Question:

I submitted mortgage application to a loan officer, when will I get loan approval?

Answer:

Loan approval should come shortly after you submitted your mortgage application to the loan officer. If you are being automatically underwritten, your loan can be approved in as little as a few minutes. However, due to current strain on the mortgage market, mortgage applications may take longer to approve now. Some loan officers may have fewer rights on approving your loan now than they used to have earlier.

Due to tightening loan approval rules, a loan officer may request additional information and additional time to check your documentation and mortgage application info. However, even now a mortgage application shouldn't take more than 2-3 working days to get a response.

Right now, with declining home values a loan officer would not like to take additional risk approving a mortgage application they shouldn't and approval will take a little longer.

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