topic Re: Day 4 in underwriting and I have heard nothing in Mortgage Loans

Day 4 in underwriting and I have heard nothing

dreamer2014 — Thu, 17 Jul 2014 14:43:56 GMT

I have been really trying to stay positive and remain patient but this waiting and not hear NOTHING is for the birds. I just needed to vent that's all.

Interestingly enough my LO have kept the builder updated because she told us Tuesday that our LO told her that we should close by 18th. That's tomorrow!!!!! We haven't came out of initial approval yet. The appraisal has been done but we know nothing about that either. Go figure!

Re: Day 4 in underwriting and I have heard nothing

martinwes — Thu, 17 Jul 2014 14:55:26 GMT

We have been in underwriting 2 days and our contract is set to close tomorrow. Sort of same boat. LO said that we are supposed to get results back today though.

OUr issue was my wife had a mortgage with her ex-bf that the ex-bf has been strictly paying on for the last 7 years and we have had to prove beyond a shadow of doubt that we were not paying on it. Took about 10 days to get the bank to get us those docs.

Fingers crossed and prayers said.

Re: Day 4 in underwriting and I have heard nothing

Anonymous — Thu, 17 Jul 2014 14:58:36 GMT

My LO told me 5pm yesterday. Believe you me I had an email out at 501. What is your LO telling you?

Re: Day 4 in underwriting and I have heard nothing

dreamer2014 — Thu, 17 Jul 2014 15:05:11 GMT

Well, I just got off the phone with him. He sounds like a frog (he's sick) and I feel bad but I really could not take it anymore; I needed to know something. He looked while we were on the phone and said that it is literally being underwritten as we speak. He saw some conditions but reassured me that it should be much of a deal. He stated that the processor is pretty thorough and that many loans come back with conditions. The processor will be out tomorrow but he said he felt comfortable reviewing the file and letting me know what those conditions are. He also said that he would contact me via email regarding the file before he leaves the office. I feel better knowing something, anything!

Re: Day 4 in underwriting and I have heard nothing

dreamer2014 — Thu, 17 Jul 2014 15:26:31 GMT

martinwes- hang in there! According to our contract we are closing 7/28 but it could be sooner. I hope it's sooner.

Laura1369- I hear ya and we are trucking this path together

Re: Day 4 in underwriting and I have heard nothing

Anonymous — Thu, 17 Jul 2014 15:28:13 GMT

Same here! in u/w day four with a closing date of 7/30. 13 more days!!! be strong you guys! lol

Re: Day 4 in underwriting and I have heard nothing

ezdriver — Fri, 18 Jul 2014 01:49:51 GMT

Today is day four waiting for clear to close ... so you are not alone. Turnaround times with lenders are just atrocious these days.

Hey lenders in this forum ... can you share some insight on these crazy turnaround times?

Re: Day 4 in underwriting and I have heard nothing

dreamer2014 — Fri, 18 Jul 2014 01:59:57 GMT

ezdriver, I have just accepted that I won't know nothing until next week because my LO is sick and the Processor will be out tomorrow. SMH I'm just gonna remain positive and continue to pack and clean

Re: Day 4 in underwriting and I have heard nothing

Anonymous — Fri, 18 Jul 2014 13:20:48 GMT

Same boat here! Day 4 of underwriting today and radio silence! It's very hard to wait. I have however heard that "no news is good news" when it comes to these sorts of things, so I try to take comfort in that.

Re: Day 4 in underwriting and I have heard nothing

martinwes — Fri, 18 Jul 2014 18:07:25 GMT

So we were supposed to hear back today and the LO just replied back with we are #10 in line and they have 11 underwriters. So I'm left with when does someone actually see this thing?

On a side note, we had 99.5% of all documentation to the mortgage company 10 days ago but the .5% was not faxed to us until 3 days ago. I wish they could have submitted everything 10 days ago and just put a clause in there or something.

Re: Day 4 in underwriting and I have heard nothing

DallasLoanGuy — Fri, 18 Jul 2014 18:55:12 GMT

remember...... you are only in underwriting for a few hours!!

the rest of the time you are waiting in line to be seen by underwriter

Re: Day 4 in underwriting and I have heard nothing

martinwes — Fri, 18 Jul 2014 19:48:42 GMT

Is there an average length of time that an underwriter spends on a loan?

