How long does it normally take for an underwriter to write a home loan?

We have been working on closing a deal on purchasing a home, but I have had some communication difficulties with the mortgage broker. We started the process on June 2 and set a June 30 closing date. The Real Estate broker called today and said the mortgage broker was just sending the paperwork to the underwriter today or tomorrow. Will we still be able to close in 8 days?

9 thoughts on “How long does it normally take for an underwriter to write a home loan?

  1. Underwriting takes 24-48 hours, there are some companys that take 72 hours. If it is at the end of the month, (when most underwriters are more busy) is because, that is when most LO’s (Loan Officers) are wanting their deals closed so they can get paid on it for the following month…than underwriting time will be in the 72 hrs – depends on the company, your broker can put pressure on the AE -(area rep) to put a rush on the deal…..If this is the initial underwriting, there are normally “stips” that need done. As long as the broker has the appraisal, your loan application, credit, survey, Alt-9 title (or full title from the title company), the purchase agreement – than it should be smooth sailing – but underwriters do sometimes request more information from you. As long as they have the 1 month pay stubs – 2 yrs tax informaion if you are going full doc – or 6 vs12 months bank statement’s that is also considered a full doc…stated deals, do not require income on a loan application, just a phone verification of your employment of which the underwriter does. Than once all the stipps are cleared, it goes to funding department, and that does not take long – 24-48 hrs, since it is a purchase they have to get the wire information from the title company, and fee sheets have to be filled out – that is the brokers processors job to get all that information to him, but he needs to stay in contact with his processor – hourly – on his deals, to make sure all is running smoothly. Hope I answered your question. All brokers have bosses over them – it is your right to ask for the persons name…and inquire as to what is happening to your loan. Good luck. WE

  2. kendrickflorida says:

    It depends on if this for an initial approval or final Underwriting. I’m assuming this to be for final underwriting(ask your broker)Underwriting a loan only takes maybe an hour in itself. BUT… depends on back flow of company(maybe a day or so) and depends if the Underwriter requests additional information that the broker didn’t provide. If the broker, loan officer, appraiser, title company, or anyone else did something wrong, then it may take time for broker to fix it, depending on what is the problem. 8 days should be plenty enough to correct any problems(I’m not guarenteeing that company or anything// and title problems can be the worst).
    Contract Underwriter.

  3. lendermark2 says:

    My average loan closing from applicaton to close is around 12 days or less on purchases (sometimes longer in busy states like California). Sometimes the lender will need extra documentation on something that may extend it a few days to gather that documentation. Most lenders treat purchases priority over refinances due to contractual obligations and are usually faster than a refinance.

  4. You should be fine it usually take 48 house in underwritting unless something goes wrong or they need more paperwork. Than you have another 24 hours for doc processing than 24hours for title to get you in to sign and then funding. Some companies can fund prior to signing or the same day you will need to ask your LOAN PROCESSOR not your mortgage broker. Also you should have your agent help you with this part of it. You should definately be safe for closing this month, but you will need to continue to push the lender. Good Luck

Leave a Reply

Your email address will not be published. Required fields are marked *