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About Jim Hoepf
Expertise
I have a diverse background that allows me to answer questions regarding underwriting, collections and industry changes.

Experience
I have 18 years of experience in the industry. I have an extensive underwriting background that allows me to have a greater understanding of how to properly structure a loan for approval. I have been cohost of the local radio show Real Estate Matters for the last four years. I have owned and operated my own brokerage firm for the last 10 years. Along with originating and underwriting I have also handled mortgage delinquency and the foreclosure process.

Education/Credentials
BS in Business Administration from Bluffton University. I have also participated in numerous underwriting workshops put on by Fannie Mae and lenders in the Phoenix area.

Awards and Honors
Broker of the year for Arizona with Homeside Lending.

You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > Underwriting Delays

Real Estate Home Mortgages - Underwriting Delays

Expert: Jim Hoepf - 6/12/2009

Question
Hi Jim,
We applied for a mortgage back in May (18th to be exact) and provided all data (bank statements etc) by the 20th. Our loan processor got the data to the underwriter 2 weeks later. It now seems like a blackhole has hit. We were told we could schedule closing 4 weeks after the app, which we did, and now we are one day away and not a word where we stand. We have a 798+ credit score, the house appraised for 15% more than we are paying, AND we are putting 20% down. We have decided to delay the closing by 2 days, but is this realistic given we haven't hear a word from the Underwriter? Why is this such a blackhole where you can not even get status updates out of a group like that? Is this just a problem with the lender I chose?

Thanks
Scott

Answer
Scott,

I would have to say its probably the lender you chose. A 30 day time frame is plenty of time to close a loan, especially with your situation of credit score and down payment. As far as delaying the closing, its hard to put a definite time frame on it considering you aren't getting any answers from your lender.

This blackhole, unfortunately, is very common with certain lenders. They work at their own pace and really have no sense of urgency. What is your processor telling you? Do you have a loan officer that you are working with? If you don't mind me asking, what lender are you working with?

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About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here