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Company Loan Type APR Est. Pmt.

How long does it take to hear back from the underwriter

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

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:39 | Post subject:

banker0679's picture
banker0679 | Joined: November 15, 2007 10:05 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:39 | Post subject:

lisa.scherzer's picture
lisa.scherzer | Joined: January 4, 2008 08:48 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:39 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:39 | Post subject:

savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:39 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:39 | Post subject:

riseabove's picture
riseabove | Joined: November 9, 2009 12:58 pm | Posts: 0 | Location: New Jersey | 00 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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:39 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

you are correct, rise.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:39 | Post subject:

riseabove's picture
riseabove | Joined: November 9, 2009 12:58 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:39 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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!

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:39 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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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