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Old 05-13-2013, 06:13 PM
 
1,259 posts, read 2,254,276 times
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We still haven't gotten our loan approved yet and we are due to close on the 31st. This is an FHA loan with Wells Fargo. Everyday they are requesting something different instead of just asking for everything upfront and it's slowing up the process. I was told we would have approval a week ago but then the underwriter came back and asked for something last Friday.

How many days are needed between approval and closing generally?
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Old 05-13-2013, 06:45 PM
 
Location: northern va
1,736 posts, read 2,883,452 times
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You have plenty of time on paper to make the 31st. just keep on your loan officer/their processor to make sure they get whatever they need as fast as possible.
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Old 05-13-2013, 07:35 PM
 
Location: CA
51 posts, read 166,101 times
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Unfortunately this is how the process usually goes. Lender needs X signed, seller signs it, takes buyer time to review it and to sign it... repeat with lender needing Y signed, etc. I would not be worried, just stay on top of your loan officer and stay in constant contact with the sellers agent. When they need something, get it sent over immediately. Worst case scenario, ask your agent to extend escrow a few days but deal with that when the times comes (if needed). If things are beyond your control, the seller will be more open to extending escrow.
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Old 05-13-2013, 07:48 PM
 
Location: MID ATLANTIC
8,666 posts, read 22,853,798 times
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It feels like the never-ending story....with tension. Do your best to get your documents turned in, try not to panic when an additional document is added. Sometimes your loan office is assuming what you turned in is acceptable, when they were really just giving it their best educated opinion. (This is where the experience of your loan officer is critical). All the documents funnel back to the underwriter on your file. It's impractical to run each piece of paper into them as it's received. Yes, in a perfect world that would happen, but in reality, it slows down the train. As you get closer to the date, the turn-around time gets shorter for sign-off. It's the nature of the business. We see attempts to tame it, "all docs must be in 72 hours prior to closing," but the problem doesn't go away.
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Old 05-13-2013, 09:25 PM
 
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Submit the requested documents asap and remember they want to get paid too, so it is in their best interest to meet the deadline.
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Old 05-13-2013, 11:22 PM
 
3,805 posts, read 9,302,051 times
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Quote:
Originally Posted by Pat-Bay Area View Post
Unfortunately this is how the process usually goes. Lender needs X signed, seller signs it, takes buyer time to review it and to sign it... repeat with lender needing Y signed, etc. I would not be worried, just stay on top of your loan officer and stay in constant contact with the sellers agent. When they need something, get it sent over immediately. Worst case scenario, ask your agent to extend escrow a few days but deal with that when the times comes (if needed). If things are beyond your control, the seller will be more open to extending escrow.
This is how the process goes for people who focus solely on that precious little number next to the "%."

Then they deal with someone who is likely new to the business, overworked and underpaid. And ill-informed. Throw a dart at any thread in this forum for more evidence.

It's so consistent. People sign up with the cheapest w---- on the block, then they ask anonymous people on message boards if they are getting screwed on fees, what it all means, how it works, why they can't get a straight answer out of their Lender, and all manner of frantic inquiry.

OR....you could talk with a couple lenders, maybe see who can spell the word "their" in proper context, see who picks up the phone, who changes their story, who does what they say they will do, who makes them feel comfortable and confident, and who probably works at a Lender with a proper ratio of support staff so the process doesn't mutate into a White Knuckle Ride Through Hell as soon as you sign up.

I'm closing a VA purchase mortgage tomorrow for a fantastic couple. Two weeks early. Fifteen days into the contract period. Because I've been doing this for a long time, I'm not some schlep in a cube, and I care about my clients, because they are a manifestation of my character.

Look at the great people posting in-depth answers for FREE on this board. Reviewing docs. Truly helping people muddle through a bad decision. All great options for your next purchase or refinance.

Yes, I just solicited business for every Loan Officer, Broker and Mod Specialist who helps people on this board. Dock me a rep point, I've got plenty.

