated: You fill out the application and send all your crap (tax returns, check stubs, bank statements, whatever) to your Loan Officer. This guy is basically just a salesman. He hands that stuff over to the Loan Processor. The Loan Processor might ask for a few things, but if you have all the basic stuff that the LO asked for, then the LP probably won't ask for anything more. They will take all your docs and tell you a week before closing that everything looks great.
But they don't know shit. The Underwriter is the one with the power. And he will not look at your file until a few days before closing. And he will come up with all kinds of things that you have to hand in; letters of explanation that you have to write; etc. Sometimes he will ask for something, and you will provide it, and the Loan Processor (who you are talking to directly by this point) will make you think that it's ok. Then the day that you're supposed to close, nope, sorry, Underwriter says that's not good enough, the Processor just misunderstood what he wanted before, you've got to go and get this thing on company letterhead.
I am applying for what I thought was a slam-dunk mortgage: Credit scores for my wife and I are in the 790's, house is only $100k, we're putting down 20% with cash from our savings accounts, income is $100k+, I own another piece of property free and clear already. But no. This process is killing me. I've had trouble sleeping, trouble eating. Trouble concentrating, trouble working.
I was up-front the whole time with the LO that I was self-employed, that my file might require a little more work than the standard person's; hey, might want to get an early start on it; could we try and close early? (knowing that we wouldn't actually close early, but that the underwriter would probably require some stuff and I didn't want it coming up at the very last minute.)
No. They did not get an early start on it. The first that I heard that there was a problem and that more documentation would be required, was September 3. We were scheduled to close on September 5. Finally got clearance to close today at 4:45PM. Hopefully the title company has some open slots tomorrow.
Once this thing is finished and my name is on the deed, I will name names (probably not here -- this is more of a rant/vent -- but on some review site where it's appropriate). I think that some of the stuff that went on here was just totally bogus. I am totally willing to trash these companies' reputations (not just the mortgage co; the appraisal co. had significant timeliness problems as well) on the Internet, because when I searched for them before I agreed to go with them, I didn't find anything resembling an actual review.
I don't have a problem with anything they asked me to provide. Ok, they're giving me lots of money, I understand if they want to see some documentation. However, the manner in which it was handled was simply horrible.