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How long does it take to get an answer from the underwriter?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi wendyp,

Welcome to the forum.

It actually varies. Generally it takes three days but it can take a month and sometimes even more than that.

Best of luck,
Larry

banker0679 · Posted: Fri Mar 07, 2008 4:10 pm Post subject:

when you submit a full application ...CURRENTLY it may take 2-3days.
There has been a huge influx of applications, and it's taking longer for lenders to approve loans.
Conventional 2-3days
FHA/VA 7-8days MINIMUM with most lenders.

24-48 hours to follow up with conditions.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

It just depends on the lender. It can range from 24 hours to weeks.

Guest

once the lender approve the loan how long does it take for the underwriter to approve your loan? are they the same person

savior70 · Posted: Tue Nov 10, 2009 4:10 am Post subject:

Hi,

An underwriter is the person who determines if the loan applicant meets the eligible criteria and if he/she can be given a loan. The lender approves the loan application only after the underwriter approves it. The time taken for approval of your loan will vary from lender to lender.

gmakerley · Posted: Tue Nov 10, 2009 12:01 pm Post subject:

time does vary, yes; but an underwriter will generally deliver within 48 hours of receiving a file. the timing issues generally revolve around processing. if processing gets the file to the underwriter in a reasonable amount of time, it can be reviewed more timely.

riseabove · Joined: 09 Nov 2009 Posts: 277 11.01 Dollars($)

how long anything takes is seldom a simple question. It depends on the complexity of the situation, workload etc.

Like in all industries, some places provide better service than others.

gmakerley · Posted: Wed Nov 11, 2009 2:38 pm Post subject:

you are correct, rise.

riseabove · Joined: 09 Nov 2009 Posts: 277 11.01 Dollars($)

George, have you found any that are either noticeably better or worse than others?

gmakerley · Posted: Fri Nov 13, 2009 10:57 am Post subject:

haha...what a tough question that is to answer:

the worst underwriter is the one you're working with at the moment who is holding you back from closing the loan you're hoping to close.

the best underwriter is the one who works with you to get things closed.

the best situation for a loan officer, who is a borrower's advocate, is to have access to the underwriter - not necessarily face time, but the ability to actually converse with the u/w and plead for mercy if need be. at the very least, email ought to be a method of communication, and said communication ought to be pretty much constant between underwriting and origination.

Guest

I am now charged $27/day because the underwriter has taken the file back even though I had called and they said it was closed. What does that mean?
They mentioned extended rate- I have no idea what that means either. Can you help!

jameshogg · Posted: Tue Dec 14, 2010 8:46 pm Post subject:

Hi Julia Solo,

You should ask the underwriter or the lender to clarify the matter. If the mortgage has been closed, then you won't have to pay anything extra.

Thanks

gmakerley · Posted: Tue Dec 21, 2010 3:34 pm Post subject:

Julia, closed typically means that you've gone to the closing table and obtained the loan. It seems here that they're calling it "closed" with a different meaning - do they mean that your opportunity to obtain the mortgage is "closed"?

As James said, check with them again (and again if need be) to determine what's going on.

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How long does it take to hear back from the underwriter