underwriting

[damnedanddetermined]

How long does a file that has been through "automated UW" stay on an UW desk? Anyone know?

[damnedanddetermined]

startingover10~dpeezy~Dallas?

[Jazzzy]

In our experience...no timeframe...it's.whenever they decide to look at it. And they don't respect closing dates. We were past our expected closing date, had been told yes by the loan officer...expecting to get the final nod any day...then the underwriter finally looked at it and said we were good to go....all we needed was an additional $125,000 down.

We were able to pull it out of the hat, but it could have ended everything.

We were both self-employed at the time, and when he finally picked up our file and looked at it, the underwriter only counted 1/3 of our income. The numbers had all been on his desk for weeks.

We knew ours was not a run-of-the-mill mortgage, but we never expected this. But if your situation is pretty straightforward, this shouldn't happen.

[ezdriver]

Most lenders have a turnaround requirement of about three days [from date of receipt] for the underwriter to act on your file. That's why some files hang out in "processing" for a while before actually being submitted to underwriting.

[StartingOver10]

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@damnedanddetermined wrote:

How long does a file that has been through "automated UW" stay on an UW desk? Anyone know?

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Jazzy is right.  However, usually if you have a purchase rather than a refinance your file will be moved ahead of the refi's. And as Jazzy pointed out, it you have different circumstances it will add to the time frame. Also if you go to a CU or big box bank they move more slowly than lenders that do nothing but mortgages. 

Also usually the u/w looks at it and makes a decision within 72 hours (more or less) except when there is a backlog and except at the end of the month. 

It is best to try to set your closing dates for a reasonable time period (5+ weeks now since TRID)  and to try to close any week other than the last week of any month. There is always a backlog then for closings.