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How long does underwriting take – BB&T (loan officer, approval, credit card) – Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers

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Old

05-15-2014, 07:04 AM

 
316 posts, read 1,369,437 times

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My loan was submitted to underwriting yesterday afternoon with BB&T bank. How long does it take to hear anything? Basically to hear whether i need to submit more paperwork, and/or whether it’s approved. I’m hopeful to hear something by the weekend! It’s an FHA loan if that makes any kind of difference..

 

Old

05-15-2014, 07:11 AM

 
316 posts, read 1,369,437 times

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My credit score is 770 I believe. The only debt I have is a medical credit card that i used for dental procuedure and I owe $900 on it. I have $1500 more in the bank than what they are asking for closing/down payment. I have a steady job with great income and make $1300-1500 every 2 weeks. By the time I close on June 16 I will have about $4000 more in the bank after down payment/closing costs are taken out.

 

Old

05-15-2014, 07:22 AM

 

Location: MID ATLANTIC

8,140 posts, read 19,992,551 times

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I looked at the date to make sure this was a recent post. BB&T adopted the big box model, with regional underwriting centers. That only means you will be going into a large queue of loans to be underwritten. Listen, anyone should be able to turn around the loan in 48 – 72 hours with current volumes. Allow one day to “travel” even if electronic and one day in compliance and you are easily at 5 business days. Banks that don’t submit to the central underwriting centers (they have underwriters in each office) are getting it done very fast 72 hour from submission to approval.

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Old

05-15-2014, 07:24 AM

 
316 posts, read 1,369,437 times

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Ahh that’s dissapointing. They made it seem like I would hear some kind of news by Friday. They said I would definitely hear something by the end of my due diligence period on May 20.

 

Old

05-15-2014, 08:26 PM

 

Location: MID ATLANTIC

8,140 posts, read 19,992,551 times

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It’s very possible you could have your approval tomorrow, but if not, that makes for an AWFULLY long weekend with you thinking something is wrong when it is not. Deep breath, you may hear tomorrow, but don’t assume the worst if you don’t.

 

Old

05-15-2014, 08:42 PM

 
316 posts, read 1,369,437 times

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Well the underwriter asked for paperwork today. They wanted to see that I had closed my one bank account and submitted the money in the other. My loan officer said that it will take the underwriter 48 hours to look at it again. He said i should hear something by Monday afternoon. I’ll keep my fingers crossed that it will be sooner.

 

Old

08-12-2014, 09:26 PM

 
1,233 posts, read 1,257,916 times

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We are having horrible experience too with under writer PLUS the loan officer. Very poor communication is also what makes us worry. If we don’t call them, they won’t update us with ANYTHING!

 

Old

08-21-2014, 10:49 AM

 

Location: Earth

47 posts, read 69,248 times

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Poor communication seems to be par for the course with most banks. Going through the same thing with ours right now.

 

Old

08-21-2014, 12:12 PM

 

Location: Coon Rapids, MN

31 posts, read 67,311 times

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Use a Mortgage Broker, they know where to go and who is painful lenders and who aren’t so painful. I know this because I am one. As far as communication that is the easy part. Everything is explainable.

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