American Mortgage Blog

Agents are often asked by new borrowers, “What can I do to help speed up the processing of my loan?” We give them verbal information, but it is helpful to have it in writing, as there are five basic things that impact how fast a loan moves through processing.

One of the most common questions a loan officer is asked is, “How long will my loan take to do?” Of course, when hardly any documentation was required, loans took much less time. But now, with increased underwriting, documentation, and so forth, it is taking longer. And in some instances, much longer. Refinance applications and appraisal complications are holding up home sale closings, according to a recent survey. According to the report, the normal timeline for a closing is about 30 days. However, the survey found the timeline to be between 45 and 60 days.

 Borrowers who misrepresent their intended use of the property they are financing are a major concern for lenders. Occupancy fraud is one of the mortgage industry's biggest challenges, and loan agents are well versed in the repercussions, and work on educating our clients about the importance of correctly reporting occupancy.