How Long Does the Mortgage Underwriting Process take in NYC?

[ryan_gz]

Hey guys, how long does the average mortgage underwriting process take in NYC? I know NYC is unique in that most of the loans are probably jumbo, non conforming in size and as a result need to be reviewed by human underwriters. But it's also a more competitive market with a lot of banks fighting over market share in New York City. So what's the deal? How long should I expect to wait to get my commitment letter and then to close?

[lower_nyc]

Hey guys, how long does the average mortgage underwriting process take in NYC? I know NYC is unique in that most of the loans are probably jumbo, non conforming in size and as a result need to be reviewed by human underwriters. But it's also a more competitive market with a lot of banks fighting over market share in New York City. So what's the deal? How long should I expect to wait to get my commitment letter and then to close?

It took Wells 2 weeks to provide me with a commitment letter. Some of the smaller lenders told me it would take up to 4 weeks. This was for a jumbo loan.