What Exactly Does An Underwriter Do With Your Mortgage?

[@chrissymancini4299]

I’m an Underwriter - we aren’t trying to stress you out, believe me. We are beholden to strict guidelines. My best advice is to be prepared ahead of time. Think of things in sets of 2 - 2 paystubs, 2 years tax returns and W2’s, 2 months’ bank statements. And just take a deep breath. We’re here to get you to the finish line. Nothing makes me happier than issuing the clear to close and getting buyers to the closing table. Good luck with your purchase!

[@WinTheHouseYouLove]

For sure!! The best piece of advice I can give to clients is that it's not personal at all. It's mostly black and white guidelines that everyone has to follow

[@rogerkirksey7371]

I had FICO score 700 I turn everything at beginning we was nearing closing old bill pop up at had payoff I had wait 3 weeks for my credit report update show it’s paid now it’s gone back underwriting why is it taking so long now it’s been over a week

[@lovelyindeed4526]

I love this comment!! I am a Property And Casualty Underwriter and feel the same way!! Question for you if possible. I’m going through the mortgage process and accidentally transferred more money than needed from my checking to savings causing a negative balance in my checking account $159. no over draft fees and payment was made. Balance rectified. I’ve submitted 2 months bank statements already no previous NSFs. Closing 01/20. Lender may ask for Dec and it will show up. I’m so concerned I will lose this house over a $159 mistake. 684 credit score low DTI closing costs are not coming from this checking account. I’m very worried. Thank you for your input.

[@oscarbravo5529]

@@rogerkirksey7371 did you ever get an answer? I have the same question. Mine is only $10 mistake, transfered funds immediately, but still took a overdraft.

[@mikaylahawkins674]

@@oscarbravo5529 not a big deal if it’s not a normal Occurance. May have to do a letter of explanation at most. I’m a mortgage underwriter.

[@jkbc]

I like the speed of you talking....like a real conversation, most youtubers speak like they are racing

[@WinTheHouseYouLove]

Thanks!! I always feel like I'm talking to fast haha

[@ijeonu2405]

No you not. You are a great teacher. Thanks

[@gloriacolosio9083]

Hi 🙋‍♂️ thank

[@cldub2cw]

Exactly! I always wonder why youtubers do that!

[@silverpod]

This is an unintentional ASMR that’s appropriate in an extremely stressful situation. In real life even when I’m talking to a loan officer about underwriting, they always talk so fast that I easily get lost. This is the opposite of that.

[@WinTheHouseYouLove]

I'm glad to help!

[@silverpod]

@@WinTheHouseYouLove Thanks for taking the time to make these videos and for making them understandable by the general public. You just gained one more new subscriber!

[@ladyofspa]

Very attractive voice

[@Ed_Okin]

What is an ASMR? Thank you! 😀

[@leeleeloveshurdcrew]

You’ve helped us sooo much! Plus your voice is sooooo calming👌🏾 I’ve had some peaceful sleep full of knowledge because of you😂 We are building our home & have received our initial approval. We break ground next week🤩 Thank you so much!

[@monetmariie]

Hello Lee Lee, congrats. When does the underwriting process start on new construction? I haven’t been able to find this answer.

[@leeleeloveshurdcrew]

@@monetmariie Hi Love😊 Thank you so much! I’m sorry I’m just seeing your comment. It may be different with different builders. We are building with Ryan Homes. The underwriting process starts before you break ground. There is also another underwriting process before you close.

[@tashikaalford6771]

@@leeleeloveshurdcrew you guys are truly a blessing.. I have a question so once you are approve...I take that information to the builder and pick a lot...or how does it work...thanks so much

[@240815vinay]

I work in bank and make AUS guideline software . I can relate to all information in this video . One more advice I want to give . If your loan is approved then don't wait for long time . Take that Loan . If you wait more than 15 days ( days depends upon country to country ) then again we will underwrite your loan application because Many things may change in those 15 days .

[@Donyeil1]

I just got the notification that my application has been sent into underwriting!! I am excited and nervous all at the same time. Thanks again for such an excellent video. They are really helping me understand the process in buying my first home. Closing expected 4/22 or sooner fingers crossed 🤞 😀

[@WinTheHouseYouLove]

Congrats!!!

[@Navafashionllc]

How it go?

[@Donyeil1]

It went good the underwriting process has by far been the worst part of all however I signed my closing disclosure today closing set for later this week

[@Navafashionllc]

@@Donyeil1 how many days did that underwriting process take alone?