You gotta learn that it's about more than that little .125% lower. It's about who is working on the largest financial transaction of your life, or one of them, at least. Be smarter.
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Old 05-14-2013, 07:39 AM
 
1,259 posts, read 2,254,276 times
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Well my loan officer said he'd probably be able to close us early too but doesn't seem like that will be happening, plus he has over 15 years in the business so he's no where near newbie status.

The last time we bought a house which was years ago, I recall less paperwork being required. But I guess this is due to the change in laws. I'm glad to hear that this is normal. I just can't wait for it to be over.
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Old 05-14-2013, 09:55 AM
 
2,729 posts, read 5,189,214 times
Reputation: 2357
Quote:
Originally Posted by Pfhtex View Post
This is how the process goes for people who focus solely on that precious little number next to the "%."

Then they deal with someone who is likely new to the business, overworked and underpaid. And ill-informed. Throw a dart at any thread in this forum for more evidence.

It's so consistent. People sign up with the cheapest w---- on the block, then they ask anonymous people on message boards if they are getting screwed on fees, what it all means, how it works, why they can't get a straight answer out of their Lender, and all manner of frantic inquiry.

OR....you could talk with a couple lenders, maybe see who can spell the word "their" in proper context, see who picks up the phone, who changes their story, who does what they say they will do, who makes them feel comfortable and confident, and who probably works at a Lender with a proper ratio of support staff so the process doesn't mutate into a White Knuckle Ride Through Hell as soon as you sign up.

I'm closing a VA purchase mortgage tomorrow for a fantastic couple. Two weeks early. Fifteen days into the contract period. Because I've been doing this for a long time, I'm not some schlep in a cube, and I care about my clients, because they are a manifestation of my character.

Look at the great people posting in-depth answers for FREE on this board. Reviewing docs. Truly helping people muddle through a bad decision. All great options for your next purchase or refinance.

Yes, I just solicited business for every Loan Officer, Broker and Mod Specialist who helps people on this board. Dock me a rep point, I've got plenty.

You gotta learn that it's about more than that little .125% lower. It's about who is working on the largest financial transaction of your life, or one of them, at least. Be smarter.
I agree with you on that one. People get blindsided often by that. I recently refinanced with a broker who helped me in the original loan. Since she now works for one of the big bank she doesn't have access to lower rate as before and probably I could get a 0.125% or so lower if I shopped around but didn't. I went with tested route and boy was she on top of things! No headache, no stress, smooth sailing. There was not a dime change from her initial work sheet estimate to HUD paper. That's how great she knew her stuff. Great customer service is usually underrated.
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Old 05-14-2013, 11:41 AM
 
Location: New York
2,251 posts, read 4,906,781 times
Reputation: 1617
Quote:
Originally Posted by Pfhtex View Post
....It's so consistent. People sign up with the cheapest w---- on the block, then they ask anonymous people on message boards if they are getting screwed on fees, what it all means, how it works, why they can't get a straight answer out of their Lender, and all manner of frantic inquiry.

OR....you could talk with a couple lenders, maybe see who can spell the word "their" in proper context, see who picks up the phone, who changes their story, who does what they say they will do, who makes them feel comfortable and confident, and who probably works at a Lender with a proper ratio of support staff so the process doesn't mutate into a White Knuckle Ride Through Hell as soon as you sign up......

Well Said......

Willing to predict the OP (purchase) is going to close on May 31st.....

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Old 05-14-2013, 03:07 PM
 
24,352 posts, read 26,826,712 times
Reputation: 19827
Quote:
Originally Posted by Missingatlanta View Post
Well my loan officer said he'd probably be able to close us early too but doesn't seem like that will be happening, plus he has over 15 years in the business so he's no where near newbie status.

The last time we bought a house which was years ago, I recall less paperwork being required. But I guess this is due to the change in laws. I'm glad to hear that this is normal. I just can't wait for it to be over.
There is a lot of new paperwork, but that is a good thing for the borrower.
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