Should I be worried about approval?

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I am a ball of nerves right now. My mortgage loan got submitted to underwriting for mortgage insurance the first week of April and we still have received approval (an MI cert?) Should I be worried? Nothing has changed since I submitted my application and the lender keeps saying that the company has not changed their eligibility criteria. We’re supposed to close the first week in May. Lender says it should take like 2 days from when we get the MI cert to close. Does this sound right? Should I calm down?

  1. Reply
    April 30, 2011 at 1:32 am

    Hi Kim – I do not know the details of your situation, but in general these days, banks are taking longer than normal to issue approvals on both purchase loans and refinance loans.

    What used to be 24-48 hours for approvals is up to 8-10 days at a lot of banks. I heard that a few retail banks are even at a 60 day turn time for issuing approvals. Banks laid off quite a few employees following the mortgage meltdown and now that rates are great, they don’t have the staff to handle the increased volume. So when you submit your loan – they might not even look at your file for 5 days – you’re just waiting in their approval queue.

    To put you at ease…. once your loan is approved – most banks will move to closing very quickly.

    -Dave Wacker

  2. Reply
    April 30, 2011 at 1:45 am

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