The Timing of your Mortgage Loan:
– Contract and addendums received starts the loan process. 1-2 days – dependent on Buyer/Seller/RE Agents.
– Lender orders “Title/Escrow fees” from the Title Company on day one & wait for them to respond. 1-3 days – dependent on Escrow Officer.
– Lender sends “disclosures” to the Borrower. Borrower sign & return. 1-2 days – dependent on Borrower.
– Lender submits loan to Underwriting. 1 day for underwriting setup.
– Appraisal ordered with Borrower credit card. 3-5 days (happens during the Underwriting time) – dependent on Appraiser.
– Underwriting of the file. 2-4 days dependent on loan volume.
– Conditional loan approval. 1-2 days – dependent on Borrower.
– Borrower additional paperwork requested by Lender. 1 day – dependent on Borrower.
– Additional conditions submitted for approval. 1-3 days – dependent on loan volume.
– Updated loan approval. (Occasionally additional conditions added if some of the previous conditions raised additional questions. This case would add an additional 1-4 days -– dependent on loan volume)
– Request of loan documents. 1-2 days. – dependent on loan volume.
– Signing of loan documents by & returned to Lender. 2-3 days – dependent on Borrower and Escrow Officer.
– Review of loan documents by Lender. 1-2 days – dependent on loan volume.
– Funding of loan to Title Company. 1-3 days – dependent on loan volume.
As you can see, a typical transaction takes a minimum of 15 – 18 business days (3 weeks) and upwards of 35 business days (six weeks) from start to finish depending on the characteristics of the file. Most Real Estate contracts in Las Vegas are a 30 calendar day closing. If any additional issues arise during the process (example: Appraisal value issue, added conditions from the Underwriter, Seller issues, Home Owners Association delays, etc.) everything will be lengthened accordingly.
We tell you this simply to stress the importance of asking for your cooperation in supplying paperwork as expeditiously as possible so that any delays that occur are not caused by you or out team. Almost every time there are delays on behalf of the Buyer/Lender it becomes difficult to explain and many times can result in “per diem” fees charged by the Seller.