Underwriting

My bank told me that my mortgage just want to underwriting and will hear a response b/t 24-48 hours? Does anyone have any experience how long it takes to close after that? The sooner the better.

I am using Contintenal and the reason I picked them was because I was told I could close quickly.

Message edited 1/6/2010 4:59:19 PM.

Re: Underwriting

I work at a major mtg lender and I don't know what bank youa re using, but our underwriters are definitely taking more than 24-48 hours. More like a week or even a few days more. The guidelines have changed so much, that everything is just such a process now.
However, assuming it gets through underwriting and no conditions/issues arise, once we get the clear to close, we can usually schedule within 48 hours.

Re: Underwriting

I'm at the same point, with Chase, and was told that underwriting takes 7 - 10 business days. I'm sorry, I don't know how long after that until closing (our sellers don't want to close until next month so we're not rushing it).

Message edited 1/6/2010 3:50:54 PM.

Re: Underwriting

Ours took WEEKS after it got through underwriting. They kept asking for more documents, additional info-----and that was AFTER the underwriters signed off. Then it took awhile for us to be cleared to close.

Not fun!

GL!

Re: Underwriting

I went to a smaller bank who told me today that once my paperwork gets to his underwriter, it takes a few HOURS to get our commitment letter.

We want to close next Friday, so I'm calling them every day!!!!!

Re: Underwriting

Mine was in underwriting for well over a month. Once it gets there they will ask for more paperwork. Each time our underwriter asked for papers it was 72 hrs before we could expect anything...and usually at the end of the 72 hrs is was "oh we need this now"

Re: Underwriting

Really depends on the bank. My loan was in underwriting for like a day.

But I went with an out of state credit union, so the procedures there are probably different.