Process & Documents

Learn

Ten to twenty-one days is normal on a clean DSCR file. Files that take forty are almost never slowed by underwriting — they are slowed by a document that was requested on day two and produced on day fifteen. Here is the whole sequence, and what to have ready before it starts.

The timeline

1. Day 0 — Scenario and term sheetYou send the address, price or estimated value, rent, and your credit band. We return structures within one business day. No credit pull at this stage.
2. Days 1–2 — Application and creditSigned application and credit authorization. Tri-merge pulled; the middle score sets your tier. Entity documents requested now.
3. Days 2–4 — Appraisal orderedForm 1004 plus 1007, or Form 1025 on 2–4 units. Access needs to be coordinated with the tenant — this is the most common source of a lost week.
4. Days 3–7 — Title and insuranceTitle commitment ordered. You provide an insurance binder naming the lender as mortgagee. Flood determination runs automatically.
5. Days 7–12 — UnderwritingFull file review. Conditions issued — every file gets conditions. How fast you clear them determines your closing date.
6. Days 12–16 — Clear to closeAll conditions satisfied. Closing disclosure or settlement statement prepared and reviewed.
7. Days 16–21 — Signing and fundingIn person, mobile notary, or remote online notarization where permitted. Funding follows recording.

What to have ready before you apply

Borrower

• Government photo ID, current
• Signed credit authorization
• Two months of personal bank statements — every page, including the ones that say "this page intentionally left blank"
• Two months of entity bank statements if the LLC holds the reserves
• Mortgage statements for every financed property you own
• Letters of explanation for large deposits or past credit events

Entity

• Articles of organization or certificate of formation
• Operating agreement, fully executed, with every amendment
• IRS EIN letter — CP 575 or a 147C reprint
• Certificate of good standing dated within 30 to 60 days of closing
• Authorizing resolution naming the signer, where the lender requires one

Property

• Fully executed purchase contract, or the current mortgage statement on a refinance
• Insurance quote or binder listing the lender as mortgagee
• Existing leases, if tenant-occupied
• HOA documents where applicable — master policy, budget, and reserve statement
• Rent roll and trailing operating statements on 5–8 unit files

Not required

Tax returns. W-2s. Pay stubs. Profit and loss statements. Employment verification. 4506-C transcript requests. If someone asks for these on a DSCR file, ask why.

Conditions, and how to clear them fast

Every file receives conditions. The list is usually five to fifteen items and most are mechanical. The ones that consume time:

Five things that will not change

• Send complete statements. A missing page four of five restarts the request and costs two days.
• Do not open new credit. A car loan or a new card between application and closing can drop your score a tier and reprice the loan.
• Do not move money without a paper trail. Consolidating accounts mid-process turns seasoned reserves into unsourced deposits.
• Answer the question that was asked. An underwriter asking for the operating agreement wants the document, not a description of what it says.
• Keep the entity current. A lapsed annual filing quietly voids your good standing and surfaces at the worst possible moment.

Timelines are typical and not guaranteed. Actual duration depends on appraisal availability, title condition, third-party responsiveness, and how quickly conditions are cleared. Not a loan commitment.