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Moving on to the underwriter....What does that actually mean?

Discussion in 'Loan Modification' started by Feemama, Jan 17, 2012.

  1. Feemama

    Feemama LoanSafe Member

    I have been trying to get a modification through bank of america for one year now.
    Finally, after being bounced around for a year I ended up with an account manager
    who seems to be moving things along. I submitted updated financials again and
    she said they were going to push them through to the underwriter today.

    My question is, what does that actually mean? does that mean I am eligible for the
    mod? or does the underwriter figure that out? What is his job?

    Thanks for your help
  2. Cat Damiano

    Cat Damiano Mortgage Wars

    According to the HAMP guidelines;


    Servicers must determine the borrower’s eligibility for a modification using information obtained in
    the Initial Package and subsequently verified. Servicers are required to complete their
    assessment of borrower eligibility within 30 calendar days of receiving all required borrower
    documentation and notify the borrower of the eligibility determination within 10 business days of
    completion of such assessment.
  3. Feemama

    Feemama LoanSafe Member

    does that mean it could be another 30 days in underwriting before I know anything?
    It's already been 12 months to get this far.
  4. Cat Damiano

    Cat Damiano Mortgage Wars

    Yes, according to the guidelines this is the alotted time for underwriters to make the determination.
  5. Feemama

    Feemama LoanSafe Member

    Question about loan mods and underwriting.....

    A week ago my loan went into underwriting for a loan mod from Bank of
    America. My account manager said this is for income verification. Does
    anyone know if this means I am approved for a loan mod and they are
    just verifying my income, or does it mean that they have to go
    over my financials to see if I qualify?
  6. Cat Damiano

    Cat Damiano Mortgage Wars


    I already explained above exactly what this step entails.

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