How long does it usually take for an underwriter to approve or deny your mortgage application?
444967
I always like to joke with my undewriters when they say 24-48 hour turnaround time.  I just mention that we are only open for 8 hours per day, so that would be 3-6 days.\n\nIn reality though, pre-approval can take just minutes, but full underwritten approval can take a few hours to a few days.  It depends on if your lender/broker underwrite in the same office or need to ship the file off somewhere.  Also, it depends on if the loan package is complete and accurate.  If the file is processed completely before sending to underwriting, it will be done much faster.
956942
Once you apply for the loan the application process could take anywhere from a day to three weeks...depending on several factors like your credit score, debt to income ratio and other leans on the home...\n\nAfter you sign the loan docs for the equity it will then take another few days for the money to be funded to you.  It's somewhat of a long process...and definitely not the quickest way to get a loan. What I'd recommend is getting a small personal loan first to pay off any initial debt due now...and once you get the equity you can pay off that small personal loan....
856416
Depends if your loan application has been conditionally approved or not.  One of the conditions of loan approval is typically that the subject property be appraised, and that this appraisal amount come in at a particular value (or higher)...but also that the appraisal notes no significant problems with the property.\n\nAssuming that the appraisal report (the actual multi-page report the appraiser has to finalize after he visits your house) is fine, then any other conditions of loan approval (if there are any outstanding) need to be satisfied.  \n\nThen the loan documents are drawn up by the funding department of the lender, you have to sign them, and generally you then to wait the prescribed recission period (here in California, that's three business days) until funds are released to the borrower.\n\nHere's what you REALLY ought to be doing - rather than ask the question on Yahoo! answers from an ex-loan officer who was in the business for over 10 years - you ought to CALL THE MORTGAGE OUTLET and demand a detailed answer to all your questions - including WHEN am I going to get my money and what are any next steps.\n\nI guarantee you they are making a healthy commission on your loan - make them earn it by providing top flight service to you - their customer!\n\nBest to you.
1020640
I am a mortgage banker and filling out a non-filed 1040 will get you into deep trouble in the area of fraud.  At closing you sign a form which is called a 4506 that gives the mortgage holder authorization to pull for filed taxes.  So that being said, file the back taxes and keep your copy.  I do several VA mortgage loans and have found that being up front with your banker will get you an approval a lot quicker.  Your problem is not unusual
461362
Actually, underwriters are not the ones who decide what is or isn't paid in a claim. Underwriters are the people that decide what risks are or are not acceptable for whatever line of coverage you are applying? The answer to your question is there aren't any.  I am a licensed agent in Texas and the only reason I can think someone wouldn't want to have to go through an underwriting process is if they are trying hide something that would obviously keep the underwriter from issuing the policy, if that is the case then that is INSURANCE FRAUD. I'm sure the people out there that do pay their insurance on time and abide by the laws and rules in their state don't appreciate people that try to find a way around it.
163764
you should call them and find out.  Be warned that there is no definite answer, because waiting lists don't move at a set speed.  You move up a waiting list as people move out of rental units, and if people ahead of you decline housing or are no longer eligible, you may go up quicker. As a result, some housing authorities will just flat-out refuse to answer that question because they get too many phone calls with angry people saying "I called a year ago and they told me 9 months!!!!"  \n\nThe bottom line is, when you're on a waiting list, you just have to wait.
301730
(today's date)\n\n\n\n(name of applicant\naddress of applicant\ncity, state, zip of applicant)\n\nDear Mr./Ms. ___________:\n\nAfter careful review of your application for a business loan, we have decided to reject your application at this time.  \n\n(If you want you can include the reasons the loan was rejected:  i.e. insufficient security, an unacceptable credit rating, etc., you could say:  "Your application was rejected for the following reasons: _____, _________, _________."\n\nThank you for submitting your application.  Please feel free contact me if you have additional questions about this matter.\n\nSincerely,\n\n\n_________________\nChief Financial Officer (or whatever title)
808836
That is up to the finance company. Some will repo it if you're late two or three payments. I would try to get them caught up ASAP or call them and see if they will work a new payment plan up with you or else you might be walking really soon.
217256
need more information to answer your question, I am a mortgage broker, just e-mail me with more specific information and I will try to help you with you question
1134893
Are you trying to place a deal as an undercover mortgage broker?  The answer is 4 years according to FNMA guidelines...
770122
The time is now! I started on October 4th hopping by December 4th When my lease is up i was already out. Well Today is November 20th and I still haven't found my home, the good thing is my loan is already approved, the only thing missing is the house and the long wait between negotiations  and appressal. \n\nMy advise is, get pre-approved or approved FIRST, then start house hunting. The most important thing is to get approved for the best loan before the hunt, which is the easiest part. \n\nMy third application took 30-minutes over the phone with my bank and within 4-business days I was sort of pre-approved.  My original loan amount was for $300,000 which got decline by the underwritter, so I had to talk to him and settle for a $260,000 loan., But a week later, it was finally approved.   \n\n\nSince my original loan amount was decline, I had to look for homes withing that price range in another part of the state. Where I currently live, Homes start at $300,000 and they tend to be small, and needing a lot of work.\n\nMy bank  was my third and last lender, after trying with Credit Suisse which gave me 100% financing at 5.375% then change the terms to 7. 850% for 3-years fixed and 27-years variable without notifying me. \n\nThe second attend was with Quicken Loans, which was a complete waste of time. BTW, if you valued your sanity, AVOID Quicken Loans!\n\nA fixed interest mortgage is the best to go, you don't want to go for one of those "Interest Only" you hear so much about. Thouse will lead you to a foreclosure within 3-year.\n\nFor a 100% financing loan your mortage payments will start the first day of the month 2-months later, mine is set for February 1st. 2007. The monthly payments will  include Principal, Interest, Taxes and Insurance.
116424
There is no law against it .. however, it all comes down to the lenders individual guidlines. Your best bet is to have your LO look at the guidlines, and or contact the underwriters, and find one that will allow it. \n\nThere are alot of ways around this problem ... If you have a good LO he will know what to do.
300343
well what happened ? if your not using a lawyer. it will take longer. it can take up to 4 years for it to be approved. did you turn in a good medical history ? show proof of contact ? etc.. etc.. etc..
455420
A common misconception when buying a home is that you are supposed to contact the Realtor 1st.  Unfortunately, even Realtors will tell you this.  THIS IS NOT TRUE!!!  The Realtor does not negotiate the interest rate with the bank.  The Realtor does not do the paperwork with the bank to get you pre-approved.  The Realtor does not have discussions with the underwriter to plead your case....etc...etc...etc...  The mortgage company does these things.  The Realtor does not.  Please do not contact a Realtor for a mortgage, please.\n\nAs far as getting pre-approved and what you need, please contact me and I can get you pre-approved in a matter of 24 hours or less.  Contact me at timothy.kazee@americanhm .com and we can talk.  See ya soon!!!!
238410
Personally, 2 weeks\n\nI treat uni's like a job application, if they don't contact me in 2 weeks I come a knockin.\n\nHey if you get denied you can always ask why and then do better the next go
544746
It was probably denied because of your financial sitution (making too much money). If you reapply, you need to wait until your situation changes or they will still deny the application.
1157988
I was approved right away,but I have heard of people waiting over years.I would get an attorney.