I applied on June 4th, 2018 and as of today, June 18th, my application is still pending. It is frustrating to see people who applied a week after me who have already been approved. What gives? I don't understand why applications aren't processed on a first come, first served basis.

UPDATE:
As of 8 AM on Tuesday, June 26th (3 weeks and 1 day after applying) I was (finally) conditionally approved. It sounds like you either get it within the first week or right around the 3-week mark. I now imagine that there is an initial overview, and if there's nothing on your application that requires a second look, you get approved within the first week. Otherwise, your application gets sent for a second screen and is approved week 3.