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BillC · Joined: 25 Nov 2004 Posts: 4

We completed and our broker sent off everything to Home Savings to have the senior underwriter give the final approval on our loan. Taking in to concideration that the final paperwork was faxed on Thursday by 5pm (PST) to the bank office, what's the hold up? The bank is located in So.Cal where our brokers office is so time difference wouldn't be a factor for the paperwork not being recieved (faxed) by Friday morning. I thought in most cases, it would be 3 business days at the most. Called the broker yesterday (Wed) and he was going to send off an email to them to find out what's going on. Is it normal to wait this long? If they were going to turn us down, would it occur in the first (business) day?This is for a refi (combining a mortgage & line of credit) not a 1st purchase.

Spiderman346 · Joined: 09 Feb 2007 Posts: 1

We just closed on our refi about a month ago and it took approx 3 weeks from beginning to end.

dennisgonzalezdgm · Joined: 28 Apr 2003 Posts: 4

I had a lender tell me very recently that due to so many people trying to take advantage of interest rates, there are alot of refinances going on and things are backed up.Hopefully that is all it is and you hear something soon!

CumQuaT · Joined: 16 Jul 2006 Posts: 5

a refi... I dont think I have ever seen one come back from underwriting in under 2 weeks and that was a speed thing where it was all within the same company. It's only been just barely a week, IF someone was working late hours last thursday, which many banks/lenders dont AND assuming that your senior underwriter works fulltime, which I have seen many that dont. I wouldnt start fretting until just after thanksgiving that gives it a solid 3 weeks and time for holiday confusion and vacations.

godged2763 · Joined: 01 Jul 2007 Posts: 5

You emailed it Thurs t 5, your loanofficer's processor probably didn't get to it to reivew everything until Monday morning. She probably sent it to the lender sometime Mondy which means that they probably didn't even check the file in until sometime Tuesday. Then it goes in line for Underwriting. Files are underwritten in the order in which they were received. Depending on the lender's case load it may well be today or tomorrow before the Underwriter even picks up your file. If you're lucky, you may hear back tomorrow.

SirKnowalot · Joined: 14 Jun 2006 Posts: 8

they are so busy in this market, because so many people are going this route at once

MJ · Joined: 12 Apr 2007 Posts: 4

give it another day or 2. they don't have the underwriting decision yet. if a week goes by, then you might have a problem. relax, and leave your loan officer alone in the meantime. http://www.choicerealestate.net/

Workfortoday · Joined: 09 Apr 2004 Posts: 7

If your file has to be escalated to a Sr. Underwriter it usually isn't a good sign (not necessarily bad). With the volatility of the market most brokers have lost their ability to be flexible with their guidelines. Thus they would need to send your file to a Sr. Underwriter to hopefully get an exception with their investors. You may want to check with a local bank. Even though you are considered sub prime government loans could be a comfortable alternative (FHA, VA). You'd think that if they were going to turn you down they'd do it right away, however brokers are scrounging for business these days.....throwing loans against the wall and seeing if they stick.