How long does underwriting process take with FHA loan?
I submitted all my info to the lender on April 2nd. I recieved confirmation from the processor that she sent it to underwriting on April 9th. I set my closing for April 30th.. Now since it is now with the underwriter, how long will it take for me to get a answer back about my loan.? my lender requested additional info from me prior to sending it to underwriter, hoping that would speed up the process . Whats the normal wait time ?
- 1 decade agoBest Answer
Yes, the answer to this really does fluctuate depending on the overall volume of loans. Really it takes an underwriter approximately 2 hours to actually work on your file (all files vary depending on the specifics), but the delay is that they are working on a huge stack of files before they get to yours. In times like this when rates are low, lenders can easily get overwhelmed. Suddenly they get in hundreds of loan packages and cannot increase staffing quickly enough to keep up.
It is a good idea to work with your Broker/Lender/Account Executive to get as accurate and realistic idea of turn times as possible.
- 4 years ago
realtors are real quick to tell you what they do not know about the underwriting process. The loan will close when every thing the underwriter wants to see an signs off on it. Many realtors have only 1 deal to close and they have a lot of wishful thinking on their part as that is their pay day. We as mortgage professionals have as many as 30 or more files on or desk at any one time that all need attention through out the course of a day or week. You will close only when the process is complete. I am a mortgage banker in TN
- golferwhoworksLv 71 decade ago
depends on the lender and just how many are ahead of you. Some just a few days some up to 60 days