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Underwriting/Loan Approval to Close

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Anonymous
Not applicable

Underwriting/Loan Approval to Close

Just curious... since we just got the final approval on our mortgage, yesterday, and the file was sent to the closing department (who works with the title company)... 

 

How long should the wait be until we get the final HUD & set a time for closing?  

 

I'm so impatient. Smiley Very Happy

Message 1 of 8
7 REPLIES 7
frugalQ
Valued Contributor

Re: Underwriting/Loan Approval to Close

They haven't set the date yet?

I should take about a day to get the package together, and depending on the closing attorney deadline, it may take another day for them to get the package and complete the HUD. You can close the same day the closing attorney starts putting the final HUD together.

For us, we got final clear on Tuesday evening....thought we were closing Wednesday, but the attorney had an 11am deadline for the lender to get to the package to them. They didn't get it to them until that afternoon. We closed on Thursday....got final HUD at 1pm....closing started at 2pm.

Has your LO had you wire your funds to close yet?
AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 2 of 8
Anonymous
Not applicable

Re: Underwriting/Loan Approval to Close

Full message was:

"Congratulations! I have received final approval on your mortgage. I am sending the file to our closing department. They will work with the title company to issue the final HUD. The final HUD will provide the final amounts for closing. Once the final HUD has been issued, [primary LO] will contact you and review it with you. IF you are required to pay anything additional at closing we will wire the funds from your Navy Federal savings account ending XXXX at no cost to you. If you have any questions please do not hesitate to contact me."  ~Apr 9, 2015 at 9:55 AM

 

We can't actually move anything this weekend, but I'd still say "Hey boss, gotta run and sign my life away" in a heartbeat. LOL.

Message 3 of 8
StartingOver10
Moderator Emerita

Re: Underwriting/Loan Approval to Close

Well, just so you know, the lender has a closing department too (they all do).  The closing department at the lenders is the one that generates the loan package for the title co/attorney to close.  Normal time from CTC to sending the package is 24 to 72 hours but it depends upon the time of the month.  Last week of the month is much busier than other times of the month so it may take longer to complete the closing package.

 

Once the attorney or title co receives the closing package, they prepare the HUD1 and send it back for lender approval.  Once the lender approves it, then you can close the same day or the next day. This is all due to change Aug 1, 2015 where the CFPB changes require at least a 3 day lead time from the HUD1 approval to closing for you to review. Here are more details about the changes for Aug 1 if you are interested http://oregon.ltic.com/UploadedFiles/oregon.ltic.com_CFPB_Attorneys%205%20Things%20By%208-2015.pdf

 

 

 

 

Message 4 of 8
Anonymous
Not applicable

Re: Underwriting/Loan Approval to Close

Our lender is NFCU, except for the title stuff, it's all in-house.

 

I'll take the 24 hours for $123,000 Alex. *snicker snort*

Message 5 of 8
frugalQ
Valued Contributor

Re: Underwriting/Loan Approval to Close

3 days after the HUD is approved?!?!?! That's crazy. It doesn't take that long to review. The closing attorney went over the HUD with us at closing and asked if we agreed with it.

Considering the fact that our funds to close were much lower than the GFE, I don't care about much else on there. Lol
AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 6 of 8
StartingOver10
Moderator Emerita

Re: Underwriting/Loan Approval to Close


@frugalQ wrote:
3 days after the HUD is approved?!?!?! That's crazy. It doesn't take that long to review. The closing attorney went over the HUD with us at closing and asked if we agreed with it.

Considering the fact that our funds to close were much lower than the GFE, I don't care about much else on there. Lol

^^^I agree frugalQ!  It will be interesting to see how all these new changes affect closings.  I posted that link from a site concerning Oregon closings - but the changes are nationwide. 

Message 7 of 8
frugalQ
Valued Contributor

Re: Underwriting/Loan Approval to Close

Wow. Just a way to prolong things. I would love to know why they felt the need to do this.

Honestly, what can you dispute on a HUD? Your lender should go over and explain all of their fees upfront. And the prepaids are what they are.....nothing to dispute.
AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 8 of 8
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