How long does it take to hear back from a loan officer?

Appraisals take about a week from the time the lender orders them. The loan officer would typically submit your file to the underwriter only after receiving all your documentation—pay stubs, W-2s, etc. Once the underwriter has received your loan package, they should be able to issue their approval within 12–48 hours.

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In respect to this, does loan officer communicate with underwriter?

Communicates Well With Involved Parties

A good loan officer will also communicate well with the other involved parties, such as the underwriter. They’ll act as your representative and stay in contact with everyone involved so you don’t have to.

Moreover, can I change my loan officer? An unresponsive loan officer or lost paperwork can cause borrower dissatisfaction — and an urge to look around. Borrowers sometimes wonder if they can switch lenders at all. The answer is generally yes, but the bigger question is whether a change makes sense.

Considering this, does it matter who your loan officer is?

They don’t realize that the mortgage process steps are exactly the same no matter where the lender is located. What is important is that you are working with a lender who is experienced, responsive and well-reviewed. The experience that home buyers will receive will be the same as if the mortgage loan officer is local.

How often should I hear from my loan officer?

It’s probably not realistic to ask for your loan officer to touch base with you every single day, several times per day while you are trying to close on a house. In general, I think every 2 – 3 days is very reasonable for touching base if you haven’t heard anything specific and you are under contract with a home.

Do loan officers lie?

It most certainly is not your naivety. Unfortunately, the “lies” that loan officers tell are the result of a salesperson not doing their homework, and trying to sell you something they don’t understand. This is very common with call center lenders that you find online or hear about on TV or radio ads.

How do you communicate with a lender?

How To Communicate With Mortgage Lenders

  1. Prepare. Get familiarized with terms and conditions prior to talking with a mortgage lender.
  2. Shop around. Before making a decision, make appointments with several lenders to find the best deal.
  3. Have information ready. …
  4. Inform lenders of your budget. …
  5. Ask questions.

Should I follow up with my loan officer?

It’s perfectly acceptable to follow up on issues, but hounding a loan officer repeatedly is really just making matters worse. The time spent on the phone telling you the same thing you’ve already heard multiple times, is time that could be spent trying to resolve the issue.

Do lenders check bank statements before closing?

Do lenders look at bank statements before closing? Lenders typically will not re-check your bank statements right before closing. They’re only required when you initially apply and go through underwriting.

Is no news good news in underwriting?

Being in underwriting usually means it’s in the queue for an underwriter to approve. If your lender used the desktop underwriting application to pre-qualify you (and most do, I forget what it’s proper name is) then unless you have a weird situation like being self employed, no news is good news.

Is being a mortgage loan officer stressful?

You deal with stress well. Like any job working with the public, the position of a loan officer can sometimes be stressful. If you can deal with that stress in a calm manner, your career as a loan officer is likely to be lucrative.

What should I not tell a loan officer?

1) Anything Untruthful

Lying to a mortgage lender can ruin your chances at approval. On top of that, providing misleading info on a loan application is a felony. Welcome to mortgage fraud! You can try to hide certain info, but lenders are required to perform verifications of key financial documents.

What happens if you lie on your mortgage application?

If you misrepresent aspects of your loan application, your lender may have the right to “call the loan” if this is discovered. When this happens, the entire balance of the loan is due immediately. If you can’t pay, the lender may begin foreclosure proceedings. Fines.

Why is my pre approval taking so long?

Some of the factors that can impact how long it takes to get pre-approved include: How long it takes you to gather supporting documents. Whether there are mistakes on your credit report that need to be fixed. Your employment status (since you might need additional info if you’re self-employed)

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