Home Buying in Memphis>Question Details

twhite0509, Home Buyer in Memphis, TN

How long does it take once complete package is sent to in house bank underwriter?

Asked by twhite0509, Memphis, TN Wed Sep 12, 2012

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Maria Cipollone’s answer
It depends of the loan processor. If he or she have everything in your package that the underwiting will need to approved your mortgage. If that is not the case, it may take a few more days, depending of what kind of paper the underwriting will ask for.

Best of luck,

Maria Cipollone

2 votes Thank Flag Link Wed Sep 12, 2012
I believe the amount of time spent in uderwriting can be reduced if the loan officer does his/her job in getting the loan application process done with accuracy. This way the underwriter doesn't have to ask for additional information and all goes smoothly. A good loan officer knows exactly what the underwriter needs. Cash purchases will tend to go faster than those requiring a mortgage. Less data for the underwriter to validate. I have got them done in as little as 3-days. I believe the normal is about 7 - 9 days for those good loan officers. When the underwriter has to ask for additional information - that slows the process - especially, considering the underwriter's work load. He/She looks at the file and if additional information is required, that file goes back to the bottom of the list waiting for the additional information. An average 9 days should do it.
0 votes Thank Flag Link Wed Sep 12, 2012
If it is for your mortgage committment, it could be as little as 1 day to a week. it depends if they do have everything or need more and depends on what type of mortgage. You should ask your loan officer as they are the only one that has your info to be able to esimate with any kind of real time.
0 votes Thank Flag Link Wed Sep 12, 2012
My loan officer/processor told me I had submitted everything needed as I did in July prior to me having any contract as I do now. So this time I was just submitting updated info such as bank statements which still reflect no overdrafts and the required money in the bank and updates paystubs, which my pay nor employer has changed since the preapproval nor anymore debts added only reduced with an improved credit score than what was showing for the preapproval. The mortgage bank has in house underwriters.
0 votes Thank Flag Link Wed Sep 12, 2012
As Maria stated below, it will vary. This review process can be fairly quick and simple depending on the underwriters work load, and if they have all the necessary information and paperwork. Then it may be a week to 10 days. If on the other hand, there are any questions about the information the buyer submitted or something regarding the status of the buyer, it can get ugly pretty quick, and stretch into weeks and in the worst case longer.
This is where the real lending process happens. A simple pre-approval letter, once deemed to be adequate does not mean the buyer can actually get the loan, and the information gathered and the process of underwriting will actually determine if the buyer can buy the property or not. Today, there are a lot of deals killed in the underwriting process.
By being pro-active, prompt and cooperative, you and your agent can help to move the process along in a timely manner.
0 votes Thank Flag Link Wed Sep 12, 2012
You need to ask your loan officer. They are the only one capable of answering that question. Every mortgage company is different. Turn times for each department will vary daily based on their actual volume vs their capacity.
0 votes Thank Flag Link Wed Sep 12, 2012
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