Is it a good sign when your loan officer calls you? (Did you get the loan?)?

Question

I missed the call cause I am 2 hours behind their time zone, but my loan officer called today and wanted me to call him back. Is it better if they call? I mean, is it more likely that my loan got approved? I originally sent him everything he needed to approve me last Friday.

I will have to call him back tomorrow...it was 3:15 when I got the message and so it was 5:15 there, and he was gone already. First thing in the AM I will call him though.

Answer 1

You will never know until you call him back. If he needs more information every minute you wait pospones any outcome by even more time. It could be something simple or it could even be a show stopper. If it is less than good the sooner you know the earlier you can do damage control.pp

Answer 2

I'm thinking the type of loan you are getting may help to answer that question. Most loans from out of state sources wouldn't call unless there was information needed but the call definitely indicates that your loan is being processed. Local origination lenders may call to tell you to come in and sign on the dotted line to confirm and finalize the loan. Student loans usually go through without a worry so don't worry if that is the loan you are applying for. Home mortgage loans usually require a gamut of extensive application hurdles so phone calls don't mean anything. The call back request indicates that there is something that needs to be addressed, however the call in itself is not any indication of approval. Just relax because the vibes are telling me your loan will be approved and that is like money in the bank. Make it worth while!

Answer 3

Realty loans are complex. There's a ton of paperwork involved. All i's must be dotted and all t's crossed.
He probably got your package and has questions.
He just might need more info, don't guess what he needs. Call him back ASAP. It could mean the difference between approval and disapproval.
When I did my loan, I thought my lender and I were going to drive one another bananananananas...there's a lot of communication involved, the good thing is the house keys at the end.
Things he might need to know include
Who did you choose to conduct the home appraisal?
Did you know...blah, blah, blah (anything pertaining to the property?)
I can't find page 1,000, did you misplace it?
Anyway, return the call, the sooner the better, rates are a'changin' daily.

Answer 4

Generally if your Loan Officer calls you.... he is needing something. This is the way a loan usually goes through
1. you sign the loan package and give your loan officer the basic documents they need.
2. loan officer gives it to their processor to submit the loan
3. processor submits loan to underwriter (lender)
4. underwriter looks at loan and tells loan officer what they will need in addition to the documents submitted. unless it is denied. If it is denied, the loan officer contacts the client. If it is not denied.... move on to step 5
5. loan officer contacts clients, realtors, title company, attorneys, etc.. etc... etc.... to get necessary documents. Documents like the appraisal, title, homeowners insurance binder, pest inspection, etc..
6. when all documents are received... documents are sent to the underwriter.
7. underwriter approves or denies loan.
8. if approved, then it goes into another list of things to be done.

Look at the list .... where do you fall in this list. This is not a set in stone play by play list, but it works for 95% of the loans out there. Good luck! I hope all works well and you get the house!!!!

Answer 5

I wouldn't get hopes too high or low just yet......The loan officer could be calling for a variety of reasons including asking for additional preapproval info. It is a good sign that the loan officer doesn't ignore you------regardless of the reason behind the call.

Answer 6

If you really wanted the loan, call him back. As the previous two said, he/she just needs more info

Answer 7

he might need more info