Meade said:
What did they need your passport for?
I’m moving from NJ to FL and still have my NJ license, which I gave them.
You’re doing a cash-out refinance, moving to Florida, and doing a bank statement loan. With late payments on your credit, it’s no surprise they’re scrutinizing your application.
@Jules
I own the home outright and have the cash reserves they asked for. The loan is at 50% DTV, so I don’t think it’s risky.
In my experience, this timeline seems pretty standard. The process is different for every transaction, but it’s always more drawn out than you expect. The only exception I’ve had was with a local lender who processed everything with little hassle.
Underwriting is asking for an explanation about why my license has my old address. I’ve told them I’m moving to Florida, so why does it matter? I also gave them a utility bill, but now they want two months’ worth. Is my internet bill not enough?
As a business owner, you likely have more loan options than just a no-income verification loan. It sounds like the loan officer didn’t plan the process properly from the start, which is causing delays. Conditional approval means your loan is moving forward, but they still need to review additional information like the appraisal, title, and insurance. If you didn’t provide everything upfront, you might be looking at a longer process.
@Cai
My loan officer said we should close by Christmas. The appraisal came back fine, and I provided all the necessary documents weeks ago.
Alden said:
@Cai
My loan officer said we should close by Christmas. The appraisal came back fine, and I provided all the necessary documents weeks ago.
Non-QM loans are known for dragging things out, especially with refinances. Don’t worry too much about it. It’s normal to request documents repeatedly.
@Flint
I just found out they requested another revision from the appraiser. It seems strange they need another one after the first revision.
Alden said:
@Flint
I just found out they requested another revision from the appraiser. It seems strange they need another one after the first revision.
It’s not strange. Appraisers often make small errors. Add in the holiday season, and delays like this are pretty common.
@Flint
I wish they’d tell the appraiser all the issues upfront, instead of going back and forth.
Alden said:
@Flint
I wish they’d tell the appraiser all the issues upfront, instead of going back and forth.
Why do you think that’s what happened? I’m telling you, this happens all the time. If you’re struggling to provide complete documents, this back and forth is common. It’s not unusual for lenders to ask for what they initially asked for again.
@Flint
They told me that’s what happened. But, I’m just frustrated with how many revisions there are.