How long does it usually take for an underwriter to approve or deny your mortgage application?

I always like to joke with my undewriters when they say 24-48 hour turnaround time. I just mention that we are only open for 8 hours per day, so that would be 3-6 days.





In reality though, pre-approval can take just minutes, but full underwritten approval can take a few hours to a few days. It depends on if your lender/broker underwrite in the same office or need to ship the file off somewhere. Also, it depends on if the loan package is complete and accurate. If the file is processed completely before sending to underwriting, it will be done much faster.How long does it usually take for an underwriter to approve or deny your mortgage application?
24 to 48 hoursHow long does it usually take for an underwriter to approve or deny your mortgage application?
To deny within 3 business days. To underwrite and approve depends on the information needed by the underwriter. All mortgages require collateral, capacity, and credit. If you have all of these in the file then about 3-7 business days at most. It is the gathering of the information that could take some time. The appraisal by itself could take a week to just get done or longer if the appraiser is very slow or very busy. The rest you have to supply, like pay stubs, full tax returns, homeowners insurance declarations, bank statements etc. The title is ordered by you broker/lender along with a closing protection letter. They are also responsible for getting any pay offs on current liens and UCC filings that may be affecting title. This could take a week at best. From Start to Finish usually about 2 weeks is the time frame if all are done in a timely manner.
If you think it is taking too long, call your realtor. Mine forgot to call me and I was sitting on pins and needles for a week after she knew I had gotten the loan.
IT ALL DEPENDS WHAT COMPANY YOU'RE WITH AND WHO YOUR MORTGAGE BROKER IS. SOME BANKS ARE PICKIER THAN OTHERS AND WILL REQUEST THINGS BE CHANGED ON THE APPRAISAL OR WILL HAVE OTHER STIPULATIONS. OTHER BANKS ARE MORE LENIENT, ESPECIALLY IF YOU GUYS HAVE ';A'; PAPER. ALSO SOME MORTGAGE BROKERS HAVE MORE PULL IN COMPANIES THAN OTHERS AND CAN KIND OF FORCE A LOAN THROUGH. SO IF EVERYTHING GOES GOOD LESS THAN 24 HOURS, IF THEY FIND THINGS THAT THEY'RE CONCERNED ABOUT MAYBE 2 TO 4 DAYS.
two days
It shouldn't take more than a few minutes to get pre-approval.
It has a lot to do with the turn-around time at the bank that your application is with. If they are backed up it could take as long as two weeks. For an underwriter that has your file in front of them, it will only take an hour or so to make a decision on your file. They will then either approve, deny, or suspend your application pending further information.





Good Luck.





Liam