Re: Day 4 in underwriting and I have heard nothing

dreamer2014 — Fri, 18 Jul 2014 22:41:38 GMT

Got it, DallasLoanGuy. That makes sense. In my compulsive obsession to know anything, I called today and found out that my file is out of underwriting as of yesterday but my LO is out sick and the processor was out of the office today so can't know anything until next week. Ugh!

Re: Day 4 in underwriting and I have heard nothing

lesse — Sat, 19 Jul 2014 02:10:40 GMT

Im in the same boat as everyone else

underwriting was supposed to review it this week.. i am still waiting for my contractor package to come back i guess from HOPEFULLY being approved (203K loan)

I am at the point where it gets approved with no issues- goes to underwriter then i get the clear to close next week.. if there is an issue with the contractor package that could delay the proces. My contract says committment by the 24th and close by the 8th of August (45 day contract) but it was a rewritten contract and is just a placeholder date Fannie mae (the seller) put in there - realistically i could close next week or the week after!! i actually just passed my 90 day credit pull (thats how long ive been working with this lender- because of my Previous sub 640 scores.. but now my mid is much higher) so we are about 3 months 1 week into the process.. im ready for this to be over !!!!!! praying underwriting can complete by next week so i can close and start the work

Re: Day 4 in underwriting and I have heard nothing

Anonymous — Sun, 20 Jul 2014 00:30:35 GMT

I'm sorry all of you guys are left in the dark with your files. I know how stressful that can be. Make sure to constantly follow up with your LO and agent that's the best thing I can tell you. Sometimes when the LO or UW is overwhelmed they are limited to following up with clients and are focused on getting the job done. Please remember we all work on multiple deals and loans at a time. But do believe me, they are working to get them done!

Re: Day 4 in underwriting and I have heard nothing

dreamer2014 — Mon, 21 Jul 2014 20:12:56 GMT

Still! NOTHING! so frustrated right now. Sigh

Re: Day 4 in underwriting and I have heard nothing

Anonymous — Mon, 21 Jul 2014 20:38:52 GMT

Nothing here either! Been 6 days. LO sent me a copy of our pest inspection report to sign and return today (VA loan), so when I returned it via PDF, I asked for an update. He said we were still with underwriting, but he had sent an e-mail to try to get an ETA....

Random question here: since so much of this stuff is print/sign/scan/e-mail back nowadays...I find that the copy quality of the documents are horrible!! I couldn't even read the pest inspection form (thankfully our realtor had sent me a copy of it also, which was much clearer - but it was before the seller signed, so now I'm signing and returning a copy of a copy of a copy.....

If underwriters are so picky about all this stuff nowadays, wouldn't copy quality be a big deal too? Most of the documents in our file look like this, so maybe not?

Re: Day 4 in underwriting and I have heard nothing

Anonymous — Mon, 21 Jul 2014 21:53:00 GMT

Grr when I saw a response on this thread I was hoping to see good news. My appraisal was completed and sent back to the VA for processing today. It could have been completely done and NOV issued last week, if the appraiser had the correct contact info. Grrrr he was trying to call the realtor I started with for a week before she responded and told him I was not using her any longer. So we wasted a week. The appraiser said he normally tries to get them done the day after he gets the order....

Re: Day 4 in underwriting and I have heard nothing

Anonymous — Mon, 21 Jul 2014 22:59:57 GMT

I honestly can't speak for other lenders, but it all depends on the work flow. If your LO is on top of everything they should be following up with your UW and keeping you in the loop. Please remember that a lot of lender and LOS have multiple loans at a time, and they will work on each pipeline. First in, first worked on.

Re: Day 4 in underwriting and I have heard nothing

ezdriver — Mon, 21 Jul 2014 23:11:39 GMT

Lenders don't care about mortgage applicants. If they did, the'd publish their turnaround times and maintain staff leves to meet those commitments. The industry is full of excuses disguised as customer service. I feel like screaming at my LO right now ... but I'm holding my tongue.