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Clarification question from lender
CH156
Posts: 18 Forumite
Hi all,
we are in the process of trying to secure our mortgage, all has been going ok up to now, our affordability, DIP, income is verified and valuation fee taken. But now the bank have asked our MA for some clarification on my default. He disclosed it upon application so is this normal for them to just want more info? I know he will be in touch to explain, but it’s playing on my mind, so if anyone can offer any insight it would be much appreciated. Thank you
we are in the process of trying to secure our mortgage, all has been going ok up to now, our affordability, DIP, income is verified and valuation fee taken. But now the bank have asked our MA for some clarification on my default. He disclosed it upon application so is this normal for them to just want more info? I know he will be in touch to explain, but it’s playing on my mind, so if anyone can offer any insight it would be much appreciated. Thank you
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@ch156 It's not uncommon, even when the default was disclosed in the application and it passed the lender "credit-scoring" at the DIP/AIP stage.
The underwriter probably wants to understand the circumstances of the default and make an assessment on whether or not it impacts their decision.
Nothing to worry about as such, just a matter of waiting and seeing what they come back with.
Good luck, hope it goes to offer soon!CH156 said:Hi all,
we are in the process of trying to secure our mortgage, all has been going ok up to now, our affordability, DIP, income is verified and valuation fee taken. But now the bank have asked our MA for some clarification on my default. He disclosed it upon application so is this normal for them to just want more info? I know he will be in touch to explain, but it’s playing on my mind, so if anyone can offer any insight it would be much appreciated. Thank you
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