Profile picture for mmoore32

How long does it take underwriting to process or package a loan?

Conventional, fixed rate loan.  Ratified contract, home appraisal, home inspection, termite report and condo documents have been approved and signed.    
  • October 24 2013 - Chantilly
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Answers (11)

Profile picture for Ray Stevens

3 days for GSF Mortgage Corp.

  • October 27 2013
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Profile picture for InterFirst Lending
It should take a maximum of 3 days for most lenders. For conventional financing it could actually come in 24 hours depending volume of business your broker/lender is handling.  If you are looking to close your loan quickly, find a reputable broker and they should be able to close your loan faster than big box lenders. Zillow Mortgage Marketplace is a great place to start to find this brokers. 
  • October 24 2013
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Once again, Hamp, great advice. mmoore32, Mr. Yonce has defined the timelines correctly. Big Bank = longer time frame. Brokers or Mortgage Bankers = less time. Period. Even if you have Mr/Ms Nice Banker behind a desk at a local bank, the sheer size and magnitude of the institution will get in the way of a swift closing because of the back room operations. Coffee and a cookie in the bank gets you nothing.

And Brad, you just haven't found a good broker/mortgage banker yet. Now that breed is indeed engineered to amaze and compliment your business.
  • October 24 2013
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I feel like the OP has already chosen a loan source and they are questioning why it is taking so long. I could be wrong, but the appraisal being done is a MAJOR clue that may have been missed during a Premier Agent's analysis. I hope the poster of the question looks at the free advice, and then states which type of source they used, and exactly what their concerns are based on. The odds are slim this will happen, but I can hope. For some reason, I hope the culprit is a local branch of a huge Bank.
  • October 24 2013
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Profile picture for JustinLeffew
I disagree 100% Brad. I am an internet lender and closed my last purchase in 15 days from application to closing. There are bad/slow local lenders just as there are bad/slow National and online lenders.
  • October 24 2013
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Profile picture for Bkgdc
You should use a local lender who has local underwriters.  No internet lenders.  No 800 numbers.  No brokers.  They are fine for refinancing but when time is of the essence, they are not.
  • October 24 2013
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Profile picture for JustinLeffew
Agree with the others. Some will be as quick as a few hours, some could take weeks. Typically, the smaller places will be faster unless they are brokers and don't process their own loans. Fastest will be someone with "in-house" processing and underwriting.
  • October 24 2013
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The act, or procedure, of underwriting a file takes hours. The processing of the documents needed to get a loan underwritten takes a week or three. The coordination of theses two procedures is where problems can arise. After all the documents are compiled the loan could sit in line to be underwritten for a week, or weeks, and then additional info could be requested by the underwriters. The compilation of the additional info could add days, to weeks, to the total process. If you are using a high volume Lender that is understaffed for the volume things can drag out. An inexperienced Loan Officer can contribute to the time being extended.

Who are you doing the loan with? Exactly why do you ask? The short answer is that best case, start to finish, is three weeks approximately, and the worst case could be five times that length. I work for a Broker and we've closed loans in seventeen days in the last sixty days. But we're a dedicated, low volume, high service operation.

In your list of things that are already done, one hugely important, and sometimes time consuming, one is missing and that is title work. One that can fall into the time consuming category is the appraisal, and you say it is done. Have you given a seemingly ridiculous amount of financial documentation to your Loan person, yet?
  • October 24 2013
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hi mmoore32...
The loan is packaged by the Loan Officer or his/her processor. Then it is sent to underwriting either in house or to the lender you are locked with.

The time it takes a lender to underwrite the loan can vary by hours, days, weeks or in some cases, months...however, with loan apps down typically the first pass to an U/W decision with conditions is 48 hours to 5 days tops.
Conditions, once furnished to the U/W, usually are 48-72 hours to get cleared.

Again, I stress, each lender is different and U/W times can vary. This is a fair rule of thumb I think. I am sure others will weigh in and tell us if I have been fair! LOL

Best wishes, Jim
  • October 24 2013
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Profile picture for daveskow
could be minutes / hours / days or weeks ...depending on who you are working with
in general - the large banks will take longer than the smaller lenders

good luck
  • October 24 2013
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30 minutes
  • October 24 2013
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