Nationwide instructed valuation is this a good sign?

redapple1

Hi. We got our mortgage offer from Halifax yesterday.
Full application made last Saturday so 11 days in all.
I was a nervous wreck!!
We had valuation /survey done end of last week. There was an issue with my name so had to send in marriage cert which held us up a day or so I now believe. They told me afterwards that they had credit checked prior to valuation but I was confused when ringing for updates. Fingers crossed you'll have something in a couple of days x

holly_hobby

Hi digi.

Sorry for delay, have been away from my PC.

As I say, the adviser is NOT an underwriter, and I haven't heard of this TBH.

I did use to run 2 mge placement and packaging desks, where we placed the business, the app came into us for 1st line underwriting and instruction of the surveyor. That meant that we peformed the CRA checks (and declined depending on adverse), wrote for all the refs, assessed the accounts, p60 and payslips etc, and instructed sureyors etc. Once we had everything there inc a valid surveyor and experts reports if reqd, and we were happy, the whole "packaged" app would go off to the lender, and an Undewriter would give it a rubber stamp ..... as it is only they you have the mandate to lend the actual money. Having said that, on occassion an underwriter would subsequently deline the case for something they spotted, or generally were not happy with ... its their party so it would be declined and depending upon the reason we would try and put it with another panel lender or not as the case was.

As an adviser, and actively having appointments with clients and all it entail, there simply would haven't been enough hrs in the day for me to have conducuted the uw reqd for all the apps I had (even if the lenders permitted this). Now I know she works for Halifax and this is whom the mge app is with - but you can see where my confusion is re the morgage adviser claiming to be the underwriter too .... shes not an undwriter, as she has said it will have to go through to "auto approve" when the val is back, its just most odd, but I'm not saying it isn't true.

Don't fret - I'm sure this is their newer way of cutting time frames, just wait for your offer if she says its imminent.

Hope this helps

Holly

digitalphase

holly_hobby wrote: »

Hi digi.

Sorry for delay, have been away from my PC.

As I say, the adviser is NOT an underwriter, and I haven't heard of this TBH.

I did use to run 2 mge placement and packaging desks, where we placed the business, the app came into us for 1st line underwriting and instruction of the surveyor. That meant that we peformed the CRA checks (and declined depending on adverse), wrote for all the refs, assessed the accounts, p60 and payslips etc, and instructed sureyors etc. Once we had everything there inc a valid surveyor and experts reports if reqd, and we were happy, the whole "packaged" app would go off to the lender, and an Undewriter would give it a rubber stamp ..... as it is only they you have the mandate to lend the actual money. Having said that, on occassion an underwriter would subsequently deline the case for something they spotted, or generally were not happy with ... its their party so it would be declined and depending upon the reason we would try and put it with another panel lender or not as the case was.

As an adviser, and actively having appointments with clients and all it entail, there simply would haven't been enough hrs in the day for me to have conducuted the uw reqd for all the apps I had (even if the lenders permitted this). Now I know she works for Halifax and this is whom the mge app is with - but you can see where my confusion is re the morgage adviser claiming to be the underwriter too .... shes not an undwriter, as she has said it will have to go through to "auto approve" when the val is back, its just most odd, but I'm not saying it isn't true.

Don't fret - I'm sure this is their newer way of cutting time frames, just wait for your offer if she says its imminent.

Hope this helps

Holly

It is very confusing.

We got the promise from her in the first instance, then after a bit of shopping around, went back to her to recalculate the rate based on putting down a larger deposit.

She put all the information into the computer, worked all of partner's pay slips out, put average in of those etc etc.
As far as we're aware, she did the full application, but did say she needed to check our old address (I don't think she actually had time to do it then as she was running over her next appointment). But he has no adverse there. Only one late payment in his whole life and they must have seen that already on our current address, and he mentioned it to her anyway and she said it was no problem.

The 'auto approve' part is subject to the valuation coming back OK. As we understood it, it meant that she couldn't approve the application without the valuation. Once that has come back fine, then the full mortgage offer will be made.

We authorised her to make full credit checks at this appointment (Saturday) as we wanted to have our minds put at rest that we definitely had got the mortgage. I went to see her on Tuesday as had to provide a missing payslip (she had worked the application out on the figures on this one but obviously needed the payslip too). This is when she said it was 99.9% done.
The valuation was then arranged for this Friday (tomorrow), so I presume if anything else had come up in the mean time she'd have been in contact?

Today we got a letter from the surveyors doing the valuation/survey, saying they need to receive back their form with our signature on, before they will release the valuation. Does this mean things will be held up even longer? Or will they let Halifax know electronically if it has passed then Halifax can issue the offer. And the releasing part just means sending us the full report?

missamyx

Princess_giggles wrote: »

Miss Amy how long after the valuer went out did you get your offer?thanks

We applied last Friday and heard yesterday. We didn't need to get a valuation done through Nationwide though as we had already had it done. I hope you hear something soon I know the waiting is horrible!
Best of luck! X

holly_hobby

Not sure what the missing signed form is from the surveyors Digi (which are prob Colleys whom Halifax own).

It sounds as though Halifax have streamlined their systems if she is inputting data directly into the credit scoring/basic uw matrix, this does elude to auto verficiation - which is quite snazzy of them if true.

tiny_atoms

I am going through the process of getting a mortgage from Nationwide too. We officially applied yesterday, got the DIP and provided pay slips/P60's in the same appointment with the mortgage adviser. We got a text an hour or so after sending the application off which stated the valuation will be done today. Pretty fast! So waiting now to see what happens next...by the looks of it you can't put a time scale on it as everyone's case is different.

digitalphase

holly_hobby wrote: »

Not sure what the missing signed form is from the surveyors Digi (which are prob Colleys whom Halifax own).

It sounds as though Halifax have streamlined their systems if she is inputting data directly into the credit scoring/basic uw matrix, this does elude to auto verficiation - which is quite snazzy of them if true.

The valuation/survey got done between 9-12pm today according to the valuers who I phoned. However they have no record of the verdict.
My partner rang halifax who also haven't heard anything, but said it could take up to 48 hours for the update to come through, even though the valuer said it is always signed off on the same day.

She said that the form was needed to release the survey to us, but will be quicker as we included an email address, so they will just email it to us. She said Halifax will send out offer based on receiving the valuation, so the survey isn't going to hold up their offer.

Our advisor is on holiday now, that's why she said she wanted to get everything ready before she went, so that upon receiving satisfactory valuation, our offer would be sent out.

digitalphase

Spoke to Halifax again and the woman said it was showing that the valuation had been done, but it hadn't been processed yet. But she couldn't see any problems.

Is that as good as finished then??

Sorry for hijacking this thread BTW

holly_hobby

Well in your case the survey should be the last piece of the puzzle - so as long as it values up ok and/or there is no retention, your offer should come out for the full amount requested.

The survey is sent electronically by the surveyor to the UWs, and is obv just in a case queue waiting for it to be signed off.

Holly

rizla1980

hi holly

I've got a DIP from nationwide and my broker advised me that initial underwriting done and also had valuation done on last Thursday which came back at the offer price we had for the house. My broker advised me I should get offer this coming week. But I'm still nervous and can't sleep as i keep thinking we might not get offer. I'm so stressed do you think I will get offer or is there more hurdles to come.