The underwriting of a loan takes 24 to 48 hours normally. I have an entry that answers this exact question in my mortgage blog:

Underwriting is the process of the bank that determines what documentation will be needed to close the loan. Then the loan officer and the processor must collect all of these items.

After everything is collected you will be cleared to close. I believe the process you are referring to is the period of time from when the file goes to underwriting until you’ve collected all required documents and your loan is clear to close.

This timeframe depends and differs widely by the type of loan. An A+ Credit Grade refinance may only take one week. An A+ Credit Grade purchase may take two. VA and FHA take much longer as do construction and commercial loans.

There are certain benchmarks that mark the progress of your loan. Ask when the appraisal and title search was ordered. If they were ordered, you know the loan is progressing. Ask to be notified when they receive these as well.

The biggest delay in the processing of a loan is miscommunication, lack of cooperation, and loss of contact with the borrower. The process will go quickest if you cooperate with your loan officer in any way. He will probably call you and ask you to gather certain documents. Just do what you can to be helpful and your loan will zip right through to closing.

Best of luck.

It depends. If you’re not going through any special programs like a first-time buyer then the it can be approved as soon as the appraisal is done, maybe a week. If you’re a first-time buyer the state program here is saying 6 weeks to close.