Required wait after property purchase before transferring to LLC?

[Kaushal M.]

Hello,

I purchased a property in our personal names (my wife and I) about 1.5 months back. But shortly after, I decided to open an LLC, and that process is done.

The lender does not have any issue with transferring the property to LLC (e.g. does not need us to refinance, etc.), but the only requirement they have is that we wait until our loan gets taken up by Fannie Mae or someone, before we transfer the property to our LLC.

It's has been over a month, and apparently our loan isn't yet bought by Fannie Mae, because our lender is still asking us to wait.

Question: Is anyone aware of why this requirement could have been put in place? Now that my LLC is formed, I just want to transfer the property and be done with it. I don't know how much longer I'll need to wait.

Thanks!