I received the this question from K.S. who lives in Antelope, California. I get this question all the time. It is one of my pet peeves because there is absolutely no reason for it to be such a reality to so many people applying for a mortgage loan. Here's the question:

"how long do i have to wait for underwriting???? i have been waiting week after week. he said completion review would be complete the 19th after last week he said 48 hrs .. last message he sent said he would know more on the 19th ...gr"

My Answer:

The amount of time in underwriting depends on the lender, the type of loan, the issues that need to be resolved, and how saturated the market is. It can take 1 (one) week or up to 6 (six) weeks (worse case).

You have not told me what the issues are on your loan or what type of loan you are qualifying for. Your loan officer does have this information!

The real problem of time can be an issue of "when it was REALLY submitted" for underwriting. It could also be that issues still need to be resolved. Your mortgage company or more likely than not, your loan officer needs to be totally up front with you. Ask to speak with a manager.

This is a serious issue. You need to be given the facts and kept in the loop as things change. Ask exactly when it was submitted to the underwriter. If it has been more than two weeks, you have a right to know exactly why. Ask for documentation. It's your mortgage and remember you are paying them a lot of money to broker it.

Get back to me if you need to. Connie.

While I was talking with K.S. I found that the Company she is doing business with is one of, if not the largest Lender in the US. I also learned that K.S. is applying for an FHA Mortgage and in all fairness these loans do take a little longer to close.

Let me tell you why this is one of my pet peeves. I know that sometimes an incomplete package is submitted to underwriters. I also know there can be issues with appraisals, inspections, or titles. These issues can take time to correct. Many times the borrower may be a little weak in some areas so the underwriter will ask for more or unusual documentation. An underwriter has the authority to do that and they should.

The worse thing that happens is when the package just doesn't qualify under that specific lenders guidelines. Now the loan officer panics and starts sending it out to numerous other lenders while he literally prays that one of these lenders will approve it. The loan officer is hoping that perhaps their guidelines are not as tight. We have all been there. Every now and then it works, ... but at this point it is usually a lost cause. We find ourselves in a state of denial and just can't let it go because our heart is broken for the borrower and the seller.

If you are in the mortgage industry you know that all these scenarios are reality and unfortunately many times while all this is going on the borrower is left in the dark. This is not just wrong it is incomprehensible.

The borrower is paying a lot of money for this process. We owe it to them to keep them informed about any problems or issues that come up. The borrower is part of the process and we need to be able to deal with issues in a professional manner. Our reluctance to inform the borrower about issues that arise puts them through a tremendous amount of stress and anxiety.

Borrowers, people, you and I, ... all expect to be treated with dignity and respect. We expect honesty from the people we do business with and we expect the people we are doing business with to have integrity and compassion. Pretty simple, huh? So why don't people get it right?

A loan officer has an obligation to keep all parties in a transaction truthfully informed at all times.

Alright, I'm Done. I do hope I don't get this question again for at least a week!

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Connie Sanders is an advocate for the homebuyer and understands that they have a need to understand FHA Mortgage Guidelines before they apply for a loan. Connie will answer questions by email. Reach Connie at: http://www.fha-mortgageunderwriters.com