What does it mean when my lender says that my “loan package has not been released”?

Posted on Jan 17, 2013 in Stated Income Loans

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Fotoloco The Alexandra Condominium Halloween Celebration by Ortigas and Business 100
condominium
Image by FOTOLOCO!
Fotoloco photo booth images @ The Alexandra Condominium Halloween Party | Ortigas &amp Firm | Viridian in Greenhills | All-you-want photo prints from Fotoloco photo booth

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by Vietnam Plants & America plants

Question by Emiliana Sanjetti: What does it mean when my lender says that my “loan package has not been released”?
I am scheduled to close on my home today, mind but the loan officer says that “there is not a problem with the loan but the pacakge has not been released”. I am getting a 100% financing disaster home loan through FHA. I am told that this is why it’s taking a little longer.
He doesn’t do a great job explaing things so what does this mean?

Best answer:

Answer by Jeanbug
What he is saying is that the loan application is still sitting over at the underwriter’s office, more about for whatever reason. If you’ve done your part, then they are most likely waiting for some missing information from the government.

What do you think? Answer below!

One Comment

  1. Normally this would mean there is a hold up in the loan doc preparation department. This could be a back log or someone that need to sign off on the mortgage loan has not signed or is not available.

    If you were to close today, your mortgage loan apparently has been approved and you have provided all the necessary documents,since you were not asked to additional documents or information.

    I hope this has been of some benefit to you, good luck.

    “FIGHT ON”