Underwriting!!

[Rwp2906]

Just heard we are officially in underwriting!!! How long does it usually take from now to closing? (assuming we make it through) LO says the only thing that would go wrong at this point is if we lied about our income....(not)

[Mike_B03]

The length it takes usually depends on what supporting documenations you need. For it to initially come out of underwriting, I think 3 days is pretty typical. If it looks good to the underwriter, they will give it an "Approved with conditions" (just about everyone has some sort of conditions, its rare and it's straight approved with no conditions). Then a Loan Processor will get in touch with you to get those conditions met (extra paystubs, updated bank statements...stuff like that). You get the stuff they ask for, send it to the Loan Processor and they give it back to Underwriting...who reviews the file again and if all is well, issues a Loan Commitment and you can move on to the next step in closing.

[ceejx]

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@Rwp2906 wrote:
Just heard we are officially in underwriting!!! How long does it usually take from now to closing? (assuming we make it through) LO says the only thing that would go wrong at this point is if we lied about our income....(not)

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Mine went pretty quick, about business days, but two of the conditions that I thought were already satisfied, weren't. And i've now been stuck for almost 2 weeks waiting for them to be taken care of. One was the termite inspection, which we thought was signed off but wasn't, and the other now is back taxes on the property, which I was told over and over again not to worry about, and now has become a problem. So as usual, YMMV.

[Rwp2906]

Crap....i was hoping it was quick at this point...

[nois]

In our situation, we made it through underwriting to approval with conditions in three days. But then we have had to wait a week for an appraisal company to accept the order and then another ten days - our appraisal is supposed to be reported today. It's kind of irritating. Then the bank has to review the appraisal. If they can get to work on the titlework before the appraisal comes in, then it goes faster.

[Mike_B03]

Unfortuately I think making into Underwriting is usually the part that's quick...the lenghy part starts when you get to Underwriting. 

If you look at the Nov/Dec Closers thread, you can get an idea from others on how long their process took. Some people it took 2 weeks for the approval process (from when they applied to when they got the loan approval) while others took 6 weeks. One person reporoted that from the time the file went to Underwriting until it was it was approved took about 2 weeks.

[Anonymous]

I'm still in underwriting!  I got my conditional approval on Nov 21st, it's Dec 14th now.

I submitted ALL of my contingent documents the next day.  Now I'm 3 business days from estimated close and the underwriter is asking for the same documents over and over and over again.  I just keep everything in my car and fax them immediately. I've signed off on the IRS form 4506-T three seperate times now.  The underwriter claims the IRS keeps rejecting it.  It's extraordinarily frustrating.   And I KNOW the 4506-T has a 48 business hour turn-around so I'm just assuming I'll add another 2 days to closing. 

Hang in there.  

[Mike_B03]

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@Anonymous wrote:

I'm still in underwriting!  I got my conditional approval on Nov 21st, it's Dec 14th now.

I submitted ALL of my contingent documents the next day.  Now I'm 3 business days from estimated close and the underwriter is asking for the same documents over and over and over again.  I just keep everything in my car and fax them immediately. I've signed off on the IRS form 4506-T three seperate times now.  The underwriter claims the IRS keeps rejecting it.  It's extraordinarily frustrating.   And I KNOW the 4506-T has a 48 business hour turn-around so I'm just assuming I'll add another 2 days to closing. 

Hang in there.  

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Wow that sucks. I take it your lender doesn't do the whole "upload documents" thing? I'm hoping when it comes time for them to ask for additional documents from me, it won't be things I already submitted since I updated a long list of documents through their website online and I can see the files are sitting there, marked as "Received".

[Rwp2906]

Wow, I thought we were in the home stretch. Appraisal came back better than expected, LO told us our documentation was great (i keep everything). He said it should move quickly....i guess quickly can mean anything. Happy to be at this point, can't believe we built our credit back up to qualify. These boards are amazing

[Anonymous]

Oh they've received them, the underwriter lost them or something.

Minutes after I posted the message above the LO called me.  We're in the last days of this. They've lost the entire document set. AND they can't get a hold of the appraiser for a modification of the comps.  They waited until the last possible minute.  I let my agent know that I won't be asking the seller to extend because I'm completely fed up with the mortgage lender's methods.  I'll walk away. 

Argh and good luck to you!