Tag: loan officers

Credit and Mortgage

THE 6 STEPS TO MORTGAGE LOAN APPROVAL PROCESS

INTRODUCTION

Though the process may differ from one borrower to the other, the general steps outlined here will go a great deal in assisting you make informed decisions about how the mortgage loan approval process is, especially for first-timers. It is important that the lender has a loan officer training from a loan officer school to ensure smoothness of the whole process.

 

PRE-APPROVING THE MORTGAGE

This basically involves the lender checking your financial status particularly your income, assets and debts. This gives a general overview on if you are the ideal candidate for a loan based on the assessment of the lender. It is a very important step because it saves time, energy and resources by narrowing the search to houses you can afford. At this stage, the lender also makes it clear how much he is willing to lend you and he includes all this information in a pre-approval letter he hands you. He works most efficiently if he has undergone the mortgage loan officer training.

 

HUNTING FOR THE HOUSE AND PURCHASE AGREEMENT

This is where you and your real estate agent get to work hard. You have got the price limit, you can now comfortably search for houses within that range. A very important thing to know here is, it is impossible to find all what you need in a single house. But you can find most. Be flexible. At this step of the process, the lender is basically out of it. However, once the desired house has been found, and an offer made and accepted by the seller called the purchase agreement, he steps right into the picture and this takes us to filling for a mortgage loan.

 

APPLICATION FOR MORTGAGE LOAN

Here, there is a standardized form mortgage lender use. You have gotten a pre-approval, you have hunted for a house, gotten one and the seller has accepted your offer. Next is to fill the standardized form called the Uniform Residential Loan Application (URLA) otherwise known as the Fannie Mae form 1003. This asks for information about you, the type of property you are asking for and the amount of loan you are asking for. A mortgage license is very important for protecting you.

 

PROCESSING OF MORTGAGE

Here, all the information provided during application and their supporting documents are reviewed. It prepares you for the next step by making sure information provided in the application is correct and is duly supported by genuine documents. These documents include bank statements, tax records, employment letters, the purchase agreement, and many more, depending on the loan processor, you, and the property you are filling in for. Learn more.

 

UNDERWRITING OF MORTGAGE

At this stage, it is made sure that all the presented documents meet the requirements and guidelines of lending. This is the most important part of the process because the loan is accepted or rejected at this stage. The underwriter double-checks the property seller, the property itself and the borrower. He assesses the risk. Whether from all provided information, you will be able to pay the loan following the 3 Cs: capacity, credit and collateral.

 

APPROVAL AND CLOSING OF MORTGAGE LOAN       

This could be full approval or a conditional one in which a set of rules are given by the underwriter following some issues he noticed during the underwriting process that are not bad enough to warrant a rejection. However, the conditions must be met for the deal to be closed. This is the final step. Companies are selected to handle the closing and all supporting documents are sent to them for signing. Tada!

CONCLUSION

The approval process for a mortgage loan is a very interesting one, though it could be really daunting. With the above breakdown, you are in the skies of knowledge! For more information visit: https://caloanoff.capeschool.com/mlo/

Credit and Mortgage

Mortgage – 4 Signs of a Good Loan Officer

Loan Officer

A lot of people seeking business advice are hoping to find the perfect niche to ply their trade and make up a fortune. It makes sense. But I would venture to convey that a majority of businesses can make a lot of cash… now I hear you asking, “How do they make that cash?” It is probably not so much a matter of the product, the help of a loan officer, or perhaps even the market, although these play a big influence.

Even more than having the perfect product or market, business entrepreneurs seeking small business advice need to find the right methods and procedures to ensure their business succeeds.

Unfortunately, we’ve got grown to enjoy this niche for one reason and something reason only. M.O.N.E.Y. What else are we able to do and possess the freedom that we’ve enjoyed? What else are we able to do and make this kind of money? Before the Mortgage Crisis, My Joke was “I wonder how much cash I could make if I actually worked 6 hours a day”?

Now that the crisis remains to be here, it’s more about what kind of money can I make period… I’ll work 10 hours each day if I can only make half the amount of money we had been making before. It’s a sad state for those true mortgage professionals and loan officers around.

As a highly-experienced loan officer, I have dealt with many clients throughout Ohio, from Cincinnati to Columbus to Cleveland, the other thing I see frequently is that a lot of people have no idea what their credit history contains. Maybe an incorrect collection, or possibly a misreporting 30-day late with a charge card, or worse yet a judgment. Many credit issues might be resolved easily before ever trying to get a home loan. Thus, setting yourself up to get the best possible mortgage when the time comes.checkout more information at http://www.stjamesnews.com/news/20170125/wells-federal-bank-welcomes-new-loan-officer

When involved in a negotiation one of the worst strategies a person can have is negotiating from the position of weakness. Banks will have you believe that to acquire a loan from their website you must meet their very strict conditions. Don’t believe it.

The best thing a small company owner can do is explore all of their options. Do the research. Try to find the best offer open to you, if you do not possess time for you to perform the research there are numerous websites which will undertake it for you.

As long as you’re thorough and prudent you shouldn’t have happen what actually transpired for the person in the example at the beginning of this article.view this website http://www.loanofficerlicense.net

Loan OfficerThe process took for a week when suddenly the money officer went silent. My client called him and emailed him many times over a few days. I got involved and called and emailed, trying to determine what was going on. When I finally got him the officer rudely informed me they cannot do the money as a result of derogatory on my small client’s credit.

I asked for a lot of explanation and was told he wasn’t sure while he couldn’t understand the credit file and we must lose time waiting for it – in the future straight from the lender. My client was shocked as they knew of nothing on his credit that will negatively affect his loan. My client called and emailed and ultimately got a similar answer. If you have a similar story and need help, why not contact a loan officer today?…