- How long does grief usually take?
- How to recover from grief?
- What are the stages of good grief?
- आमतौर पर दु: ख में कितना समय लगता है?
- अपने मन को दुःख से कैसे निकाले?
- What are the 3 C’s of grief?
- What are the 7 stages of emotional healing for a woman?
- What is the 40 day rule after death?
- What is the hardest stage of grief?
- What shouldn’t you do while grieving?
- What is the hardest grief to overcome?
- How long does grief brain last?
- Can you fully heal from grief?
- Good Grief, How Long Does It Take?
Yesterday I received the this simple question from K.S. who lives in California. You should know I get this question over and over. It’s become a night mare to me because there is no reason for it to be such a frustrating reality to so many people applying for a mortgage. Here’s the question:
“how long do i have to wait for underwriting???? i have been waiting week after week. he said completion review would be complete the 19th after last week he said 48 hrs .. last message he sent said he would know more on the 19th …gr”
Answer:
The amount of time in underwriting depends on the lender, the type of loan, the issues that need to be resolved, and how saturated the market is. It can take 1 (one) week or up to 6 (six) weeks (worse case).
I don’t know what the issues are on your loan or what type of loan you are qualifying for. However, your loan officer does!
The real problem of time can be an issue of “when it was REALLY submitted” for underwriting. It could also be that issues still need to be resolved. Your mortgage company or more likely than not, your loan officer needs to be totally up front with you. Ask to speak with a manager.
This is a serious issue. You need to be given the facts and kept in the loop as things change. Ask exactly when it was submitted to the underwriter. If it has been more than two weeks, you have a right to know exactly why. Ask for documentation. It’s your mortgage and remember you are paying them a lot of money to broker it.
Get back to me if you need to. Connie.
I found out during the conversation with K.S. that the Company she is doing business with is one of , if not the largest Lender in the US. That is too Sad. I also found out she is applying for an FHA loan and in all fairness these loans do take a little longer to close.
Let me tell you why this is one of my pet peeves. I know that sometimes an incomplete package is submitted to underwriters. I also know there can be issues with appraisals, inspections, or titles. These issues can take time to correct. Many times the borrower may be a little weak in some areas so the underwriter will ask for more or unusual documentation. An underwriter has the authority to do that and they should.
The worse thing that happens is when the package just doesn’t qualify under that specific lenders guidelines. Now the loan officer panics and starts sending it out to numerous other lenders while he literally prays that one of these lenders will approve it. The loan officer is hoping that perhaps their guidelines are not as tight. We have all been there. Every now and then it works, … but at this point it is usually a lost cause. We find ourselves in a state of denial and just can’t let it go because our heart is broken for the borrower and the seller.
All of these scenarios are reality and do take time. The problem I have is that while all this is going on the borrower is left in the dark. That is just plain wrong.
Many borrows don’t understand all the steps we go through or the documentation process. However, it is their loan. They are paying a lot of money for this process and we owe it to them to keep them informed about any problems or issues that arise. The borrower is part of the process. If they don’t understand then we must explain it so they do. Our avoidance of the issue and reluctance to inform the borrower puts them through a large amount of anxiety and stress.
Borrowers, sellers, real estate agents, people, you and I, … all expect to be treated with dignity and respect. We expect honesty from the people we do business with and we expect the people we are doing business with to have integrity and compassion.
So why don’t people get it right?
Borrowers have a right to know and the loan officer or company has an obligation to keep them informed.
This is so simple that I can’t help but get de-com-boober-ated when people just don’t get it right.