| Author |
Previous Topic | Next Topic |
|
KHufford
5326 Posts |
 Posted - 04/11/2008 : 4:32:26 PM
|
An AE sent me this, when I asked how long until we can expect to fund:
Current Turn Times:
Credit approvals: 24-48 hours
Full package: 7-10 business days
Conditions: 4-5 business days
Appraisal review: 3-5 business days
Docs: 24-48 hours
I cannot for the life of me figure anything out based on that....
|
|
hoangad
2843 Posts |
Posted - 04/11/2008 : 4:36:10 PM
|
underwriting approvals 1-2 days
full package? i think should close 7-10 days.
conditions 4-5 days to sign off conditions
appraisal review - 3-5 when they start
docs: 1-2 to draw docs after all conditions signed off |
|
|
chasjh46
202 Posts |
Posted - 04/11/2008 : 4:36:34 PM
|
| beats me too.. wonder if it has something to do with leap year? Or perhaps underwriting is in China? |
|
|
dkendall1979
8822 Posts |
Posted - 04/11/2008 : 4:36:45 PM
|
| Turn in a full package with an appraisal, you'll be 2 weeks from approval, then another 48 hours for docs |
|
|
KHufford
5326 Posts |
Posted - 04/11/2008 : 4:37:35 PM
|
quote:
Originally posted by hoangad
underwriting approvals 1-2 days
full package? i think should close 7-10 days.
conditions 4-5 days to sign off conditions
appraisal review - 3-5 when they start
docs: 1-2 to draw docs after all conditions signed off
Ok but appraisal review/ UW happen concurrently? Or after its approved, THEN another 5 days for Appraisal review??
This is why I hate brokering, but its a HELOC that we an do in house...
|
|
|
hoangad
2843 Posts |
Posted - 04/11/2008 : 4:41:37 PM
|
appraisal review can happen while they sign off conditions.
they usually review the appraisal after an approval is issued.
some banks may do it differently. ask your AE yes? |
|
|
KHufford
5326 Posts |
Posted - 04/11/2008 : 7:52:10 PM
|
quote:
Originally posted by hoangad
appraisal review can happen while they sign off conditions.
they usually review the appraisal after an approval is issued.
some banks may do it differently. ask your AE yes?
Thanks, obviously. I was just getting annoyed at the lack of a solid response from him but I have been around the block so I know the gig, just wish they could give more clear cut answers not a list like that makes no sense and is very innefective.
|
|
|
Quicksilver
4478 Posts |
Posted - 04/11/2008 : 8:24:44 PM
|
quote:
Originally posted by KHufford
quote:
Originally posted by hoangad
appraisal review can happen while they sign off conditions.
they usually review the appraisal after an approval is issued.
some banks may do it differently. ask your AE yes?
Thanks, obviously. I was just getting annoyed at the lack of a solid response from him but I have been around the block so I know the gig, just wish they could give more clear cut answers not a list like that makes no sense and is very innefective.
Sounds like me right now, already have a deal in and have been waiting to clear the extra conditions they added to an FHA of which I had already sent in yet somehow they were missing, was supposed to get ctc tues, then weds, then thurs then today which didn't happen. F'n ridiculous and clients are pissed, can't even give them an explanation of why. |
|
|
hherrm
1342 Posts |
Posted - 04/11/2008 : 8:37:12 PM
|
Join the club. After all final conditions on my FHA were signed off, some boozoo checked if any tx disclosures were missing. They send the conditions back and ask for every TX cashout disclosure available. We are not even allowed in TX to do a FHA C/O.
Went back to UW, went to the Mgr, went to the highest one there. Everyone said that they need those disclosures in the file to be able to sell the loan. It took 5 days. I finally had my buyer sign them, one was a notarized statement that they are taking cash out of their homestead in the state of texas, which they did not.
Got A CTC after 6 days. On that day the Mgr called me to let me know that he checked with compliance and that he needs to pull the disclosures from the file. |
|
|
808
1984 Posts |
Posted - 04/11/2008 : 8:38:09 PM
|
quote:
Originally posted by KHufford
An AE sent me this, when I asked how long until we can expect to fund:
Current Turn Times:
Credit approvals: 24-48 hours
Full package: 7-10 business days
Conditions: 4-5 business days
Appraisal review: 3-5 business days
Docs: 24-48 hours
I cannot for the life of me figure anything out based on that....
their telling you in their own way to lock for 30 days unless you float until you get a ctc then lock for 15.
They just don't want to come out and say turn times are 25-30 days, so they break it down into smaller subsets of numbers so that hopefully you percieve a faster turn time and submit the loan to them.
|
|
|
ski2313
723 Posts |
Posted - 04/11/2008 : 8:47:31 PM
|
On my conventional stuff I have a lender who will guarantee me 24hrs turntime if I submit a full file.. EVERYTHING, on the first submission.. I could conceivably have docs out to the closing in 72hrs or less.
I'm not going to say who it is, it's a secret!
For any fishermen on the BO, it's kinda like giving gps coordinates to your favorite honey hole to all of your friends and relatives..
You just wouldn't do that!
|
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
