+1 vote
I sent in paperwork one week agoJan 22 2018 to get a pre approval. The bank Im using got the paper work the following day Jan 23 2018. I have not heard anything and decided to call the loan officer im working with today. She stated that she pulled my credit ( which was mailed to me ) an there where a few things that I owed on, which are paid off this month. ( CC paid) . So my question is , it seems like she is dragging her feet, my real estate lady said it usually doesnt take a week to get a pre approval letter.   

   Should I wait????  Or move on to someone else??
asked Jan 29, 2018 in Buying a Home by Chrissyo29

2 Answers

+1 vote
Good morning Chrissy, and thank you for writing. It appears that your loan officer does not want to be the bearer of bad news and avoided giving you an answer right away.

There is no penalty on your credit scores for pulling many credit inquiries when you shop for a mortgage, as long as you pull them right away. I'd go with a lender who is more responsive, explain the situation, and ask if a "rapid re-score" might help you. You can get contact multiple lenders easily here. https://themortgagereports.com/ratequote

The rapid re-score updates your report (and possibly improves your score) within a couple of days. Only a lender can order a rapid re-score, but the cost is low and it does work fast.

If your credit score is very low, however, a re-score might not help you enough. If you have a copy of your score, and it's in the 500 range, you may need more time to bring it up to minimum lender standards, or you may need to make a larger down payment.

One thing you can do is call your loan officer and ask if they issued an "adverse action notice," which is required by law if they decline your loan application. If they did, get a copy, and it should tell you what the issues were, if any.
answered Jan 30, 2018 by GinaPogol (47,650 points)
0 votes
Chrissy

Everyone issues pre-approvals differently.  Our pre-approvals are full credit approvals which has been fully underwritten and signed off by our underwriters. It is also called TBD UNDERWRITE Mortgage Approvals. It normally takes 5 business days. Our loan officers issue pre-qualification letters and our pre-approvals are issued by our underwriters. This is the reason we close 100% of our loans. In your case, has the loan officer run Automated Underwriting System Findings? Did the loan officer request mortgage docs like W2s, bank statements, tax returns, etc? Did the loan officer verbally tell you that you qualify? Do you meet the 580 credit scores for 3.5% down payment FHA LOAN?  Were you told to pay down credit cards to meet minimum credit score requirements or to get you a better mortgage rate? All the above are questions that need to be answered. If the loan officer doesn't return your calls, emails, text promptly, I recomnend to find a different  loan officer. If you submitted all docs and meet credit score requirements, maybe your loan is in processing. Feel free to contact me anytime if you have any questions on this forum and I will guide you the right way. Best of luck to you and your family.

Gustan Cho NMLS 873293
The Gustan Cho Team at USA MORTGAGE
www.gustancho.com
answered Feb 6, 2018 by GustanCho (106,540 points)

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