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Alavallee10
87 Posts |
 Posted - 02/11/2008 : 5:13:19 PM
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This world is coming to an end!! It really is. I'm in complete disbelief.
The current turn times for the lenders I am (was) using for Conforming Loans are now at 7 days!! SEVEN DAYS!!!
I was using these lenders to expedite the process, now...it seems FHA loans may ACTUALLY BE FASTER!!!
What lenders out there are still have decent turn times on these loans?!?!?!
EVERYONE respond to this...!! Please at least tell me if this is now the 'Normal' turn time that I should be expecting?!?!?! |
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tt281gt
192 Posts |
Posted - 02/11/2008 : 5:15:12 PM
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I don't know abouot everyone else...
PMC
Purchase = 24 hours*
Refinance = 24-48 hours*
*When underwriter recieves the file |
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lukyk22
1693 Posts |
Posted - 02/11/2008 : 5:16:29 PM
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It depends on what branch you are using. Our CA branch is different from our FL branch ....
We are at 24-48hrs in uw, 24 in docs, and 24 in funding.
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ncorning
180 Posts |
Posted - 02/11/2008 : 5:19:26 PM
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I always sent lp to interfirst and du to citi. Now they are one in the same and the turn times are ROTTEN...I sent stips over on a file on 1st (late in the day) and they still have not been updated yet,,,its the 11th today....
I would pull it and send it somewhere else but it is an EA-III.....I have also used homecomings and countrywide and both stip the hell out of Michigan properties.
so I have offered no real help but can save you the time with CITI for now anyways, hopefully it will get better.... |
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dkendall1979
8822 Posts |
Posted - 02/11/2008 : 5:23:22 PM
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24 hours from receipt of the file to submit,
24-48 hours to be underwritten
72 hours worst case for an approval. Don't count weekends. |
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Alavallee10
87 Posts |
Posted - 02/11/2008 : 5:24:04 PM
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UNBELIEVABLE!!!
THE LENDER STRIKES AGAIN as I was writing the initial post.
I STILL DON'T HAVE A CONDITIONAL APPROVAL FROM C-Wide on a Level 1 Conforming loan that they signed for (via FED EX) on January 30. I was just told by my rep through email..."I'm sorry...we're just really backed up right now".
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ss5547
249 Posts |
Posted - 02/11/2008 : 5:30:56 PM
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| Depending on your contract set ups, you may want to look at using a PMI company for contract underwriting. My current set up is in by 2pm out same day for files that require PMI, next day without. They are 24 on stips, and I have gotten files CTC in as little as 72 hours from initial submission. |
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Alavallee10
87 Posts |
Posted - 02/12/2008 : 06:57:55 AM
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| How's everyone else turn times? Are you finding it 'quicker' to close an FHA loan lately?!?!? |
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