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We are closing on our home December 5. Mailed in our paper work today. We had already been preapproved. The appraisals and home inspection takes place tomorrow. All four banks that we were preapproved said that they could meet our closing date. ALL said that the soonest that they could close was within 5 days.
We got preapproved though Wells, Chase, Howard Hanna, and Cartus. Cartus is who we selected because it was the best deal and it was through my dh relocation company.
All our preapprovals were done within a couple of hours. Chase was the quickest-matter of minutes. Actually, then they started competing for our business with fees and rates. It was a great place for us to be in.
I can get my borrowers a pre-approval in minutes through DO or LP. It's the lenders underwriting the loans for full approval who are taking forever and a day. Most of the loans I have submitted are on a minimum of 72 hours turn time and that is pushing it. Loans that would have been clear to close well in advance are still being underwritten at the very last minute because some of the underwriters are so darn scared they are afraid to sign off on anything. And some of the things they come back asking for? Oy vey. I think I have woken up back in 1989 because that was the last time any of those conditions were required.
One of the worst parts of all of this mortgage mess is that many lenders are letting their top underwriters go in an effort to reduce costs. Now I do understand this but the problem is they are keeping the cheaper ones who in some cases should never have been hired in the first place. Pretty sad when an underwriter who has never done anything wrong and has been widely respected throughout the industry is looking for a job at the mall and the underwriters who were horrible all along are the ones we are stuck with. Used to be we went where the rates were best. Now we have to take into consideration who is underwriting at these companies.
And for the record, I am not concerened about my files being picked apart. It is asking for conditions that either have not been required in over a decade, asking for things that make no sense to anyone or repeatedly asking for things that were submitted with the loan in the first place. If they paid more attention they would not keep asking for things they have had all along. Just my little rant here.
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