[@Donyeil1]

@@Navafashionllc It depends case by case mine went back and forth about a total of three times just because I had to verify a few things and even verify that some things were not true but the first time only about a week or so, then maybe a few hours the next and then 2 days but we had to move fast in my case because im closing this week

[@Shirri76]

I am an underwriter as well and you are so on point! Love it! We want to close the loans but like you said we have to meet the requirements set. I hate when the loan goes sideways but always try to find a way to make it work. If you follow what he is saying you will have a much smoother process for sure. Good video thanks much

[@WinTheHouseYouLove]

I'm so glad to hear!! I'd love to interview an underwriter on this channel! If you're up for it, shoot me an email at [e-mail]

[@ryanveal7624]

How do you guys verify previous employment? Do you just call the previous employer and ask them to verify the dates that the borrower provided? Or does the employer have to provide paperwork to prove the borrower worked there for a certain amount of time??

[@Shirri76]

@@ryanveal7624 yes and previous w2s to document it. So you are correct a verbal done by a 3rd party or a written voe from the previous employer to confirm dates hope that helps

[@o.9763]

2nd Mortgage been in underwriting for 2 weeks. I provided everything they need 😮. Ant advice?

[@ogodedecollins1001]

Your tone and at the pace you speak is perfect. Some people rush as if something is pursuing them

[@WinTheHouseYouLove]

We want everything to be clear. Thanks for the compliment! :)

[@Demiurge66]

I just cleared underwriting today, it was stressful for the past two weeks but worth it.

[@WinTheHouseYouLove]

Yay, congrats!

[@officecheer1821]

Congratulations

[@twincherry4958]

Lol...they came back with 10 questions and 2 days to respond I order to honor the closing date 🤣🤣😂😂

[@officecheer1821]

We have begun the process, we have our preapproval letter. We are building our home set to close 2/2/21. We have submitted w2's, paystubs, bank statements. Our down payment is sitting in the bank. We are under contract while the house is being built. We are nervous cause we know the Underwriter has the final approval. Our loan officer said she has been doing this for 30 years and has never had a client as prepared. We knew our credit score DTI and had our money in savings. I've been watching your videos begore my husband and I decided to apply. We have heard horrible stories. Thank you for all of your help.

[@WinTheHouseYouLove]

Ah I love it!! That’s so great to hear! If you’d be open to it, it’d be great to have you on the channel for an interview. I think that could help a lot of people! If you’re interested, shoot me an email at [e-mail]

[@chrissymancini4299]

As an Underwriter, you are my dream borrower!

[@officecheer1821]

@@chrissymancini4299 our loan has moved to the processor. We tried to be as prepared as possible. Just trying to get to the closing table

[@NCtrucking1]

Since you are building your home, did you have to go through underwriter twice? I am currently under contract on a new build as well as of 2 days ago but I am wondering will I have to do under writing now since I went under contract 2 days ago and then again when ready to close in about 6 months after construction is finished or just in 6 months when closing?

[@officecheer1821]

@@NCtrucking1 Once you have gone through underwriting and that process is complete, you should get conditional approvals. Once it close to closing the underwriter will check your employment, credit, and make sure you have enough money to close. We have gotten our conditional approval and sent that information back to our processor. We only need to provide updated bank statements before we close and home owners insurance. We are at the phase 2 of the building our home. Ever lender has different requirements, so please check with your mortgage lender. Congratulations, please whatever underwriting ask for just give it to them, so you don't have a delay.

[@ToniD6436]

So glad I came across your videos. We bought our first house in 2006 and we’re renting it out due to moving for a job. We’re preparing to apply for a mortgage in January and your videos are helping tremendously. I barely remember buying our last house 😂.

[@WinTheHouseYouLove]

Welcome, I'm glad to help :)

[@o.9763]

I'm now in the same situation waiting for 2nd mortgage to be approved

[@PugpugKeller]

Thank you, I'm in process of first time buyer. This makes sense and very clear.

[@tontowtoronto5733]

His voice sounds like he's telling me a long secret 😂🤣.. amazing information by the way 👍

[@WinTheHouseYouLove]

LOL!

[@mdjabola]

Thank you for responding to my message last time....just got into the underwriting process today....crossing my fingers that everything will go smoothly...Thanks Kyle .First time home buyer here...I’ve watch your videos and learning a lot..

[@WinTheHouseYouLove]

You got this!

[@mdjabola]

Thanks!!

[@Navafashionllc]

@@mdjabola howd it go?

[@mdjabola]

@@Navafashionllc hi!!! We did it!!!!Thank you all for sharing your experiences on this channel, @ Kyle, i learned so much and still learning!!!We closed Friday.

[@mdjabola]

Thank you so much!!!!!

[@graceferrer1410]

Happy to have found this important information. I have a better understanding of conditional approval to initial approval to 2nd round with underwriting. Hopefully to close tomorrow!

[@WinTheHouseYouLove]

Yay!! Congrats!

[@IronWolf-Fitness]

Bro, I love that sweater. Not trying to be weird. Just shouting out some love

[@WinTheHouseYouLove]

Thanks! H&M, it was super cheap!

