American Premium Water Corp. (HIPH)

[fanglemeister]

Time from origination to closing is dependent on which, and how many lenders, an originator sends each loan application.

Note that in addition to putting together willing borrowers and lenders, Expert is also trying their hand at writing loans themselves and then immediately reselling those loans to larger institutions. This is a savvy move IMO, they are making better points on each loan this way.

Generally speaking, on the day a borrower signs the loan app, he locks in a guaranteed rate for 60 or 90 days. It can sometimes take nearly that long to get everything approved and schedule a closing date, and that's retail - commercial can take longer still.

I have no idea what an FHA loan process does to add time to the overall process, have not BTDT. But for a standard 1st mortgage home loan, typical scenario is:

If/when the loan is approved, (edit: some lenders have loan committees that meet only once per month) the paperwork would then go to various attorneys (if borrower is smart) for approval of terms and conditions. When everything looks good to all parties, the lender orders title search, title insurance, and site inspection, and waits for all that to clear.

On new construction projects, at minimum, a phase 1 site survey (hazmats, wetlands, etc) and local zoning and planning approvals are required before money deals are even considered doable.

NOTE: I am not in the financing/lending business, just a private business owner who has gone through this process several times over the years, for both home and commercial loans. YMMV, please correct me if wrong.