Question by Daniel G: Do personal loan underwriters spend a lot of time verifying income or do they rely on credit score?
Do personal loan underwriters spend as much time as mortgage loan undertwriters verifying income? I know mortgage loan underwriters spend days checking a loan and have tools to check docs. Do personal loan underwriters follow the same guidelines?
Best answer:
Answer by kelly
yes they do they need both statements and information that support what you have written down to make sure that you are not a risk worth taking.
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Question by Allison: why is my FHA mortgage banker refiance taking so long?
We have had our complete FHA refinance package with the underwriting 2 weeks today. The loan officer tells us that it’s a more difficult file to process but says all looks good. I asked if they want to see any more documention and he told us that they haven’t asked for anything. We are getting concerned. If everythink looked fine, symptoms but they wanted some more documentation, wouldn’t they approve with stipulations? What could the hold up be? And at what point do we walk away and go with someone else?
Best answer:
Answer by MoneyMonkey
Sometime the squeaky wheel gets the grease. Ask him for a deadline, and keep calling him politely every day until it is complete. Ask him outright if you should be looking for a loan elsewhere.
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FHA refinancing is normally streamlined to occur quicker than other refinances. Today might be the day to look for a new banker.
If you already have an FHA loan, the refi should be pretty smooth. If you don’t and are just attaining an FHA mortgage, they can sometimes take longer due to the full documentation nature of these loans.
In addition, if the lender doesn’t have their direct endorsement from FHA they have to send the loan out for underwriting. This would mean your loan officer has no control over the time it’s taking.