Loan for my house went to the underwriter and now waiting?

I am first time homebuyer and i git pre approved. The loan already went to the underwriter and now my processor is saying that my loan has been submitted for a high level review to corporate. What does this mean?

Loan for my house went to the underwriter and now waiting?
When you are pre-approved, that is based on the credit report, and the income and asset information YOU provided on your application. When it goes to final underwriting, they verify that information with bank statements, paycheck stubs, and tax returns. It went to high-level review because there is some discrepancy that the regular underwriter wants a higher up (like an underwriter manager, or underwriting committee) to give a final approval on.





I know its a little nerve-wracking, but you just have to wait and see what they say.
Reply:Typically most lenders have loan committees to review the information of the people they are lending to. This is to make sure you are qualified, have a job, and pay what you are supposed to. If something raises a questions they may have you provide more information such as a letter from your employer, something saying why you have certain deposits, or explainations of late payments on your credit. This all depends on what your situation is. Keep in touch with your processer and your real estate agent. They will give you a more specific picture.
Reply:3 parts to loan approval...you, the house's value and the house's title. If you're pre-approved, they've looked at your income and credit history, and decided you're an acceptable risk. They can't approve the value or title yet, because there's no house yet.





Now they've looked at the house and something on either the title or the appraisal is not SOP. An underwriter at that lender doesn't have the authority to approve it, but wasn't ready to decline it. Someone with a higher level of authority is going to look at it and see if they can accept whatever is causing the concern. Call the processor on a regular basis. Be very polite (nice works a lot better than snarly) but persistent. Every time you call her, she'll call the underwriter who will call whoever her contact is. It's out of their hands so be patient with them. But don't let them forget about you. When they say, no word yet, you say, okay I'll talk to you tomorrow.
Reply:Basically, there is something that is spooking the underwriter, meaning something about the initial information submitted does not fit within their guidelines. How worried you should be about this? I really can't tell you and no one really can. Lenders are spooked as well and they are crossing every T and dotting every i. It could be something minor, and it could be something major. I would contact the processor to see if you can assist by presenting any further documentation, but let the bank work on it for a day or two as well
Reply:It means there is some kind of issue that they are reviewing with corporate. Something has turned up that cannot be approved by the underwriter and she had to get approval from her superiors. Call the processor back and ask what the issue is.
Reply:For some reason, your loan is a little "out of the box" %26amp; needs higher approval. For example, myself being in the industry, I needed to get corporate approval when I refinanced my home. It takes a little longer, but it sounds like it should be okay.