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Discussions tagged with 'Mortgage Process From Pre-Approval to Clear-to-Close'
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In this thread, we will discuss and cover the mortgage process leading to closing. Now since the borrower has an executed real estate purchase contract as well as the addendums, the mortgage processor is assigned to the file. The mortgage processors job is to structure the borrower’s file with all the required document to submit to a mortgage loan underwriter. The goal of the mortgage processor is to label the files, make sure that all files are complete, make sure the appropriate letter of explanations are attached to employment gaps, prior bankruptcy, prior housing event, prior late payments and/or derogatory credit tradelines, declining income, multiple jobs, prior collection and charge-off accounts, credit inquiries, credit disputes, periods of irregular income, and any irregular information. The goal of the loan officer and mortgage processor is to submit the file to underwriting and have the underwriter issue a conditional loan approval with as little conditions as possible. The difference between a mediocre processor and a great processor is the great processor will NOT submit a mortgage loan file that is incomplete, has missing pages, and the mortgage underwriter will kick it back or suspend the file. A mediocre mortgage processor submits a file half assed where it is not uncommon for the underwriter to return back the conditional loan approval with dozens of conditions. There are times when mortgage underwriters will stop underwriting the file and just kick back the file to the mortgage processor and state the account is in suspense. One of the biggest reasons for delays in a clear to close and closing is because of the incompetence of the mortgage processor. The mortgage processor plays a super important role in the mortgage process.
Mortgage Process Leading to Closing for Borrowers
gustancho.com
Mortgage Process Leading to Closing for Borrowers
The mortgage process leading to closing is important for borrowers to avoid delays and stress during the home purchase and mortgage process
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