clear to close: How To Help The Loan Go Smoother and Faster
- 10/27/09 10:26 AM
It's easy to complain about how long it takes a loan to close - even loan officers do it. The truth is if everything is in order and the property is acceptable the loan should close within 21 to 30 days of the receipt of all documents by the lender. This is not 21 days from application date nor is it 21 days from contract date. It is exactly as stated: 21 to 30 days from the date a full application is received. The tug-of-war between agents and loan officers can be turned around if both remember to stand on the … (7 comments)
clear to close: How Do "Approved" Loans Get Denied?
- 09/23/08 02:45 PM
It happens. And if you don't have a very firm grasp of the onion like layers of the loan process it is very difficult to understand why. Therefore to begin let's look at the steps in the process of a loan: 1. Loan Officer accepts an application from the borrower. In the case of a local broker the LO is the person who will be your liaison for the duration of your file. For the national behemoths the LO is more like an operator who just accepts your order. 2. Your credit history is examined and a preliminary credit decision is … (7 comments)
clear to close: Four Hour Approval? Hardly
- 10/25/07 05:26 AM
In a time of much needed transparency and truth in advertising I would think all Active Rainers would be very cautious with the words they choose to use in advertising - especially on Active Rain. Unfortunately I see it is not so. A fellow rainer is advertising a FOUR HOUR APPROVAL. They don't exist - well, not from the first phone call. Four hour pre-approvals, yes. Four hour approval on a conventional, FHA or non-prime loan isn't possible unless all of the supporting documentation including title, insurance, appraisal, supporting borrower documentation including assets, income and credit. So, unless you already have the appraisal, … (6 comments)
It's easy to complain about how long it takes a loan to close - even loan officers do it. The truth is if everything is in order and the property is acceptable the loan should close within 21 to 30 days of the receipt of all documents by the lender. This is not 21 days from application date nor is it 21 days from contract date. It is exactly as stated: 21 to 30 days from the date a full application is received.
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