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Why is the mortgage process taking sooooo long? 6 weeks and no end in sight.

Excellent credit
Stable Work history
No other debt

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May 26 2010 - US
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Answers (5)

Dennis,
There should be no reason for this to occur, unless you are purchasing a distressed property, where the lender has no control. ..... Happy funding, Rudi
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May 26 2010
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Name the offending co!!
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May 26 2010
I like Wayne's answer!!!
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May 26 2010
There are changes and the banks are being more careful.  That said 6 weeks seems to be a long time for a mortgage approval.  Where are you in the mortgage process?  If it is early perhaps seek another loan officer.  Your realtor can help you.   I had one client spend 26 days in underwriting.....  She came with the loan officer and was very loyal.  The HUD closing company even called me and asked for help.  This is the first time I had a closing company asked for me to intervene with the bank to make them move.  That loan officer is not high on my recommendation list.... If you are through underwriting and the appraisal is in you are almost done.
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May 26 2010
The mortgage process is not complicated but applications can be. Today the requirements for complete verified documentation is stringent. Files that are not complete are delayed with underwriting conditions that in most cases could be avoided if submitted properly initially. The volume of files a lender has will impact the process. Some lenders can process a file in 3-4 weeks, and others can take 60 days for the same type of file.
When a consumer is considering a lender the timetable to process a file should and could be a very important criteria. If you have a purchase with a closing date of 30 days, going with a lender that typically takes 35 or more days to process your file is a horror story waitng to happen. Loan officers know how long files take to process at their company, and a professional loan officer will not set unrealistic expectations.
Taking a loan application knowing you are not likely to meet a closing date is not professional. If your file is complicated and requires more time to document etc, the loan officer should know that up-front.
I  have no idea why your file is taking so long, but a "less cut to the chase" conversation with loan officer or their branch manager is in order.
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May 26 2010
 
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