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.
The mortgage company's backlog of applications has a lot to do with it, as well. So it might take anywhere from two days to two weeks, from the time your application reaches the underwriter to the time you're actually approved (or rejected) by the lender.f you go to Wells Fargo and apply for a home loan, for example, they will conduct a thorough examination of your credit and financial background. They do this to determine whether or not you're a good candidate for a loan. As a whole, this process is referred to as mortgage underwriting, and it has many steps.