Buying A Home
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Underwriting Question
So DH and I are in the final steps of buying our home. We are supposed to close in two weeks, and the underwriting should be done next week sometime.
We just got an email from our loan officer saying that we need our most current pay stubs. DH just started a new job and won't have his current pay stub until after we are supposed to close. We made this clear to our loan officer, and she said that it would be fine to have him bring in his pay stub after we close on the house.
We cannot figure out why they would want his pay stub AFTER we close? What could they possibly do with it after the deal is done?
If anyone has any answers I would love to hear it!
Thanks 
Re: Underwriting Question
I'm a mortgage processor (oh joy how fun it is). I've never heard of a UW conditioning for a paystub post closing. Usually it has to be prior to closing, MAYBE an exception for at closing, but post closing?
Do you have a processor or other contact aside from your LO? It is my experience that LOs will say nearly anything to make a customer happy for the moment, and there are many times they give incorrect information. I've truly never heard of that being ok.
Mortgages also require a verbal verification of employment from the current employers they have on file for you. If they have changed and processing/UW is not aware, that can cause an issue. If your UW is aware of this, then thats just fine as long as they say its fine.
Bottom line...never listen to a LO. I wish I could tell my customers this! If they're your only point of contact, that's a different story.
Good luck!!!
They are our only point of contact. I have asked twice to make sure that it is okay and correct that the UW is fine with having one paystub after closing, and she says yes, even after talking to the underwriter.
Our loan is a Rural Development loan, so maybe that is different? The employers on file for us are still correct.
Thanks for your help!
It could be your loan type, you're right. I am not really familiar with those. Well, if they are your only POC then I say that's all you can do. I've just never heard of it. I've processed a lot of loans but not every type, there are so many and each loan is so different.
The LO could have also went to upper management and convinced someone to sign off on it. Usually its rare but if they really want to get it done for you its possible. There's always an exception!
I hope all goes well and you have no surprises and everything turns out perfect!
Best wishes!
I can only imagine! The process has gone from 3-4 weeks to sometimes several months-especially due to appraisal issues. Purchases are usually faster though, so you are in luck.
Smile, you're in the home stretch!
We had this exact issue-- they needed DH's most current stub, and he had just started a new job. We said all of this from day one, and our LO promised us that we would be fine to have a letter of employment instead of the 30 days of stubs.
Once it got to underwriting, we learned the truth-- he was totally lying. Bold-faced lying. We ended up having to push our closing back a month, and once the stub came in, all went very smoothly.
So, I would not listen to your LO. I'd try to get another point of contact to make sure everything is good with that.
I sent another email to our LO to clear things up. I will be SO mad if she is lying, but I told her that we could get FI a paystub if they really need it.. so you would think that if she was lying that she would have told us to try and get one after we told her that.
I'm really hoping for the best! Our underwriting process was supposed to be done on Monday.. but now they are saying sometime this week. So annoying.
Just wanted to update for those of you going through the same thing.
The LO told us not to worry about the pay stubs because they are needed to complete the file, which means that the bank can't sell our mortgage loan unless they have all the necessary paper work that goes along in the package. This is why they don't need the pay stub until after closing if need be, because they won't be selling it until a little while after it.
Our LO said everything looks great on our end, and the underwriting should be done in a few days, and in the mean time she gave the go ahead to the sellers that they can proceed with the abstract, title and deed, to speed things up