Tuesday, March 26, 2013

NVRM Appointment - So Far So Good :)

We've just had our NVRM appointment.  It went fairly quickly and we left feeling much better about building our home.

Of the appointments we've had scheduled for this process this is the one I was most concerned about.  First, you always fear the worst when it comes to financing.  You can never be sure about creditors.  There are many factors that go into the approval process that it can leave you nervous and sleepless.  It has me.  The second reason is because I've read so many bad things about NVRM.  There are many bloggers out there that have run into a lot of problems.  My impression thus far is pretty positive though and I hope it stays that way.  We did our homework, we had all the initial requested documentation ready, so, perhaps that will keep us on the straight and narrow.  Our hope is that this is smooth going for not only us, but for NVRM too.

First, we made our introductions.  We then provided all the requested documentation.  That was fun to gather together.  It seems like they want everything, from every part of your life.  I guess it's better to have it all from the beginning than to have to scrambled to get everything together and possibly hold up the loan or ground breaking.  This part required careful scrutiny of Beth, our loan officer.  We ended up only needing a few additional documents and those only because of bad copies.

We next walked through our credit reports step by step.  Explaining what was bad, good, and great.  What was great about Beth is she actually provided information on how to make your credit report look even better.  This was extremely helpful to me personally because mine isn't great.

The next step was to walk through the financing information. 
How much it costs, where the fees come from, and what we're requesting for the mortgage amount.  Beth explained a lot during this portion because we're not very familiar with some of the terms.

Some of the paperwork included:
More Good Faith
Truth-in-Lending Disclosure & Definition/Term Explaination
Intent to Proceed
Float/Lock Agreement
Loan Application
Acknowledgement of Receipt of Settlement Costs Booklet
Borrower's Certification & Authorization
Loan Application Disclosure
Flood Certification Disclosure
Homeowners Insurance Quote Disclosure
ECOA Notice
Affliated Business Arrangement Disclosure
Affliated Information Sharing Authorization
E-mail Authorization
LLPAs Disclosure (Loan Level Price Adjustments)
Notice to Borrowers
Acknowledgement of Receipt of Home Mortgage Loan Information Document
USA Patriot Act Notice to Applicants
Undisclosed Debts Disclosure
More Disclousures
FHA/VA Amendatory Clause
HUD Notice
Informed Consumer Choice Disclosure Notice
Homebuyers Protection Act

As you can see, there was A LOT of paperwork to be read and signed (and re-read again later) and it could cause anyone's hand to cramp!!  We, then, asked a few questions concerning the time line for processing, issues that may arise, and anything we thought of right off the top of our heads.  Beth was great and advised us that we could contact her for anything we needed.  (The first e-mail has already been sent off with 2 questions! lol)

To celebrate the fact we just signed away the next 30 years of our life we stopped at Applebees and had an appetizer.  Here's to hoping that everything continues to be good and smooth.

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