What, if anything, can I do about home loan underwriting taking a longer time than expected? I was told it. @ Mortgages Home Loans

What, if anything, can I do about home loan underwriting taking a longer time than expected? I was told it.

Posted on July 11th, 2010 admin 4 comments

Myra asked:

would take 7 days. There are no suprises with my credit, it’s very good and the preapproval was done about 2-3 weeks ago. Any ideas? My mortgage broker just keeps saying there is no info from the underwriter and the deal is about to fall through if it does not complete by tomorrow. Any ideas on how to push this through?

Benjamin

Renting & Real Estate Home Loan, Mortgage Broker, Preapproval, Suprises, Underwriter
4 responses to “What, if anything, can I do about home loan underwriting taking a longer time than expected? I was told it.”
- 65% water July 12th, 2010 at 13:19
  
  Tamara
  
  Who told you it would take seven days? That’s an absurdly short amount of time for underwriting, and whoever promised you that was not realistic.
  
  Preapproval is not part of the actual loan process except in the most superficial way. Underwriting is where it’s at. Your mortgage person should be able to give you information about where you are in the process.
- Flatstick July 13th, 2010 at 20:52
  
  Ray
  
  There isn’t really anything you can do – lending underwriters will not speak directly with a consumer. With all the foreclosures and declining home values, lenders are being very deliberate before they approve a loan, and the rules for what they are allowed to do keep changing by the day. Hopefully in this market the seller doesn’t have anyone else ready to go by tomorrow either, and will allow you to extend the time before closing.
- Dale H July 15th, 2010 at 00:42
  
  Wilma
  
  You better get an extension. Even if it came out of underwriting today, it might take a couple of days to get it through closing and get docs to closing.
  
  Ask the broker for specifics. Do they have all the stips submitted or are they still waiting for the original conditions from the underwriter?
  
  7 days in uderwriting is a long time unless it was an FHA manual underwrite.
  
  Maybe your broker is not being completely honest about what is going on. Keep pressing them as you really have no one else to talk to at this point.
- godged July 18th, 2010 at 02:22
  
  Ana
  
  Unfortunately, there is nothing you can do. Even if it does get through underwriting tomorrow, the lender is still going to have to order docs and that can add a day or two.
  
  Get an extension.
  
  (Let me guess, internet lender?)