[@Marketplacere]

Wow, well explained. You can be a teacher/professor. Thank you very much.

[@_Renee2]

I am in this phase of the buying process and I feel nauseous. I have all my documents organized, filed , and ready to go. My lender is thankful for the timely submissions too.

[@ahmadawada5363]

Thank u for clarifying and simplifying what seems to be a complex process. You clear word pronunciation and calm voice is a gift. 👏👏👏👍

[@WinTheHouseYouLove]

Glad it was helpful!

[@roxies1615]

I have never been married so if you are ever single keep that in mind, because that voice got me falling in love 😍

[@WinTheHouseYouLove]

Haha thanks for watching!

[@pamelaj1596]

Your voice is so calming.

[@WinTheHouseYouLove]

Thank you!

[@larrabeejl]

I'm in the final stage and I'm stressed out of my mind. I have so much riding on this to move forward in my life. I can't wait till it's over.

[@WinTheHouseYouLove]

Best of luck!

[@frankmacias1770]

Yeah.. My loan officer would never want me to watch this video... He was horrible. I did my part just like you mentioned to ease everything. Two months ahead of what the seller wanted... Yet.. It came down to the wire that he forgot the closing agreed on date and delayed everything costing me contractors cancel fees and all. If I saw this earlier I would have this loan officer on his toes.... Good video.

[@LearnGoals]

*As always your videos are extremely useful for all buyers to understand underwriting better , thank you for sharing*

[@WinTheHouseYouLove]

Thanks!!

[@reynerioguevara2990]

Absolutely needed at this point in time. Thanks

[@WinTheHouseYouLove]

Glad it was helpful!

[@lorrainestromberg]

Thank you! I'm beginning the process of buying my house from my landlord and I feel some nervous excitement. This information definitely helps to calm.

[@Jen-bt3jb]

So am i..just went into contract today.

[@WinTheHouseYouLove]

Thank you for watching! Congrats on buying!! Best of luck. Let me know if you need any help, my email is [e-mail]

[@lorrainestromberg]

Thanks for the congrats and helping hand! I just watched your video on building credit. I was wondering if working to raise my credit score from the mid 700s to a higher score would be noticably beneficial to lowering my home loan interest rate? Is there a set credit score threshold where interest rates won't drop any lower even if credit score were to increase? ☺️I hope I phrased all of that correctly, haha. Thanks again!

[@WinTheHouseYouLove]

@@lorrainestromberg I don't think you'd see a huge decrease in interest rate since your score is already high. Each lender is different, but it seems like rates don't tend to lower much after you have a 740 or higher

[@oeg1612]

We are currently in a process of buying a home and let me tell you its very stressful hope we close next week.

[@kimisshecandles]

Thanks for sharing your knowledge. You appear to be patient and calm. This is what captured my attention. Deep breath and follow the process. Thanks

[@WinTheHouseYouLove]

#calmmoment

[@sam56094]

What an amazing teacher ! Well done !

[@WinTheHouseYouLove]

Wow, thank you!

[@frankjimenez5408]

My loan just got sent to underwriting over the weekend, and luckily I found this video. Any time they ask for documentation I stop what I'm doing and get it to them within the hour. Hoping for a smooth underwriting process and closing!

[@WinTheHouseYouLove]

That is awesome!

[@dpxfpv]

THANK YOU. You absolutely nailed this. Your tone, voice and overall presentation is such a breath of fresh air, allows me to truly understand and focus on the most important things. The information here is gold. THANK YOU. THANK YOU, THANK YOU!

[@WinTheHouseYouLove]

Wow, thank you!

[@chesnutkc]

my application just got sent in to underwriting today! So nervous but also SO ready to get this over with! XD

[@WinTheHouseYouLove]

Yay congrats!!

[@diegolara4202]

I am going through this process n a new build home. It is not too stressful as long as you have all the information they need. Thankfully all my paystubs going back years and statements are available in digital form. As soon as the loan office sends me an email requesting a new document I upload it within minutes. It seems most clients take forever to reply to them because she sent me an email thanking me for being so responsive and said she truly appreciated it. But it does get scary at times when they ask for specific info. For example I was out of work for almost two weeks due to covid, and I had to explain that and reply whether I am not back on payroll. Those little things make you wonder if they will use such thing as a reason to deny the loan. But like you said on the video, they aren't picking on you these are just things they have to do in order to get a loan approved.

[@WinTheHouseYouLove]

Thanks for sharing!

[@fedgraca6434]

Why banks and lenders have developed a time wasting process that focuses on the customer and his ability to repay the loan when in fact, the lender would benefit significantly more if the customers default on repayment and they can obtain the assets after having already had some of it paid off with interest? I think this is a weakness that doesn't incentivise selection of good assets.

