Why is the underwriting process so Long??

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coonass27

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I'm ready to scream. Everything has been smooth with them until the final. Now we have moved closing twice and looking to be a 3rd due to not getting a response from the UW on final approval.

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Mine was done in 2 days. Before I make the suggestion that your broker/originator/loan officer may not be telling you the truth, how many days has the closing moved? Are we talking about 2-3, or more like a week or two?

Just as a clarification, mine was done in 2 days with some serious LOX regarding my wife, myself, and flood-zone-related issues on a Rural Development Loan, which is notoriously slow. Give me some background info before we delve into this.

Its a FHA. Its only been moved 2 days. we actually set up the first for yesterday anticipating the clear to close in by Tuesday. Tuesday the UW sent back their conditions, (nothing Major, needed to get updated VOE on me, Another VOE from my wife due to the first one not having company letter head on the fax transmittal, a letter from my company about where I work in relation to my regional office, 2011 tax return and a few things from the seller, Termite cert and cert of occupancy for new construction. we got it all together and sent it back tuesday. Still got nothing back as of today

Gotta tell you that the VOE without letterhead and the Certificate of Occupancy not being submitted in the initial package sounds goofy. No way you can close without it so why submit without unless they know the line may get long.

To me, it sounds like you're just being relatively impatient...relax. The Underwriter has many files on their desk and that's their job. Your Originator/LO/Broker knowingly submitted an incomplete submission package and some UW's work stips (stipulations or conditions) only in the mornings or afternoons. Depending on when you sent the conditions, they may have moved onto new files.

Why your broker/LO/originator isn't giving you this intel on the front end and preparing you and/or managing your expectations in general a BT better makes me smell either a salaried employee (bank) or a low-quality customer service-type.

JMO.