Posted by CurtNY on November 02, 2000 at 12:18:33:
I’m no expert but being a mortgage underwriter for a large lender I’ll take a shot until we hear from Ed. There can be numerous reasons the process is taking so long. First, there are numerous guidelines that have to be met, you were probably asked to provide documentation such as paystubs bank statements, etc… (depending on the type of loan) all that paperwork needs to be reviewed and thats just the begining. There is a lot of work the customer never knows the lender does, verifications, flood certs, etc… Two, depending on the size of the lender your file could be one of hundreds, I know I’m one of 8 underwriters and we all carry a pipeline (loans to approve and process) of approx 50/month. It takes time. The Third reason is maybe the lender just isn’t the best and they don’t work quickly. I hope this helps clear things a little, the best way to get a quick closing (the conventional way) is to prepare ALL the documents the lender asks for IMEDIATELY and stay in close contact with them. I’m sure Ed will also have some words of wisdom. Good Luck!