[@WinTheHouseYouLove]

That would be illegal

[@fedgraca6434]

@@WinTheHouseYouLove so if i stop mortgage repayments the bank doesnt get my asset?

[@WinTheHouseYouLove]

They get the right to sell the house. Which requires often a year of litigation and thousands of dollars in court costs. Any profit from the sale minus expenses goes to you. A bank can't just take a home from someone and profit on it. There are literally thousands of pages of laws on this.

[@garylens1]

I just went under this process like 1 day ago and I'm home nervous. My mind keep wondering. I hope everything is going well. Geez I'm so stressed 😫. Thank you for your informations.

[@WinTheHouseYouLove]

You got this! Best of luck!

[@DJPiezo]

This is great information for the next steps in purchasing for a 1st time buyer

[@PR-oq7qn]

I wish I would've have watch your video sooner, now i understand this process more clearly.

[@WinTheHouseYouLove]

Thank you so much for watching!! :)

[@galactus4mac]

I’m currently in the conditionally approved stage what ever that means. But I have excellent credit and low debt to income ratio. What don’t get in the loan process is how little this process looks at people like myself being in the tip industry as a hair stylist. The loan officer asked me why I deposited $500 in a week. Well let’s see I work this cash I have lol I feel like nobody in this process is on the side of the buyer. At least with cars they are hungry to close the deal.

[@WinTheHouseYouLove]

Thank you so much for watching!! :)

[@BigFootFamily88]

How did it go just got that and a working to close email

[@HealthylivingwithKanikaA]

Thank you for explaining the process. I haven’t gotten to the underwriting process yet but am feeling like a ball of nerves the closer I get. I heard you state not to open a new line of credit and I don’t plan to…but is it ok to use my current credit cards as I normally do and pay the full balance off before there due date?

[@WinTheHouseYouLove]

Yes, as long as you will be diligent with your credit card and no big purchases. Best of luck!

[@Waiy333]

I am going through the underwriting stage, really scary stuff! 😨 Also my electoral roll is all over the place place so they aren't confident on where I've been living as I've moved around so much and living at family's places from Time to time. What can I do?

[@toebeansandcheeseburrito]

If you worked less hours last year into early this year, but still make the same amount per hour now and work more hours as of the last few months, would they consider only the last X amount of paystubs in your income? I don’t want them to consider when I had less hours if I’m working more and earning more now. Conventional.

[@merrickcotiak5]

Based on your statement youre not working 40 hours per week. If income fluctuates, lowest possible income will be used based on your income history.

[@CryptoBlick]

Do you see Loan Officers delaying on customers who are actively looking for a property ...vs... those who are planning to close and have a closing day in mind?

[@WinTheHouseYouLove]

Personally, I haven't seen that. But, it's possible that could be happening with some not-so-great loan officers. From an urgency perspective, someone who is under contract is in need of a faster response than someone who isn't, but it shouldn't take more than 24 hours for a loan officer to get back in touch with someone.

[@CryptoBlick]

Win The House You Love ok good to know! Thanks.

[@cynthiahale2878]

Do underwriters use the the same credit report as the loan officer ? What credit report is used by the underwriter and is it the same as the one I can use.if you send your documents for pre approval to the real estate so they know that you can afford a certain amount. Why do you do all the work for that letter.only to be turned down after you paid downpayment and inspection and moving company. Why don’t they do all the underwriting when they do the pre approval?

[@WinTheHouseYouLove]

Hi! Since you are the one buying a home, it is really your job to process everything, unless you guys had an agreement that they will be the one to do the paperwork for you. Also, bear in mind that every month, your credit report has a tendency to change. I suggest that if you are applying for a loan, make sure that you still pay your monthly bills on time to avoid negative impact on your credit.

[@nereyda515]

I’m so nervous my bank was overdraft for this month now, they are asking me for this month's statement; I summited the statement for the past two months as they requested. I called the bank, and they said they could send me an update statement showing the new balance, but it would take 5-7 business days to arrive home. Will they take a letter from the bank stating the balance I have?

[@BrokeAsHellChallenge]

Thank you. You add so much value to your videos. I love it. Thank you.

[@WinTheHouseYouLove]

Glad you like them!

[@broken_link]

Your channel has been so helpful. Thank you!

[@WinTheHouseYouLove]

You are so welcome! Thanks for watching!

[@edgardobarreto4094]

Thanks for your vids, they are very informative. My wife and I are anxiously waiting to get the yes or nay. We are 3 months in 🥴

[@WinTheHouseYouLove]

Glad to help! Sounds like you're in the home stretch!

[@Navafashionllc]

3 months just to get a Yes or no

[@thehernandezchaos628]

I’m in the underwriting process still haven’t heard from them. Should I continue to pay off my debt even in full?

