LOC underwriting

[Chinmay J.]

What is involved in LOC underwriting? Is it as intense and detailed as actual mortgage. Last investor mortgage I had the underwriting went on for about 6 days.. (4 business days) I am getting personal loan from another investor at only 1% higher than what the bank is wanting to offer. Basically, what took so long is my then mortgage company wanted to get on a 3 way conference call with every single mortgage that was on my name. I really don't mind them going in details, but it just costs me time. My need is immediate, and the bank won't answer the questions that I posed them. This is a big name bank - not a small credit union or regional bank.