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Underwriting - How Long Is Too Long?
"how long do i have to wait for underwriting???? i have been waiting week after week. he said completion review would be complete the 19th after last week he said 48 hrs .. last message he sent said he would know more on the 19th ...gr" My reply: The amount of time in underwriting depends on the lender, the type of loan, the issues that need to be resolved, and how saturated the market is. It can take 1 (one) week or up to 6 (six) weeks (worse case). You have not told me what the issues are on your loan or what type of loan you are qualifying for. Your loan officer does have this information! The problem of time is usually issue of "when it was REALLY submitted" to the underwriters or what issues still need to be resolved. The loan officer you are working with really needs to be totally up front with you. If you suppect he is not, ask to speak with his broker or manager. I'm serious about this issue. You need FACTS! Ask exactly when it was submitted. If it has been more than two weeks, you have a right to know exactly why. Ask for documentation. No kidding. It is your loan and you are paying them a lot of money to broker it. You should demand, without being arrogant, real and true information. Get back to me if you need to. Connie. I found out during the conversation with K.S. that the Company she is doing business with is one of , if not the largest Lender in the US. That is too Sad. I also found out she is applying for an FHA loan and in all fairness these loans do take a little longer to close. Let me tell you why this is one of my pet peeves. I know that sometimes an incomplete package is submitted to underwriters. I also know there can be issues with appraisals, inspections, or titles. These issues can take time to correct. Many times the borrower may be a little weak in some areas so the underwriter will ask for more or unusual documentation. An underwriter has the authority to do that and they should. I also know that sometime, more often than we like, the package just doesn't qualify under that lenders guidelines so the loan officer starts sending it out to numerous other lenders while he prays, and I mean literally prays that one of these lenders will approve it out of the kindness of their heart or that perhaps that their guidelines are not as tight. Well, we have all been there and every now and then it works, ... but at this point it is usually a lost cause, only that, ...we just can't let it go because we are heart broken for the borrower and we find ourselves in a state of denial. All of these scenarios are reality and do take time. The problem I have is that while all this is going on the borrower is left in the dark. That is just plain wrong. Many borrows don't understand all the steps we go through or the documentation process. However, it is their loan. They are paying a lot of money for this process and we owe it to them to keep them informed about any problems or issues that arise. The borrower is part of the process. If they don't understand then we must explain it so they do. Our avoidance of the issue and reluctance to inform the borrower puts them through a large amount of anxiety and stress. Borrowers, sellers, real estate agents, people, you and I, ... all expect to be treated with dignity and respect. We expect honesty from the people we do business with and we expect the people we are doing business with to have integrity and compassion. Pretty simple, huh? So why don't people get it right? Borrowers have a right to know and the loan officer or company has an obligation to keep them informed. Why don't people get this? Article Directory: http://www.articledashboard.com Connie Sanders is an advocate for the homebuyer and understands that they have a need to understand FHA Mortgage Guidelines before they apply for a loan. Connie will answer questions by email. Reach her at: www.fha-mortgageunderwriters.com |
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