How long should I wait before seeking a different mortgage company for a new home loan?

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There are credit issues and the loan package has gone to underwriters. We’ve been dangling for nearly 3 weeks without a ‘yes’ or ‘no’ on our loan status. We’re considering taking our data and seeking another mortgage company to service our loan, but we don’t know if the long wait is normal or if we’re being put on someone’s “back burner”. Are we being strung along or just impatient?
Thanks for all the answers! We were able to resolve the problem today!

  1. Reply
    Expert Mortgage Banker
    April 29, 2011 at 11:45 pm

    3 weeks is a long time. If you’re not getting anywhere and the only issue is credit, then I’m not sure what they’re trying to do to structure the loan and keep the deal alive.

    The loan could be run through the underwriting system. If it’s a no go there (and credit is the only issue) then this may not be able to be fixed.

    Next it will go to a manual underwrite to have human hands touch it. But, generally the underwriter is not going to work on it for 3 weeks. It may be that you were put at the bottom of the pile.

    Need more information to know for sure (ie is there a signed p&s, is this just a preapproval? is there a down payment involved? what is your financing date that you need to provide a commitment letter to the seller by?)

    Especially if you have a commitment date to meet, times wasting and you potentially could lose your deposit?

    Shoot me a message with any other question or follow up.

  2. Reply
    April 30, 2011 at 12:01 am

    If you have credit issues you need to be patient. You will start all over again, and it will not be any better.

  3. Reply
    Expert Realtor
    April 30, 2011 at 12:39 am

    Ok, why is your loan officer or loan processor not returning your calls?

    Call the mortgage company and ask to speak to the branch manager, they will take care of it.

    Underwriters don’t approve or deny on a “whim”..there are detailed, concrete reasons as to why a loan is denied or approved, and they can tell you EXACTLY what is taking so long.

    The actual underwriting process only takes about 10 to 20 minutes..that is why 3 weeks is ridiculous.

    You need to ask.

  4. Reply
    Ed Atun
    April 30, 2011 at 1:01 am

    You are being denied. They just don’t want to face you and tell you the truth.

  5. Reply
    kindow liae
    April 30, 2011 at 1:58 am

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