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Old 04-08-2008, 06:23 PM
 
81 posts, read 293,042 times
Reputation: 28

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I sent over an application to a mortgage broker a little over two weeks ago and haven't heard anything. emailed friday asking for status. nothing hear back. is this normal, or should i move on to someone else?m fyi i told him we were interested in an fha loan, don't know if this takes longer? thanks,
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Old 04-08-2008, 07:24 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,093,116 times
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depends...if it was me then i'll contact you ASAP.

if it wasn't then move on lol

sometimes apps get lost ... i get quite a few per day, and it's hard trying to keep up.

send him an email to see what's tkaing soo long

Quote:
Originally Posted by whatever78 View Post
I sent over an application to a mortgage broker a little over two weeks ago and haven't heard anything. emailed friday asking for status. nothing hear back. is this normal, or should i move on to someone else?m fyi i told him we were interested in an fha loan, don't know if this takes longer? thanks,
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Old 04-08-2008, 07:25 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,096,673 times
Reputation: 952
It should only take 24-48 hours, at most, to pre-qualify someone. Move on to someone else. If the LO cannot get back to you in a timely manner on an initial application, I can't imagine the problems you would run into down the line trying to close. Loan programs make no difference on the amount of time it takes to pre-qual someone.
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Old 04-08-2008, 07:26 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,093,116 times
Reputation: 1007
not with FHA/VA loans

most lenders are asking for a case# to come with the file before they view it.

Quote:
Originally Posted by Daddys///M3 View Post
It should only take 24-48 hours, at most, to pre-qualify someone. Move on to someone else. If the LO cannot get back to you in a timely manner on an initial application, I can't imagine the problems you would run into down the line trying to close. Loan programs make no difference on the amount of time it takes to pre-qual someone.
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Old 04-08-2008, 08:49 PM
 
275 posts, read 1,421,660 times
Reputation: 82
Default I'm no expert but.....

As they already stated, call and check first to make sure it wasn't lost. If it's been sitting on his desk and there's not a real good excuse, move on. I just dealt with a crappy mortgage company. It can make a world of difference in your entire process.
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Old 04-08-2008, 08:58 PM
 
81 posts, read 293,042 times
Reputation: 28
thanks everyone. normally in my business relationship if i don't get a response i move on...but some industries are different so i wasn't sure.
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Old 04-08-2008, 09:06 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,096,673 times
Reputation: 952
Quote:
Originally Posted by renriq02 View Post
not with FHA/VA loans

most lenders are asking for a case# to come with the file before they view it.
Correct, but we are not talking about underwriting here. We are talking about an application. I don't need a case number to pre-qual someone, based on information given and a credit report. I also will immediately make an appointment to collect all necessary documentation (if I don't have it already) and get the client to sign all necessary disclosures. From there I can tighten up the 1003 and run it through the AUS as a pre-qual without a case number.

All that being said, I still have lenders that are turning files in 24 hours. Yes, even govvie files.
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Old 04-09-2008, 09:16 PM
 
Location: CNJ/NYC
1,240 posts, read 3,641,445 times
Reputation: 408
Quote:
Originally Posted by Daddys///M3 View Post
Correct, but we are not talking about underwriting here. We are talking about an application. I don't need a case number to pre-qual someone, based on information given and a credit report. I also will immediately make an appointment to collect all necessary documentation (if I don't have it already) and get the client to sign all necessary disclosures. From there I can tighten up the 1003 and run it through the AUS as a pre-qual without a case number.

All that being said, I still have lenders that are turning files in 24 hours. Yes, even govvie files.
++ to this. I think that the OP ought to find a lender that cares.
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Old 04-10-2008, 09:04 PM
 
Location: Cary, NC
1,036 posts, read 3,627,137 times
Reputation: 503
Maybe you need to check the implode-o-meter :P Seriously, the lender or the loan officer may have quit the business. With that slow of a turn around time, if they have not then maybe they should consider it.

For a pre-qual it should take 24-48 hours. However if its a sticky situation and they want an underwriter to review it or look into guidelines it can take longer. The loan officer should call you and tell you if this is the case so you know what is going on.

Underwriting times on FHA are slow right now at some lenders, but others are still at 24-48 hours. The least the loan officer could do is inform you once a week of the status.
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Old 04-11-2008, 06:21 PM
 
81 posts, read 293,042 times
Reputation: 28
thank you again everyone. at this point i am moving on, as i emailed for status one week ago and again on tuesday. so...thanks for nothing, former mortgage broker?

Question: Should I contact the person and ask them to not run the application, since I assume that would be extra hits on my credit?
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