Posted on: 17th May, 2012 12:43 am
Well, my file went to the underwriter on Monday after we worked with our broker to get everything together. Now, they are playing the waiting game. I know that someone has looked at the file only because they did come back on yesterday asking for us to sign 2 forms that were not included in the file. I have followed up with our broker today to check status and he is placing a call with the lender. Fingers crossed we can get our answer soon.
Hi Vassan,
It is good to note that you have contacted your broker who will be checking the status of your loan underwriting. I think you should hold your patience and wait for some time. Your loan underwriting will be complete.
Take care
It is good to note that you have contacted your broker who will be checking the status of your loan underwriting. I think you should hold your patience and wait for some time. Your loan underwriting will be complete.
Take care
Normal underwriting turn times is a few days. If your lender is a big national bank, then the UW turn times can be much longer. Likewise, if you are doing a HARP loan, the UW is even longer. Do you have an approval, and are working to clear your conditions, or are you waiting for the conditional approval?
vassan;
usually if the underwriter looks at a file, you will receive a list of conditions which require satisfaction in order to close. if your broker asking you to sign 2 forms, this is usually the processors scrubbing the file prior to submission and is a sign that you are dealing with someone inexperienced as all of your paperwork should have been signed prior to submission to underwriting. underwriters look at up to 10-15 files a day and not having a complete package would significantly decrease your chances of an approval.
i represent a federally chartered bank and i can have a file underwritten in 24-48 hours. i would be happy to review your scenario at your earliest convenience.
should you choose to refinance directly through a bank, you would end up bypassing the broker which would lead to lower rates and closing costs.
best regards;
usually if the underwriter looks at a file, you will receive a list of conditions which require satisfaction in order to close. if your broker asking you to sign 2 forms, this is usually the processors scrubbing the file prior to submission and is a sign that you are dealing with someone inexperienced as all of your paperwork should have been signed prior to submission to underwriting. underwriters look at up to 10-15 files a day and not having a complete package would significantly decrease your chances of an approval.
i represent a federally chartered bank and i can have a file underwritten in 24-48 hours. i would be happy to review your scenario at your earliest convenience.
should you choose to refinance directly through a bank, you would end up bypassing the broker which would lead to lower rates and closing costs.
best regards;
>>Should you choose to refinance directly through a bank, you would end up bypassing the broker which would lead to lower rates and closing costs.
That's not accurate, Dmitriy ... why are you telling consumers that? Brokers usually provide consumers with much better deals then Banks. When I worked at Bank of America, any Broker could have offered my clients a better deal, with lower fees, then me.
That's not accurate, Dmitriy ... why are you telling consumers that? Brokers usually provide consumers with much better deals then Banks. When I worked at Bank of America, any Broker could have offered my clients a better deal, with lower fees, then me.
Guest;
Brokers cannot provide better deals then banks as they are just reselling the banks rate. Bank of America is not a good example. It is one of the worst banks you can possibly deal with when it comes to their mortgage division. When did you work at Bank of America and what do you do now?
Best Regards;
Dmitriy Bleynis
Regional Sales Manager
Residential Mortgage Division
STERLING NATIONAL BANK
Brokers cannot provide better deals then banks as they are just reselling the banks rate. Bank of America is not a good example. It is one of the worst banks you can possibly deal with when it comes to their mortgage division. When did you work at Bank of America and what do you do now?
Best Regards;
Dmitriy Bleynis
Regional Sales Manager
Residential Mortgage Division
STERLING NATIONAL BANK