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Why is countrywide taking so long to give loan approval?
My husband and I were Pre-Qualified for a loan with Countrywide so we found our house. Now it has been 4 weeks since Escrow opened and 5 weeks since we opened our file with Countrywide ans still no approval! We are going FHA and our loan agent keeps assuring us that we have a strong file and we will be approved. The thing is that they are taking far too long.....he says it is the op's department that is taking so long because they are so busy. We are buying a REO home so thankgod we are dealing with a bank on this because any other type and we would have fallen out of escrow already. Why are they taking sooooooo long?
1 Answer
- 1 decade agoFavourite answer
Loans on REO's take a super long time because the banks are just plain slow about those types of transactions.
It is likely your approval is not slow, just the processing.
