We are getting our mortgage through a broker and have gone through their underwriting process. Everything checked out and they approved our mortgage. But they said before getting the clear to close, it needs to go to the investor (in this case Chase) for review first. It sounded like the investor review wasn't anything major like another round through underwriting, just they give a cursory look over the application to ensure it means the loan program. The broker said their average timeframe is 3-5 days for processing. This was on 12/10.
Fast forward 2 weeks and we are still waiting for the "investor review" to happen. We are now 12 days past our loan contigency period. We originally had it slated to close on 12/31, and the sellers are turning around and buying another house. They are supposed to lose 1/2 and have a contigency on closing their existing house first.
We have no insight into the process, and the broker doesn't have much visibility either. They've raised it to their managers, and raised it to managers at Chase that they've overshot their timeframes and the delays are jeopardizing the closing dates for 2 houses now. Our broker has at least got approval to fast track everything else to get our closed once the account is back in their control, but I'm just sitting here frustrated in the meantime.
Does anyone have any experience with what the investor review is when going through a broker? Is there a chance of them not approving it or requesting more documents which delays us even more?
