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I keep hearing about the 7 day waiting period From underwriters to closing that came out July 2009.

Trying to buy a house and this is the forth time our closing has be delayed.  It started with the mortgage company not doing our finances right.  We have good credit just . We just have alot of credit cards.  But She forgot to add in the child support.  So that put us up there.  So we paid off some bills. we work with her to make sure we got everything just right.so we had to wait for everything to clear the credit. that extended the date out even farther. set a new date again. #3  Passed first review, went into a second, never heard any thing back. two days before got a call saying there changing company's and someone else is doing the loan, So now we are just hanging again.  And we where told it would still take an extra 7 days from the date of the disclosure.  Something does not sound right
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October 29 2009 - Fabrique
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Answers (3)

Profile picture for seschler
If you are using a mortgage broker then most likely they are submitting your loan with that current lender, it then goes through the full underwriting process with at that point a preliminary approval.  Meaning there is no obvious reason you would not qualify for the loan.  During the underwriting process they weed out potential risky borrowers.  It is possible that if you were with one lender and had to be placed with another lender that the original lender turned your loan application down.  The lending process is not always cut and dry like people would assume.  Also banks will have you jump through even more hoops then they use to so they can try to assure themselves they are lending to sound borrowers.  Which in this economy sometimes requires a crystal ball.  My suggestion is you try to get an FHA loan through a reputable bank.  FHA has an automated approval system and if you go through a conventional bank and not a mortgage broker or middle man loan originator then you often can save on origination fees.  Good Luck. 
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November 04 2009
Unfortunately.- It is my understanding if your APR changes even 1/8 of a percent, the lender is required to re-disclose a new Truth and Lending Statement and Good Faith Estimate. There is a required time frame that is required.  This is new this year.
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November 02 2009
To speak generally, you're required to be given 7 days to review any significant change in the loan.  If they changed banks, that'd trigger it.
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October 29 2009
 
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I keep hearing about the 7 day waiting period From underwriters to closing that came out July 2009.
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November 04 2009 | 3 answers
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