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Underwriting Rant

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Anonymous
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Underwriting Rant

So my application was moving right along until 2 weeks ago. I was approved and all my conditions met. Now due to my closing date in the contract being May 6th its just sitting at the underwriters desk. This is irritating me to death!!!

My conditions were all things pertaining to outside entities. They got them back promptly. My LO has also been prompt and respondsive. Everyday he updates me that we are both just waiting. He's becoming frustrated too. Much like a real estate agent he doesn't get paid until closing. Thus feels like a game at this point.

Something that would probably take 10 minutes to look at is just resting on a desk and it's outside of my control so I'm basically freaking out. Hopefully they don't stall me this long then ask for more stuff. Congrats to all those people with underwriters who close based on file completeness instead of contract date.
Message 1 of 13
12 REPLIES 12
Anonymous
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Re: Underwriting Rant


@Anonymous wrote:
So my application was moving right along until 2 weeks ago. I was approved and all my conditions met. Now due to my closing date in the contract being May 6th its just sitting at the underwriters desk. This is irritating me to death!!!

My conditions were all things pertaining to outside entities. They got them back promptly. My LO has also been prompt and respondsive. Everyday he updates me that we are both just waiting. He's becoming frustrated too. Much like a real estate agent he doesn't get paid until closing. Thus feels like a game at this point.

Something that would probably take 10 minutes to look at is just resting on a desk and it's outside of my control so I'm basically freaking out. Hopefully they don't stall me this long then ask for more stuff. Congrats to all those people with underwriters who close based on file completeness instead of contract date.

If all parties are willing to close early, your LO should be able to pull strings and have your conditions cleared by UW.

Message 2 of 13
Anonymous
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Re: Underwriting Rant

That's what I thought! Trust me though, I've bothered this man enough. If he could get me done I'm sure he would just to have me out of his hair lol.

He claims we gave a lazy processor holding us up. I emailed her, just to see. She has yet to answer so maybe that's what it actually is.
Message 3 of 13
BrianB_The_Loan_Professor
Valued Contributor

Re: Underwriting Rant

So you sent conditions in 2 weeks ago?

That is not good - a couple of days maybe if the bank is busy - you have to keep in mind an underwrier is responsible for a very large number of loans and things usually get done in the order they were received - but two weeks is beyond reasonable - if you are being pushed to the back burner because you have time I would try to go up the ladder - could they possibly be waiting for the last pay stub or bank statement that will come in between now and when you close??? just guessing as to what if any reason they could have for not looking at it now - they do like to do everything at once -  if this a banker or a broker??

 

Brian

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly
Message 4 of 13
Anonymous
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Re: Underwriting Rant

i went to final underwritting today, was told i should know in 24 to 48 hrs, i went as far as asking if we can close earlier

i too close on the 6th but hey why wait when we ccan just  get it done and over with, they told me that once it's out of underwritting they will do what they can to bump up the closing date as far as they can..

 

good luck, congrats, and i feel your pain  

Message 5 of 13
Anonymous
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Re: Underwriting Rant

Good lucj to you too @smalls. It's just such a slooooow process. I understand it's a lot of money and the housing market crashing didn't help, but geesh!!!
Message 6 of 13
Anonymous
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Re: Underwriting Rant

Just got word that I'm getting a new processor and we should get an update tomorrow.
Message 7 of 13
Anonymous
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Re: Underwriting Rant

My original close date was May 6th also. I closed today.
Message 8 of 13
Anonymous
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Re: Underwriting Rant

@dansamy congrats!! If I had your processors and underwriters I probably could've closed this week or last week. All my stuff has been in and my file is complete. Already got commitment. Nothing has changed, and title was clear. Just no movement on my file
Message 9 of 13
Sassy_Taurus
Frequent Contributor

Re: Underwriting Rant

@Dansamy congratulations.

@Kelfos I hope the processor gets your file pushed through. My docs go out today so I should be signing tomorrow after the final walk through. Funding Thursday or Friday. I'm almost done.
Message 10 of 13
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