matt2402 Posted December 15, 2003 Report Share Posted December 15, 2003 Hi,We were approved through Washington Mutual's automated system. Does this mean that the chances are good that I'd be approved through other's automated systems as well? I'm assuming they use a similar system.Is this true? Thanks a lot! Link to comment Share on other sites More sharing options...
firstsource Posted December 15, 2003 Report Share Posted December 15, 2003 Not really, every lender has different things that they don't mind seeing on a file, like collections, some will not accept a collection that is not paid, some will for a certain amount, some will accept a loan if the collections are over 2 years etc. Every sub-prime lender is different. Charles Link to comment Share on other sites More sharing options...
matt2402 Posted December 15, 2003 Author Report Share Posted December 15, 2003 Thanks Charles!As always, I appreciate the advice. I'm applying today to Countrywide. They have an 80/15/5 program, while Washington Mutual does not. We'll see how it goes.Matt Link to comment Share on other sites More sharing options...
willtygart Posted December 15, 2003 Report Share Posted December 15, 2003 Washington Mutual guidelines...if you are going for a conforming loan...is going to be about the same as anyone else's. They are basing the majority of their decision on fannie mae or freddie mac......because in the end the only thing they care about is that loan will be able to be packaged up to these entities. If you get an approval with a conforming program....dont let anyone else pull your credit or run you through any underwriting system because you already know. Tell them that you were approved with WAMU or Country Wie and tell them to get to the chase and put it in writing as far as what they can do. If they can't..........you just spent 5 minutes weeding out someone that probably couldn;t deliver anyway. Good Luck with CW, I love there system and when they give you an approval.....you can take it to the bank. (er......and get a second quote while yer there ) Link to comment Share on other sites More sharing options...
Ravenous Wolf Posted January 18, 2004 Report Share Posted January 18, 2004 Pulling inquiries will quickly become a concern because when all is said an done with, just ONE mortgage will cause quite a few hard inquiries into your credit report. Link to comment Share on other sites More sharing options...
willtygart Posted January 18, 2004 Report Share Posted January 18, 2004 That really depends on the loan and the programs. I have, for instance, several sub prime loans and some conforming stuff where I myself am the underwriter on the loan. I would be able to take the credit score that a borrower gives me and go through the specific guidelines and underwrite the loan. All that is needed is a check off from my processor and the loan is ready for docs. This can be done for an approval without the fannie mae or freddie mac systems being run...although to actually CLOSE the loan I would need to pull the report myself. SO..with some lenders and banks you can get a conditional approval from them (the condition being the need for a credit pull) without having your stuff pulled. I had to break myself of the habit of running EVERY conforming loan through the underwriting machines when it was clearly a waste of my time and the consumers time. I now have to do more work on a loan time wise but it is the price you pay for the control I suppose. Way to dig out these old posts for the newbies on the board. Link to comment Share on other sites More sharing options...
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