That is stressful. I would call the Processor and ask what exactly the underwriters looking for. Sometimes they could ask for a bank statement and you send one page but they need three you can get the same request. Sounds like you are not getting clearing directions so I would make a phone call and ask very specifically what they’re looking for.
In your experience, is the Initial Closing Disclosure and Final Closing Disclosure usually accurate? Have you seen the Initial Closing Disclosure higher than the Final Closing Disclosure or vice versa?
I have seen Lender‘s pull bait and switches on the final. If the initial disclosure is not locked, it’s trash. Don’t trust it if a lender is telling you to wait till the end to lock because they know what the markets going to do. Not even the people getting paid millions and millions of dollars have any clue what’s happening next. And yes, I’ve seen the initial be higher than the final because a good lender is generally going to overestimate on the initial just in case. My team is always happy to look at loan estimates initial disclosures and closing disclosures to see if you’re getting a good deal. 786-933-2077
we provide the final CD 3 days prior to close but the actual., exact numbers do not occur until loan docs are out as the escrow company has to fine tune prorations and taxes etc...
90 days for income and assets and 120 for credit. It is not a full re-underwrite though unless something dramatic change generally we’re just updating. We have some clients that may take a year or so to find a house. It’s nothing to stress out about.
can the initial closing disclosures be adjusted, at the final table or prior to that? the numbers aren't final when you first sign the closing disclosure, is it? it's just a confirmation receipt right
You have initial disclosures when you fill out an application. Your initial closing disclosure you get a few days before closing. Lender fees cannot change but taxes and prorations could be adjusted.
Sandy has been a significant help. Thank you all for your services. 😎
I am so happy to hear that:) I always refer to Sandy as our angel. 👼
My underwriter is asking for the same silly things I have sent in multiple times 3 days before closing!! These people are really stressing me out!
That is stressful. I would call the Processor and ask what exactly the underwriters looking for. Sometimes they could ask for a bank statement and you send one page but they need three you can get the same request. Sounds like you are not getting clearing directions so I would make a phone call and ask very specifically what they’re looking for.
In your experience, is the Initial Closing Disclosure and Final Closing Disclosure usually accurate? Have you seen the Initial Closing Disclosure higher than the Final Closing Disclosure or vice versa?
I have seen Lender‘s pull bait and switches on the final. If the initial disclosure is not locked, it’s trash. Don’t trust it if a lender is telling you to wait till the end to lock because they know what the markets going to do. Not even the people getting paid millions and millions of dollars have any clue what’s happening next. And yes, I’ve seen the initial be higher than the final because a good lender is generally going to overestimate on the initial just in case. My team is always happy to look at loan estimates initial disclosures and closing disclosures to see if you’re getting a good deal. 786-933-2077
Does the realtor view the final disclosure?
generally they do to check their commission but if you have questions on it you want to check with your lender
@@JenniferBeeston Ok that makes sense. I thought lenders have to provide the "final disclosure" 3 business days prior to close date?
we provide the final CD 3 days prior to close but the actual., exact numbers do not occur until loan docs are out as the escrow company has to fine tune prorations and taxes etc...
If you underwrite a client, how long is it good for till it needs to be underwritten again?
90 days for income and assets and 120 for credit. It is not a full re-underwrite though unless something dramatic change generally we’re just updating. We have some clients that may take a year or so to find a house. It’s nothing to stress out about.
can the initial closing disclosures be adjusted, at the final table or prior to that? the numbers aren't final when you first sign the closing disclosure, is it? it's just a confirmation receipt right
You have initial disclosures when you fill out an application.
Your initial closing disclosure you get a few days before closing. Lender fees cannot change but taxes and prorations could be adjusted.