My mortgage (a loan VA) was in the underwriting of 11 working days. Is that too long?

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My wife and I learned our package went for subscription on May 12 How long this process? We were told over and is no longer a “good” file and needs to close “soon”. Our original deadline was today, 27/05/2008. Not only do we close earlier, we do not “clear to close” was given. Get answers from the company is pulling their teeth! Advice?

4 Comments
  1. Reply
    bud68
    April 29, 2011 at 11:09 pm

    Not that long – lenders have cut back their staffs and underwriters are overloaded. Many times there are delays while waiting for one or two documents to arrive.

  2. Reply
    David B
    April 29, 2011 at 11:37 pm

    Be patient!

    VA, FHA and USDA rural housing are THE only way to get to 100% today.

    You can imagine that with all the houses available at VERY low prices, that there are a LOT of loans going through right now.

    When I submit a loan to an underwriter, I only send it where I KNOW it will be done right… the first time. But, every other mortgage broker is sending that underwriter loans too. They probably have 50+ loans on their desk.

    So, be patient. It will be alright.

  3. Reply
    Beverly S
    April 30, 2011 at 12:33 am

    Underwriters are swamped with VA & FHA loans. My company is 3 weeks behind in underwriting- we were 30 days behind in March. So hang in there!

  4. Reply
    Paul (www.twtrealestate.com)
    April 30, 2011 at 12:41 am

    Houston, you have a problem. It should not be taking this long. If the file was properly prepared (which is the reason the broker gets paid!), it shouldn’t take more than two or three days in underwriting.

    Also, the fact that you say that getting information from them is like pulling teeth, tells me that you have the wrong outfit doing your loan.

    Do you have a Realtor? If so, they might have some leverage with the mortgage company. If it’s an online company, you could be in big trouble.

    Call the broker/owner of the company rather than relying upon the individual salesperson that is handling your file. There is absolutely no excuse for them not providing you with prompt, accurate information.

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