at what step does the underwriter come into play, and what is their function
at what step does the underwriter come into play, and what is their function
Great question, I would also like to know. I see that there are tons of people working with an underwritter....is this the next step after speaking with a negotiator???? Wouldn't the negotiator be the one communicating between you and the underwritter?
i too am wondering what happens in the underwritting/ underwriter stage. i called march 1st and they told me my mod loan is now in underwriting and it should take another 30-45 days.
I know the underwriter is the final stage of the loan modification. They are suppose to be the expert in determining whether or not we are approved for the loan modification. They run the numbers, look at the bank statements, etc... and try to find a way to disqualify us. I think the Negotiators do the preliminary work and collect and lose our paperwork. They then sit on our files for a few months or when they can't see past all the files from their cubicles and then pass them to the underwriting group. Either way were screwed!
HAHA. thanks for that laugh jhawk. ive been at my laon mod since septempter. waiting anyday now for an answer. what stage in the loan mod are you at? ive made about 5 trial payments so far and still nothing to be excited about. just crossing my fingers.
My question.....our sale date is set for May 26th--what happens if they don't get me an answer by then???? I'm still in review and the trustee has still set the sale date....i'm getting nervous!
My loan passed underwriter since mid of January. It's still not getting any where yet. I'm still waiting for the final mod papers. I will be making my 8th trial payment this month. It's just a waiting game now.
Once you apply for HAMP they "bank" are supposed to HALT any foreclosure.....sales..Originally Posted by Hopeful100
Well I don't qualify for HAMP--we are doing an in house MOD. Will they still postpone foreclosure if they send me new loan docs?
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