Posted on: 27th Jul, 2011 11:40 am
Hi,
I received a commitment letter from Wells Fargo underwriting which took a week. My loan Officer works for wells Fargo and put together all the required docs before submitting to get the conditions cleared. I supplied all necessary supporting info and letter of explanation required. I am supposed to close by Aug 2 , 2011.
How long will this take to clear the conditions.
I received a commitment letter from Wells Fargo underwriting which took a week. My loan Officer works for wells Fargo and put together all the required docs before submitting to get the conditions cleared. I supplied all necessary supporting info and letter of explanation required. I am supposed to close by Aug 2 , 2011.
How long will this take to clear the conditions.
It depends on the turn time of WF. Each lender has different business structures and volume. If you are looking for any time over 72 hours, you are wasting your time. Once the conditions are in, they need to be reviewed and signed off, which does not take a long time. If your lender has hundreds of loans in process, then the time can be longer than 48-72 hours which is quite standard.
RTO, it certainly does depend on the office with which you're dealing. Normally, the 48-72 hour window is one you can rely on, though there are certainly instances in which things fall through the cracks.
What you want to do for yourself is to be vigilant in seeking out information form your loan officer, to ensure that the documents were delivered as promised and that they're being reviewed in a timely fashion.
Don't hesitate to be pushy on this - it's your loan and it's critical to you. They need to know the importance of it all.
What you want to do for yourself is to be vigilant in seeking out information form your loan officer, to ensure that the documents were delivered as promised and that they're being reviewed in a timely fashion.
Don't hesitate to be pushy on this - it's your loan and it's critical to you. They need to know the importance of it all.
This would also depend on what your conditions are. I have seen some loans get cleared within 24-48 hours and others take weeks to do. It will depend on the experience of your Loan Officer, your specific scenario and the workload of the processing center where your loan was underwritten. Generally I have my files cleared within 24-48 hours after receipt of conditions.
Best Regards;
Dmitriy Bleynis
Regional Sales Manager
STERLING NATIONAL BANK
STERLING NATIONAL MORTGAGE
[Contact details deleted as per forum rules. Thanks.]
Best Regards;
Dmitriy Bleynis
Regional Sales Manager
STERLING NATIONAL BANK
STERLING NATIONAL MORTGAGE
[Contact details deleted as per forum rules. Thanks.]
So true, Dmitriy...it all depends.