The Time it Takes to Close a Loan
Posted on | June 4, 2009 | No Comments
There used to be a couple of things in times past that you would hear loan officers say. One was, “If you can fog a mirror, we can give you a loan!”, and we all know where that has taken us. The other is, “We can close a loan within a week.” which no longer applies in most cases. The reason it takes longer to close most loans is simple; they are all full doc loans with full disclosure and the appraisal process is now a separate process that can take forever!
When we can close a loan it will already have an appraisal and the client has given us all the documentation along with an appraisal that can be easily transferred. Other than this scenario, loans take at least two to three weeks to even think about being closed. If you could sit with a processor and underwriter and see how many times they touch each file to order, clear and calculate you would be amazed they turn the loans as quickly as they do. While loan officers are the fuel, it is all the people that work on the backend that make up the engine that allows your mortgages to get processed, underwritten and funded. These people are amazing at what they do and deserve more credit than ever given.
Comments
Leave a Reply