How Long Does Underwriting Take?
Underwriting timelines vary depending on the type of loan or policy. Here’s what typically affects the timing and what to expect along the way.
Underwriting is a comprehensive review of financial, debt, and employment information that determines whether someone is eligible for a loan or an insurance policy.
Depending on the type of loan or policy, underwriting can take anywhere from an hour to a few months.
Submitting accurate information and responding quickly to any requests or questions that pop up along the way can help reduce delays.
What is underwriting?
What underwriters review
Underwriters review information like income, employment history, debt history, credit scores, and the value of the asset (like a home or car) you’re trying to get a loan for.
Why underwriting takes time
Underwriters need to look at numerous things before coming to a decision. It can take time to gather and review all of that information, especially for more complex loans.
How long does underwriting usually take?
Time needed varies by loan and lender. The timelines below provide an average estimate, but they are not a guarantee.
Average underwriting timelines by product
Mortgage underwriting:
Underwriting may take several weeks for typical, straightforward mortgages.
Personal loan underwriting:
Personal loans can take anywhere from one day to several days, on average.
Auto loan underwriting:
A car loan may be approved anywhere from an hour to a couple of business days. However, this timeline will depend heavily on the lender, application details, and other factors.
Insurance underwriting:
Depending on the type of insurance policy, timelines can range from days to months.
Mortgage underwriting timeline
How long mortgage underwriting takes
Mortgage underwriting timelines can vary quite a bit, ranging from a few weeks to more than a month.
Steps in mortgage underwriting
A borrower works with a lender to get preapproved so they know how much they can borrow.
Underwriting reviews financial information like employment history, credit score, existing debt, and income.
The borrower gets the home appraised.
The lender coordinates with a title company to review the property’s ownership history and confirm there are no legal issues affecting the sale. Then the insurance company provides title insurance to back up that review.
Underwriting provides their decision on eligibility for the loan.
Close on the mortgage loan.
What causes mortgage underwriting delays
Periods of unemployment in your job history, incomplete applications or missing information, appraisal issues, or problems with the home’s title can delay the underwriting process.
What factors affect how long underwriting takes?
Application completeness
Submitting complete, accurate information goes a long way toward helping the process be more efficient.
Credit complexity
Factors like a high debt-to-income (DTI) ratio, low credit scores, or multiple new loans may all add time to the review process.
Income type
People who run their own business or people who earn commissions instead of a steady paycheck may experience more delays as underwriting verifies their income.
Market conditions
Lenders may experience additional underwriting delays when they get an influx of mortgage applications. Shifting home prices and fluctuating interest rates can often impact application volume.
Third-party dependencies
Underwriting often relies on third parties like appraisers, insurance companies, and employers for information. If those parties experience a delay, it can often delay the entire underwriting process.
Conditional approval vs final approval
What conditional approval means:
Conditional approval means the lender is willing to move forward, provided you meet certain additional requirements. Underwriting will come back with a condition, like providing additional financial information or requiring proof of home insurance. Once you meet that condition, you may then be approved for your mortgage.
Common underwriting conditions:
Conditions may include providing documentation for unusually large deposits or additional income, like an inheritance. They might also include providing additional bank statements, home appraisal information, or proof that you’ve secured home insurance.
How long after conditional approval to final approval:
Final approval depends on what conditions you need to meet. Often, it may happen within a couple of weeks after you’ve met underwriting’s conditions.
How to speed up the underwriting process
Submit complete and accurate documents:
Gathering exactly what underwriting asks for and submitting it as quickly as possible could enhance efficiency.
Respond quickly to requests:
If underwriting requests additional information, responding quickly can cut down on delays.
Avoid financial changes during underwriting:
Lenders may re-evaluate your application if your financial situation changes during underwriting, such as switching jobs or opening new credit accounts.
Stay in communication:
Borrowers may want to proactively contact their lender to make sure the process is moving along and underwriting has what they need.
Common mistakes that delay underwriting
Providing inconsistent information:
Inconsistencies between the application and financial documents, like listing an income amount that doesn’t match pay stubs, may require more review time.
Large undocumented bank deposits:
Underwriters often need to look into large, unexplained bank deposits if information wasn’t provided about where they came from and why.
Ignoring requests for additional information:
Not responding to underwriting requests can often delay the final approval decision.
Bottom line
Underwriting can be an extensive process, whether you’re applying for a loan or an insurance policy. You may be able to make the process quicker and more efficient by submitting accurate information, responding quickly to questions, and avoiding some common mistakes that can significantly delay the process.
If you’re planning to buy a home, it can be helpful to open a savings account as you build your down payment. Raisin Marketplace can help you compare interest rates and find the best account for your needs.
Frequently asked questions
Potentially yes, especially for smaller personal loans like a car loan.
Underwriting typically occurs after you get an appraisal.
Many things may delay the process, from market conditions to an influx of mortgage applications to missing financial information on a loan application. It can be helpful to ask your lender this question directly if underwriting seems to be taking longer than you expected.
It’s possible in certain situations, such as if your financial information or job status suddenly changed during the review process.
The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.
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