Serving Charlotte NC MLS and Columbia SC MLS

Buying

Example of the Underwriting Process and Estimated Timing 

Completed      Loan Status  

(Estimate)


Day 1 Loan has been submitted to underwriting
The loan has been submitted to an underwriter for the initial review.
Day 5 Conditional loan approval
The loan officer will contact the borrower if any additional items are requested from the underwriter.
Day 19 Closing Disclosure (CD) was sent to the borrower(s)
Day 23 Appraisal ordered
The appraisal has been ordered. Note: Utilities must be on.
Day 25 Appraisal received
A copy of the appraisal will be forwarded to the borrower.
Day 30 Loan is approved and is clear to close
A closer has been assigned to this loan.
Day 33 Closing instructions sent to the closing agent
The Closing Disclosure is being prepared.
Day 36 Closing package sent to the closing agent
The closing disclosure is approved.
The closing agent has received all loan paperwork required for closing
The Wire has been sent to the closing agent for funding
Closing can take place