List of actual closing dates for Home Loans with Big 3 (Dallas: real estate, mortgage broker)

[RRE]

I have been looking at the threads around here and there is some great information out there. I am a local Real Estate Agent and have had HUGE problems with the big banks closing on time. I have googled till my fingers hurt but can't find any information on the actual times to underwriting with big banks (WF, BOA, Chase) does anyone have that information as an insider. I know there are lenders on here and will say that 30-45 days but out of 4-5 deals a month with large lenders less than 2 actually close on time at no fault of the borrower.

I want to set reasonable expectations and 1-2 years ago 30 days was fine. Then it was 45 now I hear scuttle butt about some of these banks being 90-120 days behind. If you know specifically what the delays are at the above banks I would appreciate the info.

On a side note I do know some lenders are still only 30 days out. I just have a hard time being the messanger to clients and saying sorry for the 4th time that we have to push closing because their financial institution is backed up.

In any case thanks in advance for the replies.

[tyanger]

I was able to close last month in about 35 days - although I pretty much had to provide dental records and a DNA sample (luckily just a buccal swab - not bodily fluid ) to the lender before all was said and done. I used a broker though - not a major bank. One of the lenders was Encore, and the other was I think US Bank - I'm not at home and don't have all the papers with me.

[RRE]

If you dont mind me asking what bank was that with?

I think now days if you dont have to sign away your first born to child labor you got out lucky

[tyanger]

Here is the info for my broker - if I had to finance another home I would use her again without hesitation

Sheri Wise
National Mortgage Loan Officer
PrimeLending, A PlainsCapital Company
18111 Preston Road Ste. 900
Dallas, TX 75252
866-908-0702 fax
800-317-7463 toll free

[RRE]

Good info. Did they broker to one of the big 3?

[tyanger]

I spoke with a mortgage officer from BOA where I have some accounts but they were slow in getting back to me so I moved on. I'm not sure if the big banks were in the pool my broker was looking in, we just discussed my situation and she presented several options. I was also comparing with Prospect Mortgage at the time, but they were slow in communicating and the rates were not as good. That's about all I did, shopped 2 brokers and one major bank - went with the best rate. Got a >$417K mortgage at 5.75% 30yr fixed and a second 8% bridge loan until I sell my other home and cash out my equity - yes I actually do still have some equity even in this market.

[nsumner]

Originally Posted by tyanger

Here is the info for my broker - if I had to finance another home I would use her again without hesitation

Sheri Wise
National Mortgage Loan Officer
PrimeLending, A PlainsCapital Company
18111 Preston Road Ste. 900
Dallas, TX 75252
866-908-0702 fax
800-317-7463 toll free

Prime lending is a banker and a broker. They have in-house underwriters so they can anticipate some of the objections the banks will have. They can also bend A LOT of rules since they are bankers.

RRE, You may want to repost in the mortgage forum since you will get actual answers from many good loan officers and some of them work at some of the big dogs banks like WF, Chase, etc.

The refi boom has put all the lending institutions in backlog. 60 days is typical. Unfortunatly there is no special formula to get a loan through quick. The loan officer has to be on top of his/her game and gather all the info. Of course the appraisal process with the new HVCC ruling hasn't helped a bit. I am seeing more underwriters asking for a review than ever.

I have closed a couple of loans in less than 20 days in the past 2 months and then I have closed a couple others that took almost 45 days.

Naima

[adixyz]

If i am lucky we should be able to close under 30 days with one of these Big 3. I am going through a mortgage broker. Waiting for the appraisal report.

[tyanger]

As I got closer and closer to the closing date the requests for supporting documents came in faster and faster, sometimes seeming almost frivolous. I got the feeling that they were just testing me to see how well I had my sh*t together - not just for the actual information itself, but also how quickly I could provide it (in otherwords how organized I was before entering that stage of the home purchase). I had to provide a paper trail 2 steps back for all deposits to my checking account in excess of $1000 or so for the 3 months prior to closing. Kinda BS, but what can you do?

[momof2dfw]

Originally Posted by tyanger

I spoke with a mortgage officer from BOA where I have some accounts but they were slow in getting back to me so I moved on. I'm not sure if the big banks were in the pool my broker was looking in, we just discussed my situation and she presented several options. I was also comparing with Prospect Mortgage at the time, but they were slow in communicating and the rates were not as good. That's about all I did, shopped 2 brokers and one major bank - went with the best rate. Got a >$417K mortgage at 5.75% 30yr fixed and a second 8% bridge loan until I sell my other home and cash out my equity - yes I actually do still have some equity even in this market.

Did you just refi? We are in the process of a refi since we have finished our construction project so we can roll the construction loan in w/ the mortgage. Same numbers $417K (how ironic is that, lol). I was quoted yesterday: 10 year fixed 4.25%, 15 year fixed 4.5%. We are currently at a 15 year fixed 4.75%.

We also have equity.

We have a mortgage broker we have used for 16 years. Our current mortgage was sold to Chase right after we closed on it. We refi'd last spring when the rates dropped and got the 15 year vs the 20 year we had. No problems at all getting to closing. Everything closed on time. Will see how this current one goes.