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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.
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.
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
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*
@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.