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How long does it take to get a refi underwritten?

My wife and I locked in with our broker on 2/11.  Got the appraisal back on 2/19.  Broker has all the paperwork and I would think we're a pretty straightforward refi (75% LTV, conforming, over 800's for my wife and I). 

I understand that the mortgage industry isn't staffed the way it used to be, but I also know people that locked in around the same time as us that are already done with the process.  I don't even have a ball park estimate as to when we can close.  All I get from my broker is that "it's in process"  Thanks.
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March 09 - US
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Profile picture for NJShoreMortgage
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Since August 2009

What type of loan (30 year fixed, 15 year etc) and at what rate? any points? Curious to know what type of pricing you were able to lock into?
Funny--I went back to ammend my earlier message without realizing the "header" stated it was a refi...a momentary lapse of genius.
Good luck.
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March 09
Thanks for all your answers!  Actually just got the call from the broker an hour ago.  Everything's cleared.  Just need to schedule the close.
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March 09

Refinance, Clean file (full submission), appraisal completed, locked before submission to underwriting:

About 10-15 business days.

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March 09
Profile picture for NJShoreMortgage
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NOTE: I made an assumption that your loan was a refi when I said that purchases might be u/w ahead of you. If your loan is a purchase, definitely get title started now
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March 09
Profile picture for NJShoreMortgage
Mortgage Lender

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Since August 2009

regardless of how clean your particular loan file is, volume surges combined with reduced staffing (not to mention additional data required on appraisals) can create a traffic jam. Lender may also u/w a purchase mortgage ahead of yours due to the obvious contractual dates involved. Hopefully your lender provided a lock period sufficient to cover your needs. You may want the title company to begin their work now vs waiting for the commitment. If your a "slam dunk" loan there's no reason to delay the title order.
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March 09
Profile picture for CA UMB
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Since January 2009

5263,

Turn times depend on the lender chosen. Last month several lenders were not taking 30 day locks it had to be 45 days because they were overwhelmed with the current refi boom.

Also, this is one of many questions to be asked or have in writing prior to going forward with a broker / lender. .... Good luck, Rudi
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March 09
 

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