cancel
Showing results for 
Search instead for 
Did you mean: 

Anyone Else Waiting for Underwriting Approval?

ssnova
Valued Member

Anyone Else Waiting for Underwriting Approval?

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?
Message 1 of 106
105 REPLIES 105
samwise7
New Contributor

Re: Anyone Else Waiting for Underwriting Approval?

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
07/13/09 TU 627 - EQ 631 - EX 642
08/08/08 TU 514 - EQ 548 - EX 561
Message 2 of 106
erinmichellej
New Contributor

Re: Anyone Else Waiting for Underwriting Approval?

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!

Starting Score: 586 (2/09)
Current Score: 674
Goal Score: 720


Take the FICO Fitness Challenge
Message 3 of 106
dawtips
Member

Re: Anyone Else Waiting for Underwriting Approval?

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.
Message 4 of 106
djspeer
New Contributor

Re: Anyone Else Waiting for Underwriting Approval?

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.
Mrs. Dee
Message 5 of 106
ssnova
Valued Member

Re: Anyone Else Waiting for Underwriting Approval?

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.
Message 6 of 106
samwise7
New Contributor

Re: Anyone Else Waiting for Underwriting Approval?

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.

 

 

07/13/09 TU 627 - EQ 631 - EX 642
08/08/08 TU 514 - EQ 548 - EX 561
Message 7 of 106
dkjay
Established Member

Re: Anyone Else Waiting for Underwriting Approval?

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.

 

Message 8 of 106
Nicholeg21
Member

Re: Anyone Else Waiting for Underwriting Approval?

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
Message 9 of 106
ssnova
Valued Member

Re: Anyone Else Waiting for Underwriting Approval?

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.....

Message 10 of 106
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.