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Hello everyone, i am hoping someone can please shed some light for me and my situatiion. We are in the process of buying a home that is a short sale, the loan officer has had our info since May 12, 2009, and we are still waiting to get a clear to close. We have to close by the 26th of June, already did one extension. Can anyone please let me know why the underwriters are taking so long, and how long should the process really take?
Thank you in advance, just getting very discouraged
I know you feel like you have waited a long time but I am a mortgage broker in Florida and lending has never been so difficult. If your broker or lender is Wells Fargo, for example, they are taking almost 3 to 4 weeks in underwriting and that is just the first part. Others are quicker but usually the lenders with the best rates are swamped.
As of May 1st, we also have new appraisal rules in effect and to say it is a nightmare is an understatement.
If you need to e-mail me for more info, you can do that.
Purchases are given priority over refinances. Most lenders would have this completed by now. I had a client with a purchase which I submitted on May 13 and had a clear to close on May 29. Now as Bette said if you are dealing with Wells Fargo they are taking much longer than most others if not everyone else, but they are still prioritizing purchases. Based on my reps email today they are taking 13 business (26 days for refinances) days to underwrite purchase loans.
Talk with your Loan Officers manager if you are not comfortable with the information you are getting from them.
Thank you for all your help! I actually have been calling, and the last time I called my true New York Italian temper had come out! LOL! I was and I am not a happy customer anymore. All i am saying is that Wells Fargon is not on my X-mas card list this year!
Most commonly at short sale the original owners still occupy the home. So even though the offer has been excepted on both sides. The bank still has to legally ask the people to get out.....and they can be stubburn. My best friend did a short sell, only because her and her ex were going threw a divorce. Anyways, the ex didn't want to let go of the house even though he knew it was being short sold. So legally most banks have to deal with people not wanting to leave....and especially now days when a lot of people have no where to go. It's sad. But true!
Most commonly at short sale the original owners still occupy the home. So even though the offer has been excepted on both sides. The bank still has to legally ask the people to get out.....and they can be stubburn.
The poster was asking about why her loan app was taking so long while in underwriting. I don't see how your response is relevant to her question. Am I missing something here?
The house has been empty for 9 months. They were relocated to South Carolina. Still no info today. So found the name and number to the branch manager! So he will be getting a phone call. So stressful.
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Turn times for mortgages
