topic Re: Anyone Else Waiting for Underwriting Approval? in Mortgage Loans

Anyone Else Waiting for Underwriting Approval?

Anonymous — Wed, 27 May 2009 02:19:10 GMT

I was told I would have a mortgage commitment letter last week. When I called to follow-up on Thursday it didn't sound like it was going to happen last week. My LO said the underwriter requested 1 week and said she could not pressure them until the week was over. Today, I called her around 1 pm and she said was on her way to the office to give her 1 1/2 hour. I did not hear from her so I called her around 5 pm and she said they were busy and she was in a meeting and would get back to me before the end of the day. I did not hear back from her at all. Is this normal? Should I be worried? I am getting quite frustrated. I also have a job and deadlines and we were off yesterday too. However, I don't keep people waiting and don't like to do that but why does this seem normal in this industry?

Re: Anyone Else Waiting for Underwriting Approval?

Anonymous — Wed, 27 May 2009 13:46:40 GMT

You aren't alone. I was told before hand that the underwriters are taking 30 to 45 days to come back with an answer because of work backlog. Its fustrating especially when so may others are getting their approvals back within a week. My lender is Countrywide (now Bank of America Home Loans) Its been in UW since April 30. Do you mind if I ask who your lender is?

Message Edited by samwise7 on 05-27-2009 06:46 AM

Re: Anyone Else Waiting for Underwriting Approval?

Anonymous — Wed, 27 May 2009 13:52:15 GMT

I am also waiting, but luckily not in such a frustrating position. Our appraisal and final contract addendums (price change due to appraisal and change in concessions) went in last week and I was told our file would be underwritten this week. Monday was a holiday, so I was expecting at least mid to late this week, but got an e-mail from my LO last night saying we were approved with only one condition, a new bank statement (we originally applied in early april, so they only had statements through march). Sent that off this morning and was told the final credit underwriting would happen this morning and appraisal (that got sent out to another department for underwriting due to some questions about one comp) should be underwritten by end of the week. Hopefully you hear back soon!

Re: Anyone Else Waiting for Underwriting Approval?

Anonymous — Wed, 27 May 2009 14:24:09 GMT

I am still waiting for everything to finish up. My LO called me yesterday so I could walk her through an answer to the underwriter's only question. I have a rush application going through Wells Fargo, so she said hopefully I can close today.

Re: Anyone Else Waiting for Underwriting Approval?

Anonymous — Wed, 27 May 2009 14:35:46 GMT

yup i am still waiting as well. mind went to the underwriters end of last week. my closing date isn't til June 26 @4pm but i still want this over already!!! it's very nerve wrecking.

Re: Anyone Else Waiting for Underwriting Approval?

Anonymous — Wed, 27 May 2009 14:54:25 GMT

samwise7 - we are both dealing with the same lender. i was told in the beginning they could process/underwrite in as little as 2 1/2 weeks and it could take up to 1 month. i provided a fully executed contract on 5/7, appraisal came in good on 5/12 and title came in clear on 5/14. waiting is very hard and i would at least like some kind of status on where the loan is at not just "you have to wait".....how come they can't give some sort of detail? it is very hard just sitting and waiting and not hearing from them.

Re: Anyone Else Waiting for Underwriting Approval?

Anonymous — Wed, 27 May 2009 15:02:12 GMT

ssnova, Seems to be the way it works with these guys. I guess all we can do is wait. Give us an update once you've heard back. I'll do the same. I know your tired of hearing this, but hang in there.

Re: Anyone Else Waiting for Underwriting Approval?

Anonymous — Wed, 27 May 2009 15:36:21 GMT

We went through Countrywide/Bank of America and underwriting approval took almost three weeks. Our title search and appraisal were done early. We were told two things about it taking a long time to be approved: There's a lot of refinancing going on and that it gets even busier toward the end of the month.

Re: Anyone Else Waiting for Underwriting Approval?

