How Long Should a Lender Take to Review Docs?

Question

I've submitted mine and my wife's information to two lenders (one mortgage broker, one through B&W) and we've been waiting on replies from both for pre-approval for going on two weeks. We're going to start viewing properties soon and want to be in a position to make an offer. Is this normal or do I need a new lender?

Chris Mason · Answer

The only time it takes me two weeks or longer to get preapprovals out are for a very small minority of borrowers. This is how it goes with that minority:

- "Please give me your most recent two paystubs covering one month."

- They give me xyz, like a spreadsheet they made up themselves tracking how much they earn, and not paystubs.

- "Thanks! How about your most recent two paystubs covering one month?"

- They tell me their life story, about how their cousin's brother owns the company or something.

- "Thank you for sharing. However, you're still a W2 employee and you just said that you get paystubs. Please send in your paystubs."

- Moar life story about why they don't want to send me paystubs and how their pet rat got cancer in 1992.

- (In my head) "okidoki, I'm just going to put this on the bottom of the pile and ping them again for paystubs after giving them a week of the silent treatment."

If that's not you, then two weeks of waiting probably means they can't figure out how to make it work.

Charlie Fitzgerald · Answer

New lender

Shaun Weekes · Answer

I would say 24 to 72 hours depending on how busy the Loan officer or Broker are.  2 weeks though is way too long.

Give them a call and let them know that you need an answer asap or you'll have to take your business elsewhere.

I hope this helps.