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We've been working on a streamline FHA refi thru a broker for >30 days. Is this a normal timeframe?

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July 28 2009 - Georgetown
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It all depends on your situation. Did you sign and send docs back same day? Did you fax your LO all your income/asset/mortgage docs immediately upon request? Did you get the Appraiser out there ASAP? These are just a few things that can delay your processing time. Every day you dealy, is another day added on.

If you did all you were supposed to do immediately,...there could be a bunch of 3rd party hold ups. Title, appraisal, inspections, etc.. I've closed loans in 2 weeks and some in 2 months depending on all the above circumstances.
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September 11 2009
Tony,
Your response smells a little bit like a self-promoting (spam) post.  Please read the Code of Conduct.  Thanks.

It shouldn't  take more than 30 days.
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September 11 2009
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Did you get this done?
Even with the new laws we close these in 10-days or less.

Let me know if you need any help.

Kind regards,
Tony
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September 11 2009
It shouldn't be taking that long. Guaranty Trust has underwriting turn around times of 24 to 48 hours. Other companies may be taking so long because they are understaffed. I did one start to close in two weeks last month and there is no reason to think we couldnt do it again.

Let me know if I can help you anymore?
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July 28 2009
Turn times do differ per lender.

With the increase in rates over the last 6-8 weeks, these turn times should be improving.  Also, since this is a streamline, the turntimes should less on these files versus a regular FHA refi or purchase. (less time required on processing)

They typically don't require an appraisal, income, or assets.  Turntime should not be more than 30 days in my opnion.
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July 28 2009
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the best estimates I've heard recently are 45-60 days for FHA loans of any kind.
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July 28 2009
Streamlines are definitely the slow mover these days.  In general, lenders are short staffed in underwriting so this does create delays - expecially with the lenders that have the best rates. 

However, we are loan officers should work to making sure there are never surprises for our customers - very rarely are surprises fun.  Any time a loan is locked, the loan officer should find out what turn times are and communicate that with you, our customer.
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July 28 2009
 
Related Questions
We've been working on a streamline FHA refi thru a broker for >30 days. Is this a normal timeframe?
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Latest answer by Robert Benham
September 11 2009 | 7 answers
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