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Discussions tagged with 'MLO Training: e-Learning: How To Qualify and Pre-Approve a Borrower'
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In this thread of MLO Training e-Learning we will dive deeply into How to Qualify and Pre-Approve a Borrower and when to issue a pre-approval letter. One of the most common reasons for stress during the mortgage process and a last minute mortgage loan denial is because the MLO issued a pre-approval letter to a homebuyer without properly qualifying the borrower. We will cover the initial interview with the mortgage loan applicant, questions to ask applicants, important questions about their current job, years of employment, type of employment, type of earnings (hourly, salary, income, full or part-time, irregular income, bonus income, social security income, pension income, alimony and/or child-support, royalty income, W2 wage earner or 1099 wage earner, self-employment if applicable, co-borrower(s), non-occupant co-borrowers if applicable, and most importantly, How Much House Can I Afford vs How Much House Can I Qualify. We will dive deep into the applicant’s current credit scores, credit payment history, current liabilities, derogatory credit tradelines, such as outstanding collections, charge-off accounts, judgments, tax lien, bankruptcy, or housing event. We will also cover credit disputes, credit tradelines that is not reporting on credit reports that will get discovered via when a lender does a third-party national public records search such as delinquent federal student loans and other public records. We will cover the documents MLOs will request borrowers, the APPLY NOW link and how it works, and the Credit Report Link and how that works.
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