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TBD UNDERWRITING PRE-APPROVAL
Many homebuyers who cannot get an approval from the automated underwriting system (AUS) but eligible for a manual underwriting should absolutely explore a TBD Underwriting Pre-Approval. A TBD Underwriting Pre-Approval is when the borrower’s mortgage loan application goes through all the steps of the mortgage process but without a property. The borrower’s file will go through processing, underwriting, and get a conditional approval. Part of the condition loan approval will be the property. The loan officer will suggest to purchase a property. The borrower will get a home under contract and the lender will restart the final stage of the mortgage process which is underwrite the house. An appraisal will get ordered and the underwriter will underwrite the property. Once the underwriter finishes clearing the appraisal, a clear to close will be issued. With a CTC the mortgage processor will coordinate the closing with the title company. Here’s a guide about TBD UNDERWRITING PRE-APPROVAL PROCESS
https://gustancho.com/fully-underwritten-tbd-mortgage-approval/
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Fully Underwritten TBD Mortgage Approval As Pre-Approvals
Fully Underwritten TBD Mortgage Approval are full approvals for borrower on manual underwrites and tougher mortgages without the property
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I know the team at Gustan Cho Associates makes all Mortgage loan applications that don’t get approve eligible per automated underwriting system and does not meet. Borrowers not manual underwriting guidelines go through TBD UNDERWRITING PRE-APPROVAL . Borrowers not meeting manual underwriting guidelines need to have extenuating circumstances in order for an underwriter to issue a loan approval and clear to close. Here’s a video on TBD UNDERWRITING PRE-APPROVAL