[@WinTheHouseYouLove]

I wouldn't do anything credit wise unless you talk to your lender about it first

[@o.9763]

2nd Mortgage has been in underwriting for 2weeks? Loan Officer said it's not a no yet. I'm still waiting though 😢😢😢

[@idonthavealambo]

My offer for a house was accepted about an hour ago. Now I’m nervous for the underwriting process 😬 but it seems like underwriters are nice human beings

[@WinTheHouseYouLove]

Good luck!!

[@nereyda515]

How did it go? I’m on the underwriter process.

[@idonthavealambo]

Hi Carol, it went well. Just don’t get scared if the first lender doesn’t approve you. It happened to me but the second one did (my lender is Union Home Mortgage if that helps)

[@barbaraharris1525]

Great information, very helpful did not quite sure what underwriter was about.

[@WinTheHouseYouLove]

Glad it was helpful!

[@annamariethompson116]

Another Great video,Filled w/ Helpful information, Thank you Kyle!

[@WinTheHouseYouLove]

Thank you!

[@TLOGrillz]

Thank you for this video cause I was just overwhelmed till this video very helpful

[@ericchinique8805]

Great video!! Thanks for the information.

[@WinTheHouseYouLove]

You're welcome! Thanks for watching!

[@yairlong3258]

Thank you , when in the process are you usually asked to look for insurance?

[@Overly_nourished_entity]

It’s annoying how underwriting happens after inspection and appraisal 😫 you’re out that money if you don’t get the loan.

[@WinTheHouseYouLove]

It can be frustrating for sure

[@pillowvideo]

Process information is interesting and useful, but people definitely should not take away that the loan officer or anyone on the banking side of the equation is on your side. They are looking out for the bank's interests exclusively.

[@IronWolf-Fitness]

Thanks for the info, keep up the good work

[@WinTheHouseYouLove]

Thanks, will do!

[@carlosmedina-qb7hj]

I have a question regarding income verification. I recently received a pretty significant pay increase this year compared to my last 2 years of employment. Will they go off of my current pay and my most recent pay stubs, or do they average out the pay from the last 2 years? Thanks

[@rigo6156]

Why would underwriting ask for 3 and 4 year old tax returns? Is that typical?

[@arnoldkevingalimba9992]

Awesome information! Thanks man. Side note: Am I the only one that changed the playback speed to 1.5x?

[@hawazinabdullah3294]

Hello thank you so much for the very informative video my question today is, We are under contract on a house after almost 2 years. This week, the loan is going into the final review by the underwriter. Me being paranoid as usual and over thinking things. At 2 am wasn’t able to sleep and started looking at the bank statement from last month. Noticed that I forgot about a cash deposit we made for about $3000. it was for a payment we made on behalf of a family memeber who doesn’t live here. He wired the money later and was deposited as cash. We have all receipt and the wire receipt. Will that be sufficint for the loan underwriter or it might cause issues?? Can’t wait for this to be over. It is been so nerve racking. Thank you in advance.

[@misterj53]

hey Kyle !! is it okay to sell my car while i am in the buying process for a home to drop my DTI?? love your videos by the way

[@mikefeir]

How big of a non-payroll payment raises issues for an underwriter?

[@WinTheHouseYouLove]

Usually it’s any deposit greater than 50% of the qualifying monthly income. Although, some lenders have overlays that make them look at deposits smaller than that.

[@jk6343]

Can a underwriter call your student loan servicer to verify your payment or agreement with your loan servicer.

[@VTHookie]

Hie there !What happens if you do not get a house within the range you got approved for?Do you start looking for homes before you sign the paperwork for the loan you got approved for?Thank you!

[@Mystified1978]

We are in underwriting for our va loan right now. They are concerned about my husband being in sales. So they asked for a few more old pay stubs. We sent in over a years worth plus shown that my husband has made good money just in the beginning of this year alone. Now we are waiting. We have no outstanding debt, good credit, and we are even putting money down because we want to. So I’m On pins and needles waiting and it feels like forever. We found out Friday they needed more pay stubs and we are still waiting! 🥺

[@mikaylahawkins674]

They should have reached out to your employer for a full employment verification. This will verify the year to date income for the last 2 years and this is what they need. Worst case you can give the year to date stub for 2019, 2020, and of course 2021. That would be the last paystub that you received for each of those years.

[@WinTheHouseYouLove]

Mikayla nailed it :)

[@Navafashionllc]

How’d it go?

[@VideoJunkee]

You're missing a video of the torture rack underwriters put buyers on.

[@aminachowdhury5415]

If one has steady source of income, but does not have sufficient money for down payment, can gift money be used as down payment?

