Average of Two Weeks
Once you have provided all documents and your appraisal order has been placed, your processor is waiting for the appraisal, title work and tax transcripts from the IRS. The transcripts and title work are typically returned quickly; however, the appraisal can take up to two full weeks. Once received, the processor will email it to you along with a receipt that must be signed by all parties on the loan. At that time, you will be notified of any outstanding documentation requirements, and other items that may be needed from you. The appraisal will be sent to your insurance agent to ensure there is enough coverage on your home. Once all documentation and proof of insurance are in, the file can go to underwriting.