How long do Santander mortgage underwriters take?

Asked by: Prof. Kitty Hickle DDS  |  Last update: February 9, 2022
Score: 4.8/5 (12 votes)

FAQs: Santander mortgage underwriting process
An underwriter can take between 15 mins and 4 weeks to make a decision but this is dependant on what type of credit you are after and the type of borrower you are. If you are a bad credit borrower then you can expect your mortgage application to take much longer.

How long does it take for underwriters to make a decision?

Under normal circumstances, initial underwriting approval happens within 72 hours of submitting your full loan file. In extreme scenarios, this process could take as long as a month. However, it's unlikely to take so long unless you have an exceptionally complicated loan file.

How long does Santander mortgage approval take?

As mentioned previously, a Santander mortgage application can take about 3 weeks on average to process and be approved.

Do Santander underwriters work weekends?

HSBC and Santander have both asked their mortgage underwriters to work weekends as pent up demand and the stamp duty holiday drive up business volumes. ... HSBC said it had focused on developing a new working approach over the last two years which now means underwriting can be carried out seven days a week.

How long is a mortgage application with underwriters?

Generally speaking though, mortgage underwriting should take no longer than 3-4 working days and almost all applications are complete within a week - though this can easily be extended if more information is requested.

How long does it take to become a mortgage underwriter?

19 related questions found

How do you know when your mortgage loan is approved?

How do you know when your mortgage loan is approved? Typically, your loan officer will call or email you once your loan is approved. Sometimes, your loan processor will pass along the good news.

How often do mortgages get denied in underwriting?

One in every 10 applications to buy a new house — and a quarter of refinancing applications — get denied, according to 2018 data from the Consumer Financial Protection Bureau.

Are Santander underwriters strict?

Santander's underwriting criteria does not allow them to lend when these construction types are present. Santander are strict lenders when it comes to upper age limits.

How long does it take for Santander to review documents?

All documents are checked within two working days. We'll also send you an email or text message to let you know when we've checked your documents.

Does Santander check credit before completion?

Santander may carry out another credit check before mortgage completion to ensure that you have not had any severe change in circumstances that may affect your ability to pay back your mortgage.

How long does it take to get a Santander mortgage offer after survey?

How long after valuation to mortgage offer at Santander? Santander says it can take as little as 48 hours from when your mortgage valuation was carried out to when you receive a mortgage offer.

Is underwriting done before valuation?

When you submit a mortgage application most lenders will look to underwrite the financial position of the case before they instruct valuation (particularly if the valuation is at mortgage lender's cost rather than your own!).

Are Santander Good for mortgages?

Santander is a popular choice for mortgages because it is often represented in best-buy tables for its low interest rates. It also appeals to those with higher incomes who are looking for more generous income multiples.

Why is my loan taking so long in underwriting?

Underwriting is the most intense review. This is when the mortgage lender's underwriter (or underwriting department) reviews all paperwork relating to the loan, the borrower, and the property being purchased. ... It's another reason why mortgage lenders take so long to approve loans.

Is no news good news in underwriting?

When it comes to mortgage lending, no news isn't necessarily good news. Particularly in today's economic climate, many lenders are struggling to meet closing deadlines, but don't readily offer up that information. When they finally do, it's often late in the process, which can put borrowers in real jeopardy.

Is underwriting the last step?

No, underwriting is not the final step in the mortgage process. You still have to attend closing to sign a bunch of paperwork, and then the loan has to be funded. ... The underwriter might request additional information, such as banking documents or letters of explanation (LOE).

How long does a mortgage application take to be approved?

The average time for mortgage approval time is around 2 weeks. It can take as little as 24 hours but this is usually rare. You should expect to wait two weeks on average while the mortgage lender gets the property surveyed and underwrites your mortgage application.

What happens after my mortgage offer is issued Santander?

All sections of the product transfer offer, together with the mortgage conditions, will form the terms of your mortgage. ... Once you've accepted the offer, you won't be able to cancel the transfer, request another mortgage deal or make any other changes to your mortgage until your new deal has started.

Does valuation mean mortgage is approved Santander?

Once the mortgage application is completed we'll arrange for the property to be valued. The valuation is for our purposes, so we know the value of the property is adequate for the mortgage you need. Once we've received the valuation we can make you a formal mortgage offer, meaning your mortgage has been approved.

Do mortgage underwriters work weekends?

It depends on the work load and the company. Working weekends is required sometimes. A smaller company or broker may be more inclined to underwrite on weekends.

How long does a Santander mortgage appeal take?

The appeals process

Santander will consider all the information originally provided and ask for more where we think it is necessary. We don't want to keep you waiting for a decision, which is why the result of the appeal will be communicated to you in writing within 30 days.

Do all mortgage applications go to underwriters?

No, not all mortgage applications go to underwriters but this depends greatly on the mortgage lender and their specific underwriting process.

Do underwriters look at spending habits?

Banks check your credit report for outstanding debts, including loans and credit cards and tally up the monthly payments. ... Bank underwriters check these monthly expenses and draw conclusions about your spending habits.

Do underwriters want to approve loans?

An underwriter will approve or reject your mortgage loan application based on your credit history, employment history, assets, debts and other factors. It's all about whether that underwriter feels you can repay the loan that you want. ... But a seasoned loan originator is the integral part of the whole process, he says.

Are underwriters strict?

Today, trained underwriters follow strict black-and-white guidelines intended to protect borrowers from taking on more mortgage responsibility than is safe for them. In other words, the guidelines help prevent borrowers from later defaulting on their loan.