We have turned everything in and more and did the running for this mortage. It is still in underwriter and it been 2 weeks. I think one of my old landlord hate me and is trying to stop this process cuz this is a small town and everybody knows everybody.
2006-11-02 04:54:43 · 4 answers · asked by olivia 2 in Business & Finance ➔ Renting & Real Estate
Call the bank and ask whats going on?
2006-11-02 05:04:21 · answer #1 · answered by Happy 3 · 0⤊ 0⤋
two weeks in underwriting is extremely long considering mortgage refinances are sort of slowing down. I think the problem is either your loan officer has made you promises he could not keep and doesnt have a bank to forward your loan to or the bank you're working with is not going to approve you and dont know how to tell you. I was an underwriter and it takes all but 45 minutes to underwrite a loan. If your debt and income qualify and you have assets to close the loan you will receive a conditional approval or commitment, what ever documents are missing from the file the underwriter will condition you for. Meaning if you want to close the loan provide me these documents. If you underwriter could not approve the loan she would either suspend it pending additional infomation or deny it all together. If I were you I would start demanding more information or take your loan to another lender.By the way if you do decide to carry your loan to another lender and you paid for you appraisal you have a right to recieve a copy of it so make them provide it to you.
2006-11-02 07:19:11 · answer #2 · answered by mswanda01 2 · 0⤊ 0⤋
Two weeks is not long at all to get a mortgage approved. (Trust me it is not personal, any mortgage company will make a loan if you are qualified).
It is always the applicants job to come up with all of the paperwork. (It is legally yours and no one else can get it)
It is your Mortgage Loan Officers job to pull it all together to go to underwriting. All of that is time consuming and really takes a great deal of work.
If it's in underwriting it is very near closing. Don't be impatient, just make sure it's done right first. Once the underwriter approves it or requires a few stipulations and these are met, the closing can be set in just a day or two.
Everything is computer printed and can happen quickly after approval.
A bad mortgage can plague you for many years so be patient.
Good Luck.
2006-11-02 05:03:39 · answer #3 · answered by ? 7 · 0⤊ 0⤋
Although you may have given your loan officer all of the documentation required to document your income, assets, and rental history, there are other types of documentation required from outside vendors like an appraisal and a preliminary title report. Your loan officer has no control over the time frames for the completion of these items although they may request the information by a certain date.
The loan will not go to Underwriting until all of the documentation required is in file.
Keep in regular communication with your loan officer. Demand explicit explanations of where you are in the process towards approval. You are the client and you are entitled to this information and any explanations necessary. Part of your loan officer's job is to educate you on the process so you know what questions to ask.
Your former landlord cannot block the process although a negative report stating that you were delinquent on rental payments may perhaps result in an approval condition disproving this report. If you think this is going to happen, prepare now by ordering copies of your cancelled rental checks disproving his claim.
Be patient, although the process is much faster than it used to be, it still doesn't happen overnight.
2006-11-02 05:45:38 · answer #4 · answered by mazziatplay 5 · 0⤊ 0⤋