[@brendamartinez2265]

It took almost 4 weeks for my underwriter to approve our loan, is that a common time span? I feel like it took way too long and we had provided all of our documents

[@WinTheHouseYouLove]

That's very long

[@killamatrix1]

Your liquid funds may have been short or it had to go through manual and you have properties

[@rosesolis1868]

Thank you my loan is now going through underwriter but my problem is my loan person does not talk to me honestly I feel I can walk away from this to frustrate with the process

[@WinTheHouseYouLove]

Try to be direct (and kind) with them. If you're early in the process, consider working with a different company

[@TheWordRevealed106]

But how long does it take to get approved once submitted to the underwriters?

[@WinTheHouseYouLove]

Around 2 days

[@ggggg4030]

What is loan commitment ? Does it require an appraisal? What’s the difference between approve/eligible and loan commitment? Thanks

[@WinTheHouseYouLove]

Loan commitment is a lender saying they can give you a loan. Usually yes. A/E is an underwriting software, a loan commitment is from an underwriter.

[@winnifredpridgen2620]

When you take the FHA loans how long before you can sell if you what too

[@deebibi4872]

My home loan just went in underwriting… im excited 😊 and mad stress. I pray everything goes well🤲🏾

[@WinTheHouseYouLove]

You got this! Best of luck!

[@deebibi4872]

@@WinTheHouseYouLove loan approved … they requested for my profit and loss statements… my income increase from January going up… im not in the ratio amount they asking me. Would that be a problem

[@k.b.s4703]

How long is underwriting?

[@deebibi4872]

@@k.b.s4703 mine lasted 3 days they came back asking for some more paperworks after I submitted them …I got a approved.

[@k.b.s4703]

@@deebibi4872 how was the interest rate determined ? Was it from date approved or from date submitted? Interest rates are going up soon and I'm so nervous 😓

[@sinnamek3522]

Only if my load officer would try my calls or email 😖 Thank you for sharing, I always watch your videos for peace of mind☺️

[@WinTheHouseYouLove]

Ah bummer! Thanks for watching :)

[@emarti3419]

My loan officer's website has a secure portal thank goodness. Had to recently upload some updated documents. I am currently in Underwriting!! If all goes well, closing in 4.5 weeks!!!

[@WinTheHouseYouLove]

Good to hear! That's the easiest way to get them uploaded. Congrats!!

[@emarti3419]

@@WinTheHouseYouLove I'll keep you posted!!

[@Navafashionllc]

@@emarti3419 did you close? , how long was underwriting process ?

[@emarti3419]

@@Navafashionllc I purchased back in 2020. B/c it was a short sale, the overall process from prequalifying to closing was about 5-6 months. The underwriting portion didn’t take too long at all. Think it was maybe 2-3 weeks. As long as you have ALL your documents on the ready, should be painless. It seems overwhelming at 1st with what is requested, but this day & age, you can get your hands on the required documents pretty easy.

[@emilyminiaci1633]

Do you have any information available for financing of new builds? We are in the process of building a home. We received the initial approval so the house is in process of being built. Received our conditions, many were redundant and were already sent during first approval. It’s been over a month since all of the conditions(17 of them!) were sent to processor. We have YET to hear from her. Not even an email.... Our builder heard ‘through the grapevine’ that we were cleared for final approval of the loan(we are going through builders finance company). This is honestly the most stressful thing I’ve ever went through. Income has went up, credit score has went up, no more debt added and I’m still concerned something is wrong because we haven’t heard anything from our processor.

[@WinTheHouseYouLove]

I don't currently. Ah, that sounds so annoying. There's no reason why you shouldn't hear back from a processor or loan officer within 24 hours. Personally, I'd be reaching out to any and all people just to get a response back. There most likely isn't an issue with your loan, but it's still poor customer service to not hear back at all.

[@twincherry4958]

They just said they will reach our I'd they need anything ...that is after I submitted their 10 list of documents within 24hrs.

[@mikaylahawkins674]

Keep in mind that most loan documents expire between 60 and 120 days. On new construction loans it’s not unlikely to have to resend in paystubs, bank stmts etc because they will expire before your loan closes. In a lot of cases of there are many months between now and your closing there is no need to call and ask for anything or provide and update because anything your loan officer would obtain more than 2 months out from closing would just expire anyhow. When I used to process I would make sure my borrowers were aware that we would not really get started on documents etc until we were closer to closing.

[@sbtgirl5618]

@Emily any updates ?? We are also buying a new construction home..should be finished in May and it has been stressful only because we are moving out of our rental home as the landlords are selling at the same time. Now, In regards to the new home I have submitted documents the same day they requested them . Both times. The first time and yesterday when they requested more documents like recent paystubs bank statements and such to send to underwriting. She said I should hear back once they assign a loan officer.

[@joybalanon7483]

So my loan is submitted to underwriting and they told me it usually takes 30-45days. Is that normal?

[@spencerhansen8374]

Yeah, they need that time to present the note to the Treasury and get started on earning interest, plus hypothecation, plus insurance for themselves on the note. In that time, the note has already been on the bond market long enough to have paid for itself and then they can approve your loan and double their money as you pay it back. Or deny your loan and walk away with what they made and leave you to try again.

