Posted on: 31st Jan, 2010 08:17 pm
Hi All,
We are buying a house and in the buying-process we are at the appraisal, which has been done more than week and half ago...
The deadline for us to secure a loan is Feb 5th; this is next Friday and we are getting nervous.
Do you know why is the bank taking so long to approve us for the loan?
I asked the loan officer, but she doesn't seem helpful: she said she submitted the appraiser's report to the underwriter and she'll let when the loan goes through.
The appraiser was done within 3 business days from the day we gave the check for it (i.e. paid it), but the underwriting started like almost two weeks ago. The bank and the loan are local, bank is regional.
Please help!
Thanks!!!
We are buying a house and in the buying-process we are at the appraisal, which has been done more than week and half ago...
The deadline for us to secure a loan is Feb 5th; this is next Friday and we are getting nervous.
Do you know why is the bank taking so long to approve us for the loan?
I asked the loan officer, but she doesn't seem helpful: she said she submitted the appraiser's report to the underwriter and she'll let when the loan goes through.
The appraiser was done within 3 business days from the day we gave the check for it (i.e. paid it), but the underwriting started like almost two weeks ago. The bank and the loan are local, bank is regional.
Please help!
Thanks!!!
Hi suguleasa,
The underwriter will assess your situation, check your employment history and your income, credit scores etc. before getting you approved for a loan. I'm not sure why the appraiser is taking so much time. I think you should contact the lender to check out what's taking so much time for them to underwrite the loan.
The underwriter will assess your situation, check your employment history and your income, credit scores etc. before getting you approved for a loan. I'm not sure why the appraiser is taking so much time. I think you should contact the lender to check out what's taking so much time for them to underwrite the loan.
it seems you've already tried to determine what's taking so long. honestly, in this time, we find that virtually every loan application takes far longer than what we became used to over the years. all is looked at with a fine-toothed comb nowadays.
it doesn't take that long to review an appraisal, but the underwriter may have a whole slew of files on his or her desk. i'm not saying let them take their time with it - by all means, make it plain that you're in a hurry and that they should expedite your loan file. to get you complete by friday of this week isn't a big chore - let's hope they'll be attentive and get it done for you. don't let up.
it doesn't take that long to review an appraisal, but the underwriter may have a whole slew of files on his or her desk. i'm not saying let them take their time with it - by all means, make it plain that you're in a hurry and that they should expedite your loan file. to get you complete by friday of this week isn't a big chore - let's hope they'll be attentive and get it done for you. don't let up.
>>I asked the loan officer, but she doesn't seem helpful
It's always a bummer when your Loan Officer doesn't seem to care about your situation as much as you do. Did you select the Loan Officer yourself? Or was the Loan Officer recommended by your Realtor?
It's always a bummer when your Loan Officer doesn't seem to care about your situation as much as you do. Did you select the Loan Officer yourself? Or was the Loan Officer recommended by your Realtor?
just to piggyback on that...sometimes the loan officers are at the mercy of the underwriting and processing staff. i know it pained me to have to tell my clients that i had no updates for them day upon day - resulting from those who were in control of the file neglecting to be forthcoming with information. try as i might, i found, all too many times, that it was most difficult to extract the necessary facts.
forgot to sign in...
just to piggyback on that...sometimes the loan officers are at the mercy of the underwriting and processing staff. i know it pained me to have to tell my clients that i had no updates for them day upon day - resulting from those who were in control of the file neglecting to be forthcoming with information. try as i might, i found, all too many times, that it was most difficult to extract the necessary facts.
just to piggyback on that...sometimes the loan officers are at the mercy of the underwriting and processing staff. i know it pained me to have to tell my clients that i had no updates for them day upon day - resulting from those who were in control of the file neglecting to be forthcoming with information. try as i might, i found, all too many times, that it was most difficult to extract the necessary facts.