Number Three Complaint - Mortgage in Underwriting Too Long

I think I say this about every complaint but this is so frustrating. You work with the loan officer, get all the documentation together, and are told the loan is in underwriting. So you wait, and wait, and then you call, email, call again. Nothing. No one can give you a real answer about why it is taking so long.

Number Three Complaint

Loan Taking Too Long to Get Done

This could be a couple of different reasons like the first complaint.

Maybe your mortgage approval is no longer an approval after the underwriter gets a hold of it and your loan officer does not want to tell you. There could be additional documentation needed and neither the processor or the loan officer wants to deal with telling you so they don’t…they stick their head in the sand.

No one in the mortgage business wants to deliver bad news.

Note: Read Our Top Five Mortgage Complaints!

The mortgage business is already ethically challenged and when something bad happens, they know the client will say, “you guys are crooks and you lied to me!” So, many loan officers avoid delivering bad news altogether…until they are forced to.

Or it could be you are actually denied after it gets into underwriting. When you call, you get voicemail, you get “he’s out of the office”, you get the runaround and the one thing you don’t get is the truth. The loan officer is hoping the processor will tell you and the processor is hoping the loan officer will tell you.

Another reason may be just like the first one. Your loan officer is more about racking up sales then closing loans. This type of originator concentrates only on selling so your file may be sitting there waiting for him to do something and he doesn’t end up doing it until someone screams or a lock is about to break or whatever.

To learn more about how long a loan should take to complete click here.

Or it could also be they are backed up in underwriting and it just takes longer than expected. But in my experience, if you can’t get a straight answer or if you are told a day and it passes, something is wrong.

Click Here for Complaint Number Four

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Author: The Mortgage Insider