Underwriter final review (loan, interest rate, rate, loan)

[Oldeoaks]

Hi all,

We're scheduled to close on 4/12. The underwriter had a few conditions for us about a week and a half ago. I sent all documents to the loan processor the next day. Today she emailed me to tell me she submitted the documents for final review. Then she said it would take 3-5 business days for that. That puts us at 4/11 if it does take the full 5 days. Is that enough time for them to work with the title company and for the title company to get me the final amount I need to wire to them? This is making me nervous, and I don't understand why the loan processor waited until today.

[FalconheadWest]

No, that's not enough time. With the new laws, you must have final disclosure minimum 3 days prior to closing. If you are to close on April 12th, your lender needs to give you final disclosure of your numbers by Friday, the 7th. They could do Saturday, but most banks aren't going to work on mortgages on Saturdays, but it does count as one of the days.

You need to talk with your lender and ask when they plan on doing their final disclosure. You'll know at that time what day you can actually close.

[Oldeoaks]

Thank you for that information. I've inquired with the lender to make sure they're going to get it done on time. I followed up several times to make sure she didn't need anything else, and she didn't. It seems she just sat on the file for a week and a half...

[Pfhtex]

Originally Posted by Oldeoaks

Thank you for that information. I've inquired with the lender to make sure they're going to get it done on time. I followed up several times to make sure she didn't need anything else, and she didn't. It seems she just sat on the file for a week and a half...

They're not sitting around doing nothing. They are insufficiently staffed to work files at a faster rate.

And once again, (wait for it....) we have a borrower who looked solely at the interest rate and not the operation.

The cheapest anything is never the best anything.

[Oldeoaks]

We were cleared to close today. I guess I worry too much.