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My mortgage broker submitted my loan 30 days ago, however I have been working with him for over 90 days. He has been trying to improve my credit score and help us do all kinds of things to help us look more appealing to lenders. So 30 days has gone by with my fha loan still in underwriting and I am getting annoyed. I don’t know if I should find someone else at this point, have more patience?? .. All I know is I keep hearing… “it is in processing , there is nothing we can. It should happen any day”. Please offer me some guidance?

Thanks in advance.

4 Thoughts on Should I bother ditching my Mortgage Broker?
  1. Reply
    Steve D
    November 29, 2012 at 1:12 pm

    Changing your broker will only slow things down at this point. Unluckily, he is correct in saying it is out of his hands. Underwriting at a mortgage lender is an entirely different process then the application itself. The underwriters are the folks who make the final decision and if they say they need more paperwork, a higher score, or they want you to walk outside and howl at the moon, then that’s what you need to do. It sounds actually like he is going above and beyond the call of duty (obviously he wants his commission) to get this mortgage for you.

  2. Reply
    Ed Atun
    November 29, 2012 at 1:52 pm

    Loans should stay in underwriting for 24 hours. Any more than that and your loan has been rejected. They are frantically trying to find an “investor” who will take your loan. Switching to another lender will only delay the pain further. You are not falling into the lending guidelines for some reason. You need to find out the exact reason. Talk to the underwriter; she will speak to you.

  3. Reply
    Real Estate Guy
    November 29, 2012 at 2:06 pm

    Again, Ed is so wrong.

    First, the underwriter WILL NOT talk with you.

    2nd, with FHA loans that have “issues (ie bad credit), 24 hour turnaround just doesn’t happen.

    Yes, you need patience. It sounds like the lender is really trying to make this happen for you. It is out of his hands. The underwriter has control.

    PLUS, FHA underwriters have a LOT on their plate right now. There is a back log.

  4. Reply
    RM
    November 29, 2012 at 2:14 pm

    FHA loans are typically for buyers without great credit or without a big down payment. As you probably won’t qualify for a typical mortgage, you have to wait it out. It does take 30-60 days to get through underwriting at times. The broker probably isn’t lying to you, which is suprising considering mortgage brokers are the scum of the earth.

    If you get your credit score up and/or save up a nice down payment, you can go from application to closing in under 2 weeks. I signed a contract to purchase my house and in less than 17 days I had signed the papers and moved in.

    Make sure you keep working on getting your credit improved and putting money in the bank so you don’t have to rely on FHA next time… good luck!

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