Iam eagerly waiting on a answer from my loan officer is no news good news?
Im in the process of purchasing a home. I put a contract on the house had the home inspection and I am waiting on a approval from the mortgage company. I am waiting on a answer from the loan company and I have been waiting for about week and a half now. Is no news good news until the closing or what? Help
February 28th, 2010 at 7:19 am
I think it is okay, but at the end of this week, I’d call them.
February 28th, 2010 at 8:07 am
I own a mortgage brokerage and it is never good to go a week and a half with no word from your loan officer. I would have to have a long talk with the person if it was my employee. Your loan officer should be there for you all the way from application to the closing table.
February 28th, 2010 at 8:57 am
theres a problem. call your broker. lenders are ultra conservative right now so they may just be needling your info but you should check.
February 28th, 2010 at 9:16 am
From my experience, if you’re still waiting on loan approval, you need to stay in contact with the loan officer every couple of days – to make sure they’re staying on top of it and it’s not getting put to the back burner. Of course not all LOs are this way, but some of them mistake calmness and patience for being a pushover. Call today to find out the status. You’ll want to be aware of any delays that have come up.
February 28th, 2010 at 9:52 am
No news does not necessarily mean good news. I work for a lender and the loan officer should contact you several times per week to let you know what is going on with your loan, especially if it’s a new purchase. So much goes into the loan process. If the loan officer does not call, take it upon yourself to find out what’s going on, give them a call.
February 28th, 2010 at 10:33 am
A loan officer that doesn’t return your calls is irresponsible and who knows what the silence means! I always expect the worst if I get no call back. It is a sign they may not be doing their job.
It could be that everything is OK but they should always return calls.
February 28th, 2010 at 10:38 am
A good loan officer would be in contact with you to update you on where you are in the process. Call them and inquire.
February 28th, 2010 at 10:53 am
From the few details that I have it seems like you shouldn’t worry too much. Sounds like your loan is in the underwriters hand at this point so there is not much that your LO can do to rush it. Although it would be good for him or her to give you a call and tell you this. Recently the underwriting process for banks is taking a bit longer than it has been in the past few years due to the circumstances in the market. I also have been waiting on approval for myself since October 11 and finally got it today!
I am a Real Estate Agent in CA. If this is where you are purchasing your home your contract will specify that you have 17 days (unless a different time frame was agreed upon) from the date of acceptance to obtain loan approval from the bank. This is good to know in the event that the seller starts putting pressure on you. Good Luck!!
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