Credit-based insurance scores (discussed in detail below) are based on information in your credit report. The first thing you should know is that if GEICO does obtain a credit-based insurance score as part of calculating your insurance quote, the inquiry is labeled as being from the insurance company.
So how long does it take to clear underwriting and close the deal? An FHA loan can stay in the underwriting stage anywhere from two to six weeks, depending on how many issues come up. If you get a superstar underwriter, your file might clear his desk in a week or less.
Underwriting. Before issuing a mortgage commitment letter, an underwriter carefully examines a loan file to ensure that every approval condition has been met. Underwriters perform a final review of a borrowerâs financial condition, as well as the propertyâs condition.or instance, a real estate sales contract might reflect a buyer's duty to present a mortgage commitment letter within 15 days of the acceptance date.