Question Details

1sttimehmbyr, Home Buyer in California

How long does it usually take to hear back from a lender regarding a pre-approval?

Asked by 1sttimehmbyr, California Tue Feb 24, 2009

I am looking for a FHA loan using a CalPERS approved lender and when I asked him about a timeframe his answer was "Oh, I don't know. I have to enter everything in the system". Is this normal?

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Answers

8
If you provide the lender with all necessary documentation, they should have an answer the same day, or within 24hrs depending on how busy the Loan Officer is.
0 votes Thank Flag Link Thu Jan 14, 2010
1sttimehmbyr

A true preapproval is based on a LO receiving and reviewing your w2s, pay stubs, bank statements, credit report, driver licenese and social security #. Upon doing so, with me at least, you can be preapproved in a little as 5 minutes or up to 24 hrs. This may be true for most other lenders as well.
0 votes Thank Flag Link Thu Jan 14, 2010
I agree that it should take a few minutes over the phone for a pre-qualification. A lender can even go through the whole loan application, run your credit report and have the automated underwriting approval all in about 15 minutes while you are on the phone. The lender you talked to may not have that much experience. It would be wise to contact a few other lenders and get your approval. You can call Preet Kalirai with VITEK Mortgage Group http://www.callpreet.com She specializes in the CalPERS Home Loan Program. To your success! Sean
Web Reference: http://www.callpreet.com
0 votes Thank Flag Link Thu Jan 14, 2010
He is Lazy. For the preaproved letter you dont even need to meet with the lender. All can take few minutes over the phone and he should be able to give you the answer. Go te another bank or lender if this one is giving you mixed answers.
0 votes Thank Flag Link Tue Feb 24, 2009
I just wanted to share my latest experience with mortgage brokers. We are located in Canada and have decided to buy a property in Orlando Florida. (This is the very first time dealing with anyone from the US.) I tried to reach close to 10 mortage brokers, either by phone or email. None of them called me back, with the exception of one, which I am very pleased with. Not sure if it's because they hear we are from Canada, but my experience with mortage brokers and real estate agents have left a sour taste in my mouth (I touched base with 3 real agents and none, with the exception of one, of them bothered to follow-up with a list of properties for me.) best of luck to you.
0 votes Thank Flag Link Tue Feb 24, 2009
Sometimes depending on the intricacies of the loan itself and a lenders approval process it may take several days to get a pre-approval. Some loans can be run through a desktop underwriting program (an automated computer program) that can issue a decision almost instantly, while other loan require manual underwriting, meaning an actual underwriter has to review the loan and your qualifications. And unfortunately for you, the system is clogged up with refinances right now, meaning it's a little bit tougher to get a hypothetical loan in front of an underwriter.

So there may be a very valid reason for the delay in getting a pre-approval.

What is not acceptable,however, is an "I don't know" answer. If it's going to take a few days, then your lender should clearly explain that to you and clearly explain the process and how it works. If your lender is just too busy to handle your needs and that is what is causing the delay then I suggest you contact another lender.

Best of luck to you
0 votes Thank Flag Link Tue Feb 24, 2009
Not normal. I normally get back with my customer within a couple of hours.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
0 votes Thank Flag Link Tue Feb 24, 2009
Dear 1st Timer - Based upon the answer you received, and the fact that you are already questioning things, I would suggest that you seek out another mortgage professional to assist you with your pre-approval. A loan professional should be able to provide you with information within a very timely manner.

We are all busy, however it is important that you are comfortable with the person assisting you with financing. If you need a referral to a trusted professional, please do n ot hesitate to shoot me an email. I work with top notch lender through our California and am happy to assist.

My email address is gwent@centurytel.net -
0 votes Thank Flag Link Tue Feb 24, 2009
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