Mortgage Underwriting Times Getting Long
With the dramatic and unforeseen uptick in people wanting to refinance lender's undererwriting departments are suddenly finding themselves overloaded.
What does this mean for you?
Well, first thing is that many lenders are moving to minimum rate lock timeframes of 45 to 60 days due to the backlog. Second, it also means that some lenders might not price as aggressively as they would otherwise as they are trying to figure out how to handle the business they have now, let alone handle business in a month or two. Check out the recent post on the Economics of Mortgage Rates to learn more.
What should you do?
If you are planning a refinance, make sure you get ALL the necessary paperwork asked from you in ASAP! We can only work as quickly as you get us information. Once you are locked, you want to race to get your loan file to the front of the line as possible.
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