A loan suspension means the loan package submitted to the lender does not meet guidelines. The file is suspended to give the borrower time to provide documentation to bring the file within guidelines. For instance, a suspension may be issued if the debt-to-income ratio is too high. The underwriter may ask for further income and expense documentation to determine if the ratio can be figured within guidelines. Or, the documentation provided does not support the numbers in the loan application so the underwriter will request additional documentation.
Importantly, a suspension does not mean a denial. Where a denial will mean the end of the application, the suspension gives notice that the file may be able to be approved.
If you received a suspension, or have questions regarding one, please contact us and we can help.
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