time to get co-op mortgage loan commitment

Sorry. My last sentence in my Q's above got messed up. I was trying to ask:
And wouldn't 90 days mean that the input (i.e., the financial info for the applicant) that was submitted with the application, that the Lender used as the basis to make their Loan commitment, would have already become stale in say, 60 or 70 or 80-90 days from the time it was provided?
Thanks.

32 business days for a commitment letter after an official loan application sounds like a long time. 10-15 business or even sooner is more common as I know it. Documents provided are typically valid for 90 days and after that you will have to submit updated documents to extend the approval. As long as numbers dont changed significantly, there shouldnt be a concern. Also, we lock coop loans for 90 days because the coop board application and approval process can take long. Varies from coop to coop. Sunny.hong@decapitalmortage.com NMLS 483661

Sunny,
How do you like being with Douglas elliman now? How does it differ from before, and would you recommend to a client going to this type of conglomerate establishment? (I suspect that you cant be totally unbiased :-) ).

Thanks, Sunny (shong). Very knowledgeable and elucidating.

Q: Does anyone know if it takes a lot longer to get a co-op loan commitment letter if the Purchaser applies thru a mortgage broker,rather than applying directly to a bank or mortgage lender?

Q: I'm trying to figure out what is really behind my potential Purchaser's perceived need for 90 days to get their loan commitment letter.

My potential Purchaser (not in contract yet but about to begin the draft of the contract and include the deadlines, etc.) is insisting that they need to be allowed up to 90 days to receive their loan commitment, "in order to protect themselves in case it takes longer than a month or 2 to receive the loan commitment, but hopefully it will happen sooner than that." They claim that "anyone living in the real world and doing this at the present time, in this busy current RE market and environment, such as a real estate attorney dealing with a lot of sale contracts, should KNOW that it COULD take that long nowadays." They claim their mortgage broker supposedly told them that in order to protect themselves, they should insist on 90 days (3 months) in the Contract, to obtain their loan commitment, from date the Contract for Sale is executed. Sounds absurd.
**Does it sound like either the Purchaser wants to lock the Seller in, via the sales contract, but maybe the Purchaser is waiting to receive more money/assets, and is thus stalling to get their loan commitment?
**Or, does it sound like perhaps the Purchaser wants to sit there and evaluate loan offers through their mortgage broker and wait to pounce and pick a lender if the rate (currently up) happens to take a dip at some point during the 90 days?

Any thoughts and/or helpful advice on this would be greatly appreciated. Thanks.

Hi Sonya, my obligation is to the buyer and I went to the place that felt best suited for me to help borrowers. We are an affiliate of Wells Fargo and purchase focused. When choosing a lender, I have always said this but it is more important to choose the right mortgage banker than the actual bank/lender. You can go to 2 different mortgage bankers at the same bank and get 2 different results. Sunny.hong@decapitalmortgage.com NMLS 483661

My lawyer said the boiler plate for a contract lists 30 days to get a mortgage. He says that his standard practice is to change it to 45 days. You should have all the standard documentation gathered well before you submit your mortgage application. Some mortgage companies will take the documentation and check it before the contract is signed to assure your application is handled in a timely fashion.