At this point in the month, I'm at two business days. As the month progresses, that number increases. Factor in the complexity of the file, and things compound.
I had one where the borrower owns 5 companies, wife had funky income due to pregnancy leave, owned 3 other homes, Subject Property was unique, we pretty much hit every stop on the Weird Loan Express. AND we went into Underwriting in the last week of the month.
That one took a full week.
So: Is your income complex? What bank are you using? The bigger the bank, the bigger the "funnel effect" of a huge commissioned sales force, forcing loans through a way-smaller-than-it-should-be salaried Operations staff.
Income's not hugely complex, but not perfect: I quit my part-time job in 2009 to double up on my credits and graduate college sooner than I would have otherwise. Graduated with a BA in late 2010. Right out of school had no luck finding a job. At the same time my
grandmother became ill and I took that opportunity to step in as her full-time caregiver for the following year and a half, until I was relieved of those responsiblites in mid-2012. Then, immediately found a full-time job, and have been there ever since (exactly 1 year, now). Our loan officer collected my W-2's from 2008 and 2009, which is farther back than he'd normally go, in order to show some consistency (as well as a copy of my diploma). He also had me write a letter to the underwriter explaining the year and a half caring for my grandmother. He's confident that these steps should quell any concerns about my period of unemployment after graduating.
My wife began her career a few years before me, so her income is much larger and more consistent. There's no problem there. She also works a second, part-time job, which she hasn't been at long enough to be counted towards our income, but is being considered as a compensating factor.
We're using a very small, local mortgage bank.