Anonymous — Wed, 27 May 2009 15:44:59 GMT

We in the same boat as you we had fully executed contract 5/11, appraisal back on 5/13, underwriting submitted to bank on 5/15. We were told we should hear something by the 5th of June. Closing date set for 6/26. Hopefully we will hear before then I can't handle this waiting my nerves are shot from this whole process

Re: Anyone Else Waiting for Underwriting Approval?

Anonymous — Wed, 27 May 2009 16:33:03 GMT

Just heard back and I don't know what to make of it but LO told me the file got sent to a larger office for Level III Underwriting review because my co-borrower (my mom) had credit counseling back in 2006. She said the positive thing is that we have a letter from the company that the counseling was purely for a lower interest rate so it should be OK and Level III is not so bad. I asked how many levels there are and she said 6.....I feel so nervous.

She said she has no ETA because the honest truth is they are back logged.....

Re: Anyone Else Waiting for Underwriting Approval?

Anonymous — Wed, 27 May 2009 20:17:09 GMT

Woohoo! Underwriting came back saying they need a letter of explanation for one large deposit (sold vehicle), but that can be provided at closing. Loan docs are being put together now. Everyone is working to get them signed tomorrow and have me close on Friday. I really hope I can move in this weekend.

Re: Anyone Else Waiting for Underwriting Approval?

Anonymous — Thu, 28 May 2009 16:48:26 GMT

We are waiting for Underwriting now on a VA loan for a forclosure/short sale we have been dealing with since early March. They didn't get our employment verified until last week. We've had 2 addendums waiting on our loan to process and the seller won't budge on our closing date, which is today! We are NOT happy. We were told 3-4 days last week. That sure sounds better than weeks or months. If we can get the loan approval we can get another addendum to have the drainfield moved. I will be glad to get this OVER!

Re: Anyone Else Waiting for Underwriting Approval?

Anonymous — Thu, 28 May 2009 17:28:23 GMT

count me in for wanting this OVER!!!!! Our loan is in underwriting and the LO said expect to hear something anyday now!!! i just hope what i hear has no harsh outcome we so deserve this house!!!!

Re: Anyone Else Waiting for Underwriting Approval?

Anonymous — Fri, 29 May 2009 03:02:20 GMT

I signed today. The best possible solution is my lender and the seller both go over things and approve it all early tomorrow morning, then I can close tomorrow. I really want this weekend to move in.

Re: Anyone Else Waiting for Underwriting Approval?

Anonymous — Fri, 29 May 2009 16:37:25 GMT

Put in a call to the LO yesterday, said he would email the UW and ask him to give my file priority. Haven't heard back yet. The wait continues.

Re: Anyone Else Waiting for Underwriting Approval?

Anonymous — Fri, 29 May 2009 16:44:56 GMT

Hello everyone. This is my first response to a thread in the fico forums. I too am waiting on underwriting approval and it is driving me nuts. Appraisal was submitted on 05/11 and I expected a commitment letter on 05/26 which I am still waiting on. By the time this is all over I will be completely bald. Good luck to all of my waiting buddies as one day the waiting will be over.

Re: Anyone Else Waiting for Underwriting Approval?

Anonymous — Fri, 29 May 2009 17:11:35 GMT

I can't work right now I'm so anxious to hear if I can get the keys today. I'm afraid if I keep pushing my closer I will distract her from getting things done.

Re: Anyone Else Waiting for Underwriting Approval?

Anonymous — Fri, 29 May 2009 17:21:41 GMT

I sure hope i here something by Monday lol but i guess the longer the UW's take the best!!!! i just hope there aren't any big conditions they come back with! lol i still want a vacation this year

Re: Anyone Else Waiting for Underwriting Approval?

Anonymous — Fri, 29 May 2009 17:27:05 GMT

Is it better if they take longer?

Re: Anyone Else Waiting for Underwriting Approval?

Anonymous — Sat, 30 May 2009 00:53:55 GMT

Well, we are cleared to close as of this afternoon! Should be getting final statements next week and we are scheduled to close on the 12th. All that is left to do is wait! It's going to be a looong 2 weeks!