Loan in "initial underwrite"

[Anonymous]

So my loan "processor" tells me my loan is in "intial" underwrite. That was last Tuesday, today is wednesday and no word! I followed up with the LO Monday and he simply confirmed that I was in underwriting. It has been over a week which is weird to me because I do not have a large financial portfolio. 2 toy credit cards with $200 limits, a BUNCH of inquiries that I have submitted all explanation letters for. All paystubs and bank statements are submitted to date. So what the heck is taking so long! I have submitted the regular, w2, paystubs, bank statements ect. Now what I am kind afraid of is that I only have two trade lines on my credit report. one a month shy of a year and the other 2 months old! So I hope they do not ask for utilities on top of that because I must admit that may be a hard one because my electric bill and water bill is forever late. Simply because we had a cold season, the heater was on the blink and the landlord did not fix for 3 months! This resulted in $1000 dollar electric bill when it was normally around $150.00 to $200. The water bill its normally about $30 bucks so I had been paying it for every month or so. I guess I could pull out my rental insurance and adt bill. Or could I use my rental, because that has never been late. Anyway. I really just want some kind of response because I am dying to know what the status is. The house is a short sale due to close by May 30 BUT I do not have final bank approval yet. *sigh* So I would like to know so if May 30 comes and goes and the sellers bank is still not ready I may want to move on from this contract! I am in a month to month lease now as my lease just ended and it is VERY expensive. I mean how long is the average INITIAL underwrite? Any response would be appreciated and if you have none then just send some old fashioned good vibes & positive energy my way!

[jbee]

What's your credit scores?

[Anonymous]

I'll send you plenty of good vibes.

"Initial" is not a lending term.  I've seen brokers add "initial" as a way to describe their internal review before sending the loan to the actual underwriter at the lender.

From the time that the appraisal is received, an efficient bank should be anywhere from 24-72 hours for underwriting.   Whether it is a standard checking/savings type of portfolio or a complex set of assets at 5 different banks, it doesn't matter.  Underwriting is surprisingly fast.   It's the queue to get into underwriting that delays everything.

Do you know if you are working with a bank or a broker? 

[DallasLoanGuy]

---

@Anonymous wrote:

So my loan "processor" tells me my loan is in "intial" underwrite. That was last Tuesday, today is wednesday and no word! I followed up with the LO Monday and he simply confirmed that I was in underwriting. It has been over a week which is weird to me because I do not have a large financial portfolio. 2 toy credit cards with $200 limits, a BUNCH of inquiries that I have submitted all explanation letters for. All paystubs and bank statements are submitted to date. So what the heck is taking so long! I have submitted the regular, w2, paystubs, bank statements ect. Now what I am kind afraid of is that I only have two trade lines on my credit report. one a month shy of a year and the other 2 months old! So I hope they do not ask for utilities on top of that because I must admit that may be a hard one because my electric bill and water bill is forever late. Simply because we had a cold season, the heater was on the blink and the landlord did not fix for 3 months! This resulted in $1000 dollar electric bill when it was normally around $150.00 to $200. The water bill its normally about $30 bucks so I had been paying it for every month or so. I guess I could pull out my rental insurance and adt bill. Or could I use my rental, because that has never been late. Anyway. I really just want some kind of response because I am dying to know what the status is. The house is a short sale due to close by May 30 BUT I do not have final bank approval yet. *sigh* So I would like to know so if May 30 comes and goes and the sellers bank is still not ready I may want to move on from this contract! I am in a month to month lease now as my lease just ended and it is VERY expensive. I mean how long is the average INITIAL underwrite? Any response would be appreciated and if you have none then just send some old fashioned good vibes & positive energy my way!

---

you aren't 'in underwriting'

your file is 'in line' to be seen by an underwriter.

INITIAL underwriting i guess they mean, seen by the u/w the first time. any subsequent looks by the u/w will be for any conditions of the approval.

[Anonymous]

Dallas...Since last Tuesday?  If someone has an "initial" process that last 8 days, how long does the whole thing take

My vote is still that it is a made up word.

When my underwriter opens a file, it's +/- an hour, maybe two.  It might take up to 48 hours when we are slammed for the loan to be underwritten, but the queue has never been 8 days, let alone the actual underwrite.