How long does it take to receive loan docs for a refi?

Hi, I am trying to find out how long it usually takes to receive loan documents for a refinance? My loan officer ordered them last Wednesday and said they would be ready Friday, I never heard from her Friday. She called Mon and said they would be ready Mon or Tues... It is now Wed, one week later. Im scared something is wrong and I dont want to keep calling her over and over. Does anyone know how long it usually takes? Is this normal?

How long does it take to receive loan docs for a refi?
Hi Jessica,





It really depends on the specific lender that your file was submitted to.





48 to 72 hours is typical, however, if the lender is backed up it can take over a week.





A good broker LO will hammer on the lender to try to speed things up, unless it's a broker/banker, then it might be an in-house issue.





It's your job to hammer the LO, the person who says go ahead and call, gave you good advice.





Good Luck,


~Trey
Reply:Anytime, it was my pleasure..


~Trey Report Abuse

Reply:Hi - No it is not normal - In the process of getting a loan - you will get the loan application (called the 1003), the Good Faith Estimate (called the GFE), Truth in Lending, (called the TIL) with in 3 days, that is per the RESPA laws.








This will tell you the up-front closing cost (etc) associated with your loan. This is a estimate only - not the final - but it does help you figure things out.





While you are getting that - you should have gotten to you Loan Officer your income documents, bank statements, W-2's for past 2 years, etc...The Loan Officer will have the processor order your title, payoff's associated with your loan. (I process all my loans, so I know what is getting done). You should have received a Borrower Authorization Form to fill out and fax back to your LO - that allows him/her to work on your file. Once a Lender is determined - (depends if your LO rate shoped for you, getting you the best deal, rate for your situation). The LO submitts your file to underwriting. Underwriting has 24-48 hrs to underwrite your file, and e-mail your LO any stipulations that they still need - It could be the Mortgage Clause on your Home Ins Policy needs changed - etc (just an example).





Once all the conditions have been met, than your LO will get a Clear To Close. This means your file will go to funding, and you are good to go - Your LO will set up the closing on your behalf -in home closing at your home - or at the Title Company. From start to finish, it takes 1-2 weeks to close a deal from taking the loan application to close - Unless there unforseen circumstances in a file - Maybe the appraisal came in under value - or it took the appraiser 1 week to get the appraisal done, Title Search may have taken 5 days instead of 2-3 days.....Many factors involved.





If after trying to communicate (phone) your LO and he/she is still not returning calls, etc...you can CALL his/her supervisor - just call the number - and ask for management....All LO's are responsible to someone higher up. You should be in contact daily with your LO or Broker. If you are not sastified - it is YOUR right to go SOMEWHERE else - ok - You are not locked into anything. If this is a purchase or a refinance - you are the client, and calling the shots..ok!! If you decided to change your mind and go somwhere else - please read on - ok





Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down





Good Luck to you and I am sorry you are having a frustrating time - This should be a stress LESS time for you, not stress full.
Reply:Loan documents are date sensitive and should be out the same or next day of when they are drawn. if she is telling you all of what you say you should get another loan officer. I am a mortgage broker and banker if you need assistance with a home loan let me know.


Gabe
Reply:It should not take more than a couple of days, since it was barely the begining of the month.... maybe something is up. We close our loans in 2 weeks.
Reply:If your file is complete and already approved, then it shouldn't take more than 1 day. Sounds like they are giving you the run around. Do not feel bad calling them over and over. You are paying them for their services and it sounds like they are not being upfront with you. Threaten to go with another lender if you do not get your docs tomorrow.