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Company Loan Type APR Est. Pmt.

Underwriting wait times

Posted on: 23rd Apr, 2010 09:09 am
i'm on day 4 of underwriting with us bank. should i be concerned? should i have an update from my loan officer? we've called her but no return calls. is no news good news? is a long wait a bad sign? we were told we could close within the month and if we don't close by monday, we won't close ontime. this is a refinance.
I was fully approved for a FHA loan and went to closing. After 5 days the underwriter emailed me and told me that my loan was denied. I never received a denial letter from the company and was told by the underwriter the reason my loan was denied because they could not sell my loan to another lender (Good Faith Lender). I was also informed that he could no longer to talk to me. It has been around three weeks and I have not gotten my denial letter from the lenders.
Posted on: 19th Jul, 2010 06:25 pm
Did I miss something up there, Francine? You "went to closing." Does that mean they handed you the keys to your home on that date, and you moved into your home? If so, how is it that they're now denying your loan - you closed, right? Or did you simply prepare to have your closing, which didn't take place because the infamous underwriter turned you down? Why can't he speak with you, according to his reasoning? Have you had contact with anyone else from the lender's office? This is a bizarre situation that cries out for more detail.
Posted on: 26th Jul, 2010 11:19 am
I just got a email from my loan officer he said i just got the paperwork back from the underwriters everything looks good he just have to finish it up.what do that means?
Posted on: 12th Apr, 2011 09:46 am
Hi moe,

It means that the loan officer will complete the formalities that are left over and then you will be able to close the loan.
Posted on: 12th Apr, 2011 10:50 pm
Moe, ask your loan officer specifically what it means. Does it mean there are no additional conditions of the approval to be met? That your closing is imminent...once everyone gets back from Spring Break, for example.
Posted on: 18th Apr, 2011 11:59 pm
There's really no telling what the loan officer means when he says you "just have to finish up." That could mean there are 2 loose ends and it could mean there are 14 loose ends, or anywhere inbetween.

Unfortunately, loan officers often don't quite get what the underwriters are looking for - every one is optimistic until it gets to the slogging part, and then they finally advise you that they're really clueless about the process.

Keep on them...keep on the loan officer, and keep on the processor. Actually, whoever your processor is would be the most important person for you to speak with - that person will have more infomation and knowledge than any of the rest.
Posted on: 19th Apr, 2011 09:42 am
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