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It differs from lender to lender. It can take anything between 10 - 21 days. Also what matters is how clean your file is? There are different stages after the file has been submitted. Usually it takes 3-7 days to get conditions on the uploaded/submitted file. Depending on how soon the conditions are cleared, it takes another 2-3 days for the lender to review them and to give clear to close signal. Once your broker receives that, you need to sign the initial HUD. The closing date is fixed and may be there can be a requirement to submit some documents prior to closing, if any. At closing you will have to sign the original documents. Once that is done, it takes 3 days for the amount to be funded.
Summer you seem knowledgeable I applied Jan 6 through Precision Funding -Emery Federal Credit Union and although my broker martin smith says Ill be funded by my deadline of Jan 28, I'm feeling uneasy.
Summer you seem knowledgeable I applied Jan 6 through Precision Funding -Emery Federal Credit Union and although my broker martin smith says Ill be funded by my deadline of Jan 28, I'm feeling uneasy.
Deadline for what?
You can't really expect to get it done any quicker than that (22 days).
Depends on the relationship between your M.B. and the lender; if he knows what stips you need, copy of the mortgage, deed & note & appraisal and all the usual B.S personal info. and gets them in quick and knows the underwriter you can go as fast as renriq02 above says, or you can take a month if the lender hesitates, as they all are doing today, esp. for a small M.B. firm.
i sent in a complete package last week, and they're closing today
i knew what the underwriter was going to ask for so i sent that and already had the appraisal done
Exactly! Here's someone who has been in the business for awhile. Experienced, good brokers know can anticipate what the underwriter is going to ask for before submitting the loan package. This only comes from experience.
Locked in my refi rate on 12/17. Used my original broker and he was going with the original lender. Very little paperwork required. Original lender couldn't get it processed, so they switched lenders and it was through underwriting and docs were at the title company within (give-or-take) 5 days. Couldn't believe it!
Its been two months - I can't believe it. Emery Federal Credit Union combined with Flagstar for their underwriters keep asking for paperwork they received on January 6th - my mortgage broker seems helpless to push this along.
Its been two months - I can't believe it. Emery Federal Credit Union combined with Flagstar for their underwriters keep asking for paperwork they received on January 6th - my mortgage broker seems helpless to push this along.
Flagstar is about 30 business days in underwriting right now. It's likely not your broker's fault. The lenders with the best rates got slammed from mid december through mid Jan with applications and were simply not staffed to accept the volume generated by these low rates.
Hang in there =)
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