[@biggip254eaglenation2]

Great video !! I am in processing and I received an email today from the loan processor that I only had 1 task and it's to purchase home owners insurance .Does this mean my file has already been to underwritting ?

[@kyshac81]

This underwriting process is extremely stressful as a buyer and seller.

[@butt3rz743]

My bank said that theyre in the process of waiting for the PMI to clear, does this mean that my loan will be funded or should i still be scared?! halp

[@WinTheHouseYouLove]

PMI underwriting is much easier than underwriting the loan. I’ve never seen PMI not get approved if you’re this far in the process :)

[@chrisassassin5447]

I’m currently on the conditional approval step and the only thing I was asked to submit back in February was 2 months of bank statements. Now we’re on April and it’s still showing on their site that I am still on the condition approval step and we have a closing date for April 29th. Is it normal for it to take that long?

[@HarveyLagura]

I hope you are my professor. You teach damn good!

[@WinTheHouseYouLove]

Thank you! - Professor Kyle 😅

[@ashleyreneeedwards1087]

So our loan officer last week asked for some updated documents and said we needed to have them in within 48 hours does that mean we are in underwriting?

[@9erslady37]

Do underwriters get paid if loan gets denied?

[@WinTheHouseYouLove]

Underwriters usually get paid a salary + small commission if the loan closes

[@9erslady37]

@@WinTheHouseYouLove Wow! Thank you for responding!

[@mikaylahawkins674]

@@WinTheHouseYouLove actually underwriters get paid just to review the loan. Rather it closes or not doesn’t affect our pay. This way we have no incentive to approve or deny any loan. Just to review and remain unbiased.

[@chrisstepp3114]

Good video, i just got my application sent to underwriting today.

[@WinTheHouseYouLove]

Awesome!! Best of luck, let me know if I can help at all :)

[@chrisstepp3114]

@@WinTheHouseYouLove well idk if this is normal but i got my condition approval already after 3 hrs. Just waiting for loan officer to tell me what is needed

[@Navafashionllc]

@@chrisstepp3114 how’d it go?

[@chrisstepp3114]

@@Navafashionllc everything was approved and i been in my house for 3 months now

[@Navafashionllc]

@@chrisstepp3114 how long was the underwroting process

[@crystalscott9948]

I’m sitting in “approved conditions”stage of underwriting right now, but also still in the process of building, closing end of September, I hope. The weather decided to rain for almost a good week right as the framing was to start, is it standard practice to run credit report again and if so how close to closing does that happen. During this time all was asked from me was a better driver’s license copy, explaining why my parents address was considered as current as 3 years ago, but I was living in my own home during that time, I don’t even know how that was a thing, but I actually had to explain that to the underwriter.

[@WinTheHouseYouLove]

I know the struggle, but don't worry... when you already have your home and look back, you will realize that the fuzz is all worth it. Sometimes it's nicer to get things in a hard way 'coz you will appreciate them more. Best of luck!

[@crystalscott9948]

@@WinTheHouseYouLove thank you young man!!!

[@Whooboy400]

Do underwriters get the credits for the loans from the federal reserve banks discount window? Or is that the job of the bank lending the credits to the banks for the loan?

[@spencerhansen8374]

This is the only important question being asked in the comments. I was just trying to figure out what the underwriters are actually doing. They seem to be checking the insurability of the loan but because all mortgages are insured otherwise anyway I am guessing they are really putting together the info for securitization. Presumably the bank trustee is the one who will approach the Treasury(not the FR) window and get the credits plus the hypothecation plus the FDIC insurance plus as many other insurance policies as they can. Mostly the Trustee does the window approach before anything else happens because your promise to pay with a signature is already the payment needed. They can then use the 14+ days of the other background processes to get a head start on earning interest on the note(which is already a blank indorsed negotiable instrument) as holder in due course. But I may not know enough yet.

[@justicelives1694]

I got 1 pre-approval out of 4 lenders I applied too. Im alittle concerned if my pre-approval is real or not, if you know what I mean ...

[@WinTheHouseYouLove]

First, I would talk to the 3 that you did not get approved through and ask them specifically what kept you from being approved. Then, I'd mention those things to the lender that did approve you. It's possible that the lender made a mistake or overlooked something. It's also possible that that lender has less strict requirements than the other 3.

[@justicelives1694]

@@WinTheHouseYouLove thank you

[@byanymeans214]

If your loan has been approved by underwriter & its tax time can u go head and file your taxes before you close? Ia this considered a big non payroll deposit and Will it effect anything?

