How long is a file in underwriting?

[Anonymous]

My FHA loan was sent to underwriting last Monday 2/6. My loan officer said it usually takes 'a few days'. It's been more than a few days and I'm wondering if no news is good news? I'm waiting on pins and needles!

[MauiMan85297]

Typically no news is good news- good luck!

[ShanetheMortgageMan]

Each lender has different turntimes.  I wouldn't be too concerned, but you should email your loan officer and ask when the underwriter will complete their review.

[Anonymous]

With the first lender I had do the papers, it was in underwriting one day.  I am now getting a 2nd approval and just went into underwriting yesterday.  We will see how long this one takes.

[DallasLoanGuy]

. 

[Anonymous]

Updated to say that the 2nd lender, my file was in underwriting 1 day.  Now once we get closer to an actual closing I will have to choose.

[VALoanMaster]

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@Anonymous wrote:

Updated to say that the 2nd lender, my file was in underwriting 1 day.  Now once we get closer to an actual closing I will have to choose.

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So you have 2 different lenders working on your file? If so you need to cancel one of them right now.

If this is what you're doing it is really not cool. You are wasting the time of a loan officer, processor, set up person, lock desk person & underwriter at minimum & you're costing the lender a ton of money. Lenders pay for a ton of 3rd party services in order to get your loan approved & you are wasting those resources for one of these lenders.

If I were one of the lenders & I found out that this is what you were doing, I would cancel your file on the spot even though it would cost me a commission check.

[DallasLoanGuy]

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@VALoanMaster wrote:

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@Anonymous wrote:

Updated to say that the 2nd lender, my file was in underwriting 1 day.  Now once we get closer to an actual closing I will have to choose.

---

So you have 2 different lenders working on your file? If so you need to cancel one of them right now.

If this is what you're doing it is really not cool. You are wasting the time of a loan officer, processor, set up person, lock desk person & underwriter at minimum & you're costing the lender a ton of money. Lenders pay for a ton of 3rd party services in order to get your loan approved & you are wasting those resources for one of these lenders.

If I were one of the lenders & I found out that this is what you were doing, I would cancel your file on the spot even though it would cost me a commission check.

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^^^^

[Anonymous]

It was actually SUGGESTED I do that.  Why would I just pay the first person that gave me disclosures on closing costs?  Both are preferred lenders of the builder. 

As an example lender 2's closing costs came in almost 3 thousand dollars less, and the 1st lender WAY UNDERSHOT the MIP per month which FHA would never be at, which was something that was blatantly incorrect (and I saw as trying to make the monthly payment look better).

[Anonymous]

http://ficoforums.myfico.com/t5/Mortgage-Loans/Applying-for-mortgages-via-multiple-lenders/td-p/4866...