What government agency do I contact regarding home loan underwriters?
Posted by admin | Under Home Loan Friday Nov 7, 2008The underwriter has long past the timeline for clear to close on an Ameridream home loan. Who can I contact? Thanks.
I am the seller and the underwriter has taken way too long to clear to close. There must be a timeline of how long an underwriter can take to clear a loan. Or how can I put my house back on the market, and maybe get a seller who does not have to go through one of these "ify" type loans.
FHA/VA/USDA are the ONLY ways to get 100% financing today. In my area, most U/Ws have 20+ files added to their desk everyday. Turntimes are often 2 weeks for initial underwriting, 2 days for conditions, 2 for docs etc.
Sellers must be made to understand this. So, talk with your realtor about giving the seller GOOD information about your lender's turn times. In today's markets (buyer's market), sellers can't just drop your contract. It is hard to get qualified buyers.
So… don't worry! It will close.
Best of luck!
Call his/her manager, not the governement.
References :
Stop expecting the Government to fix EVERYTHING
FHA/VA/USDA are the ONLY ways to get 100% financing today. In my area, most U/Ws have 20+ files added to their desk everyday. Turntimes are often 2 weeks for initial underwriting, 2 days for conditions, 2 for docs etc.
Sellers must be made to understand this. So, talk with your realtor about giving the seller GOOD information about your lender's turn times. In today's markets (buyer's market), sellers can't just drop your contract. It is hard to get qualified buyers.
So… don't worry! It will close.
Best of luck!
References :
Mortgage professional.
Sounds like a lack of communication from the real estate agent and the loan officer was the issue here. The delay may well be something from the seller side of the transaction.
When real estate was booming sellers had prospects in line trying to buy homes. That isn’t the case now that the average time on the market is over 120 days and many homes remain on the market a year or more.
Lenders now have to look more carefully at the loans they are underwriting if they want to prevent future defaults causing more foreclosures like the ones destroying the real estate market today. Before the mortgage boom, 1 to 2 months was an ordinary processing time for a mortgage, so in relative terms less than a month is fast.
In today’s market an FHA loan is far less “iffy” than a conventional loan for high loan to value financing.