why does it take a underwriter so long to close on a house?

Asked by Bwilliams189, Winston Salem, NC Sat Jun 11, 2011

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Jdub, Home Buyer, Virginia
Thu Jun 28, 2012
Im going through the loan from hell right now. My loan has been at the underwritter for 2 weeks now and changed my closing date twice now and I am about to be homeless because I have to be out of the house im renting. Everyday it is something else they need. I dont understand why they didnt catch everything the first week. It is the most frustrating thing in the world. My loan officers have never returned my phone calls or text messages. I barley can get an answer through an email. Prosperity Mortgage is the most unprofessional people i have had to deal with. No communication and they do not care my first closing date was June 15 then changed to June 27 and now I dont even have a closing date. UNREAL!!!!!!
2 votes
I'm going through the same. But I have been doing this now going on 5 months. Extension after another. Lender says any day now we will close and we hear nothing. This is getting old and when we call we feel like we are a burden to them. I am so ready to give up. Nothing should take 5 months to get underwriting to give us the OK to close.
Flag Mon Jul 31, 2017
I am going through the same exact thing write now. my closing date has changed 3 times and I am waiting on my closing package as we speak. My paper work has been in underwriting for 96 hrs the 4th time. I don't understand why Pacific Union Mortgage is so unprofessional and don't have a problem treating the consumer like a number and not a customer trying to purchase a house through them. I am going to have to pay rent for another month. smdh.....
Flag Tue May 30, 2017
michele cado…, Agent, Brooklyn, NY
Mon Jun 13, 2011
Sometimes the problem is not really in underwritting- the bank is shopping the loan and looking for an investor to buy the loan.
1 vote
Gregorio Den…, , San Diego, CA
Sun Jun 12, 2011
"It's like the underwriter looked at the origional loan package and stopped looking as soon as they found a problem. "

That is exactly what they do. This is a commonly known phenomena and should be expected. When working a file if they come across something that is missing they will completely stop, put it aside and work on something else that is complete. When they have a stack of files on their desk, they are not going to piece together something that is not ready. There is no reason they would continue on through the whole thing, wasting their time when they already know it cannot be approved as submitted. This is why a loan officer needs to know exactly what will be required and anticipate what might be required. It's really not that hard to get it all the first time. Unless the u/w is asking for something completely outside the box, it's 100% on the LO to know the guidelines.
1 vote
Glen Stanley…, Agent, Advance, NC
Sun Jun 12, 2011
I'm not sure the problem lies with the loan officer. I have had several problems with loans and they have been with different loan officers. It seems underwriters don't pay attention to the file. They ask for some information that was not in the package as submitted. OK, maybe something was overlooked by the loan officer. We submitt the missing info. Then a few days later some more information is requested unrelated to the first missing info. It's like the underwriter looked at the origional loan package and stopped looking as soon as they found a problem. Message to underwriters: Look at the whole package and make one list of what you want or need. Don't keep jerking the buyer around. I understand if you need follow up info on the requested info, but not info on totally unrelated subjects. If the underwrites have too many files to work on, does that mean the lender doesn't hire enough people to do the job?
1 vote
Arsenalloanc…, Home Buyer, Avondale, AZ
Wed Dec 28, 2016
Find a loan solution here. Via: arsenalloancenters at gmail.com
0 votes
Eugene Muller, , Richland Center, WI
Tue Dec 27, 2016
I'm going through the same thing trying to maintain my sanity. I was suppose to close on the 20th. The underwriter requested more info and was sent back. Few days later, I'm asked for additonal unrelated information. Now, I have missed my third attempt to close because the seller is requesting a commitment letter from letter, but usually isn't sent till after the seller completes closing disclosure and title...This has to be the most uncoordinated industry on the face of this earth.
0 votes
Larry Story, Agent, Greensboro, NC
Sun Jun 12, 2011
Greg is correct in most ways. The majority of the time when last minute requests come from the underwriter it is because a form was improperly or imcompletely filled out. I am as a broker no fan of underwriters but, the facts are that if the loan processors do their job the first time it makes the whole process smoother.

This time of year they have quite a few files on their desk also.

Hope this helps,
0 votes
Gregorio Den…, , San Diego, CA
Sat Jun 11, 2011
Most likely because the loan officer did not submit a coherent file. Most underwriting delays are the fault of the loan officer, not the u/w.
0 votes
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