Good news and bad news.
Good
news is our UW turn times have come down significantly!
Most Fha and Va files are
being decisioned in an average of 38hrs. and most USDA
files in 6 business days.
We are seeing final stips (when submitted in their
entirety) cleared in an average of 31hrs.
This is much closer to where we all like to be than
the last two weeks of September. I told many of you that I felt like we would
be back to 24hrs. across the board (excluding USDA for
obvious reasons) by the second week in October and I am still optimistic about
it!
Bad
news…. Part of the catching up that we have done on UW turn times is a result
of us no longer
accepting Preapprovals. So
until further notice, I must ask you to submit a complete file (minus appraisal
and title) to setup in order to get your file in front of one of my
underwriters.
Thank
you in advance for your understanding and have a good long weekend!
Jerry Lair
10/09/2009