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Asked by Nick, Redwood City, CA Tue Oct 9, 2012

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Answers

2
Marcy Moyer, Agent, San Ramon, CA
Tue Oct 9, 2012
Mortgage lenders are very busy right now but 35 days for approval is a long time in my experience. I have always liked Princeton Capital. Maybe your realtor could speak with the manager of the office directly and get more info as to what is going on. Maybe the problem is the the appraisal needs review or some other issue is holding up the whole works.
Marcy Moyer
Keller Williams Realty
Web Reference:  http://www.marcymoyer.com
0 votes
Appraisal review should only be a day or so and certainly would be communicated.
PC is a good compnay, so it may be specific to this file.
In any case, the LO should really be letting all know what is or is not happening.
Flag Tue Oct 9, 2012
, ,
Tue Oct 9, 2012
Nick: You do not specifiy what type of loan PC is processing for you.
Is it an FHA? Conventional. Jumbo?
Is it being brokered or is PC a mortgage banker.

Most lenders should be maing purchases a priority. For instance, our current turn time for a conventional purchase transaction is 48 hours for intitial underwriting.
For FHA 72 hours
VA is 4-5 days.

These times are different as we have a different amount of underwriters for each program and each file requires a different amount of time and consideration.

If PC is brokering your file, you could be delayed due to the overwhelming amount of files that are being processed for refinances.

Another reason for not being a priority is that if the loan is not locked, there is no rush against the clock.

Bottom line here is that your loan officer should be communicating with all parties to let them know WHY the hold up.

Is your file particularly difficult?

Believe it or not, we still can close within a two week time frame as along as every document and question is in the file upon submission AND we communicate with our underwriters and support staff that a file needs to meet a tight time frame.

If you want to share more details: cgravelle@diversifiedmg.com
0 votes
Hi Claudia - PC claims that they are waiting for a decision from the investor. In fact that's been the claim since 9/21. We've been approved for a HELOC second through PC and we're waiting on a decision regarding the first mortgage of $625K. The application is for a 30 year fixed. We have 20% down and there was no problem with the house appraising.

In fairness to PC, I would say that our file is somewhat complicated due to a recent inheritance and a family refinance of our second home but everything was sufficiently documented three weeks ago. Our broker at PC said that we officially had the largest file in her 20+ year career. We took a great deal of confidence in PC's assurances that our file was strong and that approval was highly likely.

Now we're on the verge of falling out of contract due to PC's in ability to deliver a decision when promised 17 days ago. Lots of lip service. Caveat emptor!
Flag Tue Oct 9, 2012
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