What might delay approval of a loan?

Asked by Lookingatseattle, Seattle, WA Wed May 15, 2013

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Ray Akers’ answer
Ray Akers, Agent, Seattle, WA
Wed May 15, 2013
There is a lengthy list of issues which can delay approval of any mortgage loan. Here's a sample of common issues which borrowers encounter:
* Problems with income verification
* Unknown / undisclosed credit damage
* Underwriting requests for additional documentation
* Appraisal problems; under-value or repair issues
* Etc.

There are likely a dozen or more issues which might delay the closing ---or kill a sale altogether. This is why you need a skilled Realtor to help you navigate the obstacles.
0 votes
Bob Savage, Agent, Bellevue, WA
Wed May 15, 2013
The borrower not responding promptly and thoroughly to the loan officer's requests for documentation will do it every time. As long as that does not become an issue, most transactions tend to move along on schedule.
0 votes
Dave Skow, Mortgage Broker Or Lender, Seattle, WA
Wed May 15, 2013
lots of things could come into play ...really to vague of a question to answer

lenders backlog
incomplete file
missing data
0 votes
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