Home Buying in Copperas Cove>Question Details

Ditressed, Home Buyer in Killeen, TX

what does the underwriter process on mortgage loans. how long is the process?

Asked by Ditressed, Killeen, TX Mon Jun 14, 2010

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Underwriter represents the lender determine no fraud involved any documents submitted.

Process if your entire stack list can take 48 hours up to several weeks. You are not the only file the underwriter is working with MOST work with "1st in 1st out processing". THEN if there are conditions returned back to mortgage broker have clarity on any questions. Matter of response from you to your broker, broker back to underwriter.

Underwriter is aware of contract closing dates meet all obligations. If the mortgage broker forwards data correctly has data from you makes easy for underwriter.

Great Question

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0 votes Thank Flag Link Tue Jun 15, 2010
Hello Distressed,

The underwriter is the lenders employee that looks over all of the submitted loan documents and verifies that all the i's are dotted and t's crossed. As a Mortgage Broker and a Realtor I have seen underwriting times range from one day to many weeks when things go crazy. It really depends on the file and the lenders workload. When interest rates first dropped to these historically low rates about 18 months ago lenders like Wells Fargo were taking 40 days in underwriting. My top 3 lenders that I use consistently take anywhere from 1-3 days to give me an approval after file submission.

If your loan application has issues or is more complicated that can increase the time. I would talk with your loan officer and find out what the delay is and if there is anything you can do on your end to expedite matters.

Good luck with your home purchase.
0 votes Thank Flag Link Mon Jun 14, 2010
The underwroter is the person who reviews all the loan documentation submitted by teh borrower to the loan officer and tehn processed by their processoer. The underwriter has the power to approve, deny or ask for more information on your loan. Depending how well teh loan officer and teh processor did their job, we have received answers within teh same day, the average is 2 days and up to a couple of weeks if they need more information and their is a lag time bewteen asking and receiving it.
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0 votes Thank Flag Link Mon Jun 14, 2010
An underwriter reviews the loan documentation to see it the potential borrower has the ability to repay the loan they have applied for.

They review the property to be sure it is good collateral. They review the credit history - to see if the borrower has borrowed in the past. They review the income to be sure the borrower is not in over their head.

The process should take a few hours - but it can take up to 2 weeks to prepare the file for underwriting and make its way through the system,

Good Luck!

Gerard Dunn
Associate Broker
Serving MD, DC and Northern Virginia
0 votes Thank Flag Link Mon Jun 14, 2010
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