[@jrwheeler81]

This was very helpful. My husband and I are currently in underwriting for a new mortgage loan. Our loan officer was able to approve us on his end and has now sent everything over to underwriting. This is our second time purchasing a home. It has been almost 15 years since we bought our current home, so it's been a long time and I'm a bit confused. We have not even found a home yet (we literally just started looking) and I thought that a loan wasn't sent to underwriting until you had actually found a home, made an offer, and were under contract. How can you underwrite a loan without a property to underwrite the loan for? I mean, they need the price, appraisal, etc. Will it have to go to underwriting again once we find a home and are under contract?

[@WinTheHouseYouLove]

There are two main parts to underwriting: credit (you) and collateral (the property). Some lenders can underwrite your credit profile and then underwrite the collateral once you're under contract. When done independently, they just underwrite a maximum (e.g. approved as long as the payment stays under $1,300/mo)

[@jrwheeler81]

@@WinTheHouseYouLove Got it. Well, we got the approval from underwriting today, so we're good to go! Now, just hoping that prices start coming down in the next couple of months so we can stay within our budget!

[@kuroe-chan5190]

I w taken a week longer than needed cause my crap just wasn’t loading properly. I eventually took some things in person to my local credit union. I’m terrified of this step. Eli do have a scan app but they didn’t come out the best. I feel bad and nervous my lender thing I’m Polly gagging

[@nicolec708]

Glad I saw your video. I have a question. Found a home submitted documents went under contract..everything was ok then lender notified me that there was a judgement from years ago that I knew nothing about because it never showed up on my credit report. I dont think application went to underwriting yet.. should I be worried that I wont get the loan approved? I'm still waiting to hear something because that means if I have to wait the seller may back out.. and the home is a foreclosure.. what's your opinion on this situation

[@WinTheHouseYouLove]

It will depend on the loan: Conventional: must be paid prior to closing FHA: paid at closing OR 3 months payments on payment plan required (no pre-payment allowed) USDA: paid at closing OR 3 months payments on payment plan required (no pre-payment allowed) VA: payment agreement required, lender will determine duration of payments needed

[@brauliomedina5316]

What is a lender looking for when checking your bank statements? I am refinancing but do not have much in my checking. A lot of my money is in 401k

[@WinTheHouseYouLove]

They want to source large deposits and make sure there aren't any non-sufficient fund alerts on the statements. You can use the 401k as proof of funds, just make sure you send your lender the terms of withdrawal for the account too.

[@twincherry4958]

@@WinTheHouseYouLove I should have done that. They wanted a bank statement prior to the end of the month for an individual brokerage account - not possible. They had to send the check bank thing to get access to my account. One question, if my tax returns show less than I currently make can they use that to qualify me for loan assistance programs since they are using that to approve/ deny a loan?

[@pamelalandry7423]

MY HUSBAND CASHES ALL OF HIS CHECKS. HE IS WHAT YOU WOULD CALL 'OLD SCHOOL' AND DOES NOT WANT TO DEAL WITH CARDS. I HANDLE EVERYTHING MONEY WISE. HE GIVES ME CASH WEEKLY TO DEPOSIT INTO OUR SAVINGS (MY ACCOUNT) FOR THE DOWN PAYMENT. HOW CAN WE DOCUMENT THIS? THANK YOUUU

[@Joshua-le1vn]

It must be seasoned or kept in a bank account for two months or two statements.

[@queen_patience7220]

You're awesome! I enjoy your videos

[@WinTheHouseYouLove]

I appreciate that!

[@eddyeroyal6024]

I had to manual one. I’m VA, and a previous BK.

[@WinTheHouseYouLove]

Best of luck!

[@eddyeroyal6024]

I wanted to update you and your team, I did get all the final documents, they asked if I could get my Insurance down $3350 to $3000, they said I was .4% over Qualifying. I did his request. Got it down to $2970, They updated the new document and I was approved. Closed on the house.

[@demetriusandrews8545]

Are paycheck needed at closing and how is employment varied before closing?

[@WinTheHouseYouLove]

Hi! For closing guide, you may check this video: Here's the link: kzbin.info/www/bejne/j6eufZ-CjLGCe9E

[@stefaniefillipan999]

Stefanie Fillipan So I have a question, we were pre approved awhile back. We had to get tires for my car and some other stuff so my husband took out some from his 401(k). Then a month or 2 later I took out a payday loan not thinking much about it. Then we found a home and put in an offer. The offer was accepted and now we are starting the final approval process. My husband and I share a bank account but he will be the only one on the loan. What are our chances of getting the loan? I’m sick to my stomach thinking I could have screwed this up after working so hard on his credit. We would have an fha loan.

[@stefaniefillipan999]

Also we are using the 401k to pay the down payment. We have to pay 3.5% of the house. But would paying more ensure we get approved?

[@WinTheHouseYouLove]

I understand how you feel, but we don't have to cry over spilled milk. Let's just hope that everything will turn out okay. Best of luck!