"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:

How long does it take? 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 week or up to 6 weeks which I would hope is worse case, but, I have seen it take longer in extreem cases with severe issues.

I don't know what the issues are on your loan or what type of loan you are qualifying for. However, your loan officer does!

Sometimes the problem of time is an issue of "when it was REALLY submitted" to the underwriters or what issues still need to be resolved. Your loan officer needs to be totally up front with you. If you don't think he is, ask to speak with his broker/manager.

This is a serious issue. You need to be given the facts and kept in the loop as things change. Ask exactly when it was submitted to the underwriter. If it has been more than two weeks, you have a right to know exactly why. Ask for documentation. It's your mortgage and remember you are paying them a lot of money to broker it.

Good Luck, Connie

While I was talking with K.S. I found that the Company she is doing business with is one of, if not the largest Lender in the US. I also learned that K.S. is applying for an FHA Mortgage and in all fairness these loans do take a little longer to close.

I've been in the business for a long time and have pretty much seen it all. I know often times an incomplete loan package is submitted to underwriters. I know that there can be issues with appraisals or titles that can take time to correct. Sometimes a simple VOE will take longer than it should. Sometimes the borrower's file may be weak in some areas and the underwriter may ask for more documentation. They have the authority to do that.

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.

If you are in the mortgage industry you know that all these scenarios are reality and unfortunately many times while all this is going on the borrower is left in the dark. This is not just wrong it is incomprehensible.

The borrower is paying a lot of money for this process. We owe it to them to keep them informed about any problems or issues that come up. The borrower is part of the process and we need to be able to deal with issues in a professional manner. Our reluctance to inform the borrower about issues that arise puts them through a tremendous amount of stress and anxiety.

Borrowers, 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.

This is so simple that I can't help but get de-com-boober-ated when people just don't get it right.