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Qualification and Pre-Approval Process
The number one reason for stress during the mortgage process and the reason for a last-minute mortgage loan denial is because the mortgage loan originator did not properly qualify the borrower prior to issuing the pre-approval letter. Borrowers depend and rely on the mortgage loan originator that the pre-approval is solid and valid. A mortgage loan originator should not issue a written pre-approval letter if they have even a one percent doubt that the loan with not get approved and close on time. All pre-approval letter should not be issued to borrower if the loan cannot just close but close on time. Borrowers are giving their faith and trust on the loan officer that their loan will close and not stress out during the mortgage process. Borrowers are notifiying their utility companies to disconnet their service at their current home and ordering new service at their new home purchase. They are registering their children to their new schools. They are notifying their employers of the new change of address. They are selling their old furniture and belongings and buying new furniture to funish their new home. What if everything falls through? Due to issuing a pre-approval letter, the life of the the entire family of the homebuyer is turned upside down? In this thread, we will go over the proper way of qualifying and pre-approving a homebuyer prior to issuing a pre-approval letter.
https://gustancho.com/last-minute-mortgage-denial/
gustancho.com
Reasons For Last-Minute Mortgage Denial From Underwriters
The main reason for a Last-Minute Mortgage Denial is due to the LO not properly qualifying the borrower prior to issuing the pre-approval letter
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