How long does it take for a mortgage underwriter to make a decision?

Question

It was submitted to the underwriter last Wednesday--I'm just wondering if it's a week process or longer? We'd like to close by the 23rd (hopefully)....

Answer 1

They should be giving any addional items needed today and you should be fine

I am a mortgage banker in TN & KY

Answer 2

It is difficult to give an answer for 2 big reasons: 1) lender volume/staffing.  If volume is heavy due to lower rates or some surge in business- this will create a slowdown -- or 'turntime' longer than usual.  If staff is out for vacation, staff reductions, etc, again the turntime will be a bit longer.  2) complexity of files- while your application and documents may be straight forward, the one ahead of yours my be very complecated with lengthy tax returns, multimpe properties involved, etc.  While it is truly possible for a file to be underwritten (initial underwrite) in an hour--(less or longer depending on situations), your loan officer or their processor should have a current feel for the lender turntime.  

     Currently, I would anticipate a turntime of about 4-7 days.  Realizing this may be a bit vague and the time frame is broad, there are a few variebles that are unknown.  

I suggest you contact your lender/loan officer or processor to inquire what the underwriting turn time is currently running.  

Good luck and keep on it-- gently, but stay on it.

Answer 3

As an Sr. Underwriter for WaMu (despite my screen name here), it takes about 5 minutes to make a decision.  There are other steps we have to take to get there.  WaMu requires u/w to make 10 decisions per day.  Now, this doesn't mean that once your loan application has been turned into underwriting, you'll get an answer in about an hour.  It depends on how many loan applications are in front of it.

The less questions I have about the applicant (borrower) the faster I can issue a decision.  If your loan officer has not address any issues up front, it will take longer.

Call your contact, hopefully the loan processor, and ask what the turn around time is and when your loan application was received in underwriting.  The loan officer may tell you one thing to make you feel good, the loan processor will more than likely give you the accurate answer.