Underwriting Timeframe

[Anonymous]

Hi, all! 

Our loan officer told us we went to underwriting and 9:30am this morning, and that we should have a decision tomorrow. That seems fast, and our agent said it was super fast. 

What timeframes have you all experienced? 

The only issue I can think is the IRS has spelled our last names wrong for years! They have an "i" instead of an "e", and when I first checked to see how to change it, they said just to spell it correctly on the next return. (we never spelled it wrong!). Anyhow, despite spelling it correctly for years, they never fix it.

[StartingOver10]

Underwriting is usually 48 to 72 hours IME.  

I have noticed that many borrowers confuse "processing" with "underwriting".  Processing is the collection of all the documents including the appraisal. Underwriting is the review of the completed file for loan approval.  Some lenders will send the file to the underwriter subject to the appraisal.  

[StartingOver10]

duplicate -sorry 

[Anonymous]

I get that.. but our paperworks has already gone through proccssing with first the loan offier, and then the processor. Our mortgage company does not even order appraisal until you have conditonal approval through underwriting.

So, the big test will be, do we hear anything today or not.

[StartingOver10]

---

@Anonymous wrote:

I get that.. but our paperworks has already gone through proccssing with first the loan offier, and then the processor. Our mortgage company does not even order appraisal until you have conditonal approval through underwriting.

So, the big test will be, do we hear anything today or not.

---

^^^So did you get it today?

[Anonymous]

Yes! 

I would have responded sooner but we were at the house forever yesterday for the inspection, and let me tell you, the inspection did NOT go well!

But, we got conditonal approval. 

The conditions:

Appraisal
Needing a few letters signed and dated that I already emailed to them to explain some credit card inquiries.
Needing one more letter of explanation for a large deposit (it was a credit card cash transfer because I was transferring a balance for a different rate)
And needing a physical address for our business, my wife and I are both self-employed.

So, we got through the main part of underwriting in one day.. I guess my loan officer knew what he is was talking about.