Dreaded queue for underwriters

UKTelecom · 21 August 2017 at 1:39PM

So Coventry say they have everything they need from me including valuation.

They said the way they work is they do an initial check themselves of the docs provided and they ask for more info if needed. Once they are satisfied they then send that info to the underwriters. I am in that queue now.

Do you think I am over the worst of it in the whole process?

Or does the real fun start now when the underwriters get this info?

I just do not how much value/weight to place on that initial checking process by the lender, does the underwriter just sign off these checks? Or are the underwriters the ones that really do the leg work here?

ACG · 21 August 2017 at 1:43PM

You have jumped over the bulk of the hurdles and you are probably around 80% of the way there, but nobody can say with any sort of conviction as to whether or not you will be accepted or not.

Hold your breath, cross your fingers and eyes and you will be fine - thats what I do when I hit the submit button and we rarely get any declines so it must work :-P

UKTelecom · 21 August 2017 at 1:50PM

ACG wrote: »

You have jumped over the bulk of the hurdles and you are probably around 80% of the way there, but nobody can say with any sort of conviction as to whether or not you will be accepted or not.

Hold your breath, cross your fingers and eyes and you will be fine - thats what I do when I hit the submit button and we rarely get any declines so it must work :-P

Thanks for that my broker takes a similar view, as in he is confident if there were any major concerns we would know by this stage.

Ahh I hate waiting lol.

ACG · 21 August 2017 at 1:59PM

I dont know about your broker, but we only charge on offer of a Mortgage.

So we only get paid if you get your Mortgage. If your broker is the same or similar, then there is not quite as much riding on it for them as there is you. But if it does not get offered, they have done work for nothing, so you would expect them to have done their research before applying.

UKTelecom · 21 August 2017 at 2:12PM

ACG wrote: »

I dont know about your broker, but we only charge on offer of a Mortgage.

So we only get paid if you get your Mortgage. If your broker is the same or similar, then there is not quite as much riding on it for them as there is you. But if it does not get offered, they have done work for nothing, so you would expect them to have done their research before applying.

Their model is they take a £195 fee on application, then a £300 fee when the offer comes through. So bit of a halfway house in that regard.

Fiesto88 · 21 August 2017 at 5:56PM

I work in Underwriting for a high street lender. The way our process works is similar to what you've described - initial check to make sure the documents are all there and that income quoted on the application stacks up. If the system still says yes after any necessary amendments are made there's no need for the case to come to Underwriting. It will usually only come to us if there's something about the application that requires attention. The most common ones being
- impending change to income / personal circumstances
- high LTV
- lending past state retirement age
- unable to electronically verify address
- self employed applicants
- foreign national applicants
- outside of affordability criteria but within a potentially repairable margin
- potential adverse credit information

Even with all of the above (and that's nowhere close to an exhaustive list) upwards of 95% of cases reaching Underwriting end up being approved. In general, there are a vanishingly small number of reasons a case would be declined to don't boil down to either
- applicant gave false, inaccurate or incomplete information to their broker
- broker failed to research our lending criteria before submitting the case.

Contrary to commonly held belief, underwriters hate declining applications. It's really not a nice feeling and the conversations that go with it are not pleasant.

UKTelecom · 21 August 2017 at 6:09PM

Fiesto88 wrote: »

I work in Underwriting for a high street lender. The way our process works is similar to what you've described - initial check to make sure the documents are all there and that income quoted on the application stacks up. If the system still says yes after any necessary amendments are made there's no need for the case to come to Underwriting. It will usually only come to us if there's something about the application that requires attention. The most common ones being
- impending change to income / personal circumstances
- high LTV
- lending past state retirement age
- unable to electronically verify address
- self employed applicants
- foreign national applicants
- outside of affordability criteria but within a potentially repairable margin
- potential adverse credit information

Even with all of the above (and that's nowhere close to an exhaustive list) upwards of 95% of cases reaching Underwriting end up being approved. In general, there are a vanishingly small number of reasons a case would be declined to don't boil down to either
- applicant gave false, inaccurate or incomplete information to their broker
- broker failed to research our lending criteria before submitting the case.

Contrary to commonly held belief, underwriters hate declining applications. It's really not a nice feeling and the conversations that go with it are not pleasant.

Thats a really helpful and reassuring post, thank you for that contribution.

Of the scenarios you mention I tick the self employed box so that makes sense.

I do feel confident in my application if any further questions are asked - but yes hoping the initial checks done by the lender already that have been ticked off are indicative of how the underwriter sees things.

Thank you again!

mcpitman · 22 August 2017 at 9:04AM

UKTelecom wrote: »

Thats a really helpful and reassuring post, thank you for that contribution.

Of the scenarios you mention I tick the self employed box so that makes sense.

I do feel confident in my application if any further questions are asked - but yes hoping the initial checks done by the lender already that have been ticked off are indicative of how the underwriter sees things.

Thank you again!

Your broker will have a direct contact number for any queries or chases you feel relevant.

In addition Coventry also have a website that brokers can review that is updated daily to show where your work is in the queue and a case update page they can log into to give real time progress on the case.

Dreaded queue for underwriters

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free