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Frequent Contributor
Familywantsahouse
Posts: 291
Registered: ‎02-25-2012

Ballpark, how long is a file in UW?

We're going to UW today. I suspect this process will be hopefully MORE streamlined than most since our broker is in-house and this bank lends it's own money. I'm a little frustrated with the communication from this guy, but it is what it is at this point.

 

We're supposed to close the 22nd and need 15 business days for the USDA. I'm assuming my file is going to take more than one day in UW?

 

Ugh.

2/24 (Lender Pull) EQ 613, TU 553, EX 589
April EQ 633, My Fico TU 638, EX ??
Current EQ 643, TU 652, EX 633 (lender pull 5/11)
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Member
fperez
Posts: 40
Registered: ‎06-11-2012

Re: Ballpark, how long is a file in UW?

My file was in underwriting 10 full business days.  I had an in house lender too.  They told me it would take 48-72 hours but it took longer.  On the 10th day I got conditions.  I submitted them within 24 hours, and then waited 2 days for final approval. 

 

Established Member
datzme4ya
Posts: 35
Registered: ‎08-30-2011

Re: Ballpark, how long is a file in UW?

We were told the lender ours was submitted to was ata 48 hour turnaround ... however .. we just rec'd our approval w/ conditions today (10 business days later). There are a lot of conditions, but most of them are not for us to handle - it is a lot of paperwork stuff that our broker is handling for us. They say that the turnaround for review of the conditions doesn't take too long.

Established Contributor
JusdoNit
Posts: 921
Registered: ‎12-10-2011

Re: Ballpark, how long is a file in UW?

[ Edited ]

I was in underwriting waiting for the conditions for 5 business days.  It felt like forever.  Meet all the conditions and now just waiting for the next step.:smileywink:


Starting Score: 722
Current Score: Now 687 what the hockey sticks...from a 784 (Aug 12 EX 751 EQ Fico)
Goal Score: 800

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Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011

Re: Ballpark, how long is a file in UW?

From my recollection, it went in on a Tuesday and came back by Thursday afternoon. A few conditions, it went back, and had the clear to close 1-2 days after that, I think on the following Monday.

I used an in-house lender who sold my loan after all was done.

(Academy Mortgage)

I was very surprised at how fast everything went once the UW had the file.
STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Frequent Contributor
Hammer23
Posts: 427
Registered: ‎01-21-2012

Re: Ballpark, how long is a file in UW?


Familywantsahouse wrote:

We're going to UW today. I suspect this process will be hopefully MORE streamlined than most since our broker is in-house and this bank lends it's own money. I'm a little frustrated with the communication from this guy, but it is what it is at this point.

 

We're supposed to close the 22nd and need 15 business days for the USDA. I'm assuming my file is going to take more than one day in UW?

 

Ugh.


Hope your intel is better than mine on that. We are looking at being 26 days behind here in OH at USDA

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Established Member
kariered
Posts: 23
Registered: ‎08-02-2011

Re: Ballpark, how long is a file in UW?

Mine was in underwriting for a little over a week, if I remember correctly. It was an in-house lender, etc., etc. My loan officer originally told me 48-72 hours, but it was a bit longer. Of course they came back with a few conditions which were mostly updating paperwork like the paycheck stub, etc. Kind of annoying. Good luck and hang in there! Be sure to be in constant communication with your loan officer. Like if they come back and say they need something--try to get it to them ASAP! Like within the hour if possible.
Super Contributor
DallasLoanGuy
Posts: 6,094
Registered: ‎07-03-2007

Re: Ballpark, how long is a file in UW?

'in underwriting' also includes the time your file collects dust waiting in line.....

 

we are 2 - 3 days right now.... because we are busy.

actually looking at the file is less than 1/2 of a day.

 

every lender is different. YOUR loan officer will know their turn times.

 

also... clearing up any conditions after it comes OUT of underwriting could be time considered 'in underwriting'.....

 

with closing and funding functions... it should never take more than 10 days to close/fund from the time it goes into underwriting the first time. unless your dealing with a large bank like wells fargo, ect.

i understand they take 45 - 60 days to close deals.

 




* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Established Contributor
JusdoNit
Posts: 921
Registered: ‎12-10-2011

Re: Ballpark, how long is a file in UW?

 

I just love it when the experts chime in. Thank you Dallas the LoanGuy:smileyhappy:


Starting Score: 722
Current Score: Now 687 what the hockey sticks...from a 784 (Aug 12 EX 751 EQ Fico)
Goal Score: 800

If your outGo is more than your INcome than your UpKeep will become your downFALL.

Take the FICO Fitness Challenge



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