To Approve, or not to Approve? That tis' the question. (NVR Mortgage)

At this point, we've signed papers, made a $5K deposit, and are set on building our new home with Ryan Homes.  Probably like you, we've read all the horror stories and gripes associated with using NVR Mortgage--and proceeded with them as our lender anyway.  For a brief listing of some of them, simply refer below:

• Nightmares
• A fellow Avalon builder: They've Had it With NVR Mortgage
• And the list goes on unfortunately: Older complaints, but still valid complaints

The last thing we wanted was to get all worked up (easy for my fiancé to do), put down a good chunk of earnest money, and then get the run around by NVRM.




So it was with some trepidation that we met with our NVRM loan originator, about 5 days after signing our initial contract paperwork. *A last minute meeting cancellation and a mix-up in loan application paperwork didn't exactly set us at ease either* 

Both Ashley and I had bought homes before, and while we weren't stunned by the amount of paperwork involved, it's still a not so subtle reminder how invasive and thorough the process can be.  But hey, since neither of us had a half million dollars stuffed under the mattress, we recognized the need for thoroughness and happily obliged.

Yes. Loan approval feels like  people, poking and peering into one person's body

To start things off, our loan originator sent us an e-mail detailing the paperwork needed to get the ball rolling.  For those interested, here's a decent explanation of the mortgage process, as described by NVRM.  Here's a flow chart though, for those who like visuals.



Courtesy of: http://www.bankerbroker.com/loan-process-flow-chart

Back to our initial meeting...and honestly, so far so good.  Granted, it's only been 5 days since our LO requested all the necessary loan docs.  Already, our initial loan processor (LP) has been in contact with us a few times to ensure that we provide the proper documents, in efforts to make sure that the crucial part (underwriting, aka, the people who actually approve the loan), goes as smoothly as possible.

This may or may not be where underwriting takes place (probably not though)

So now, we still owe NVRM a few documents that, unfortunately, we have to rely on other people to provide (updated distribution statements, etc.,).  However, both our LO and LP are fairly confident that after we provide them, the rest of the journey will be smooth sailing.  We shall see...