|Mortgage Refinance Information|
Ten Things a Mortgage Processor Must Know to be Effective
From time to time, we hear a story about a processor gone bad. A processor that seemed so knowledgeable early on but now isn't keeping pace and can't seem to get along with anyone. Many unhappy customers, unhappy loan officers, and denied files later, Mr. Broker is forced to seek out a resolution.
Replacement or continuing education will be required to address the immediate issue. Additionally, Mr. Broker will need to conduct a more in-depth preliminary interview to determine if the next processing candidate can really meet his expectations.
An experienced processor should know:
1. How to analyze a loan file ? Knowing the elements that make or break a deal is essential. It is critical that a processor has the ability to take a look at a loan application with its supporting documentation and quickly determine the likelihood of that file closing. If challenges are identified, the processor should have some idea of what has to happen (and in what time frame) for the loan to be approved.
2. How to review title and appraisal reports ? Title and appraisal documents should be reviewed for issues or inconsistencies upon receipt. Title liens and appraisal issues often take a considerable amount of time to resolve. The underwriting process is expedited when those things are identified and addressed early rather than left for discovery by the lender.
3. How to calculate income ? The income noted on the 1003 should always be based on calculations made using actual file documentation rather than the borrower's rough estimate. If the income consists of more than regular wages or salary, the processor should know how the lender views and calculates that particular source of income rather than assume it will be acceptable.
4. How to analyze credit - A processor should have the ability to analyze a credit report regardless of what credit bureau or repository provided it. In addition to understanding the content of the report, the processor should know what documentation is required to address that credit profile.
5. How to shop a loan ? Long gone are the days of shipping a loan to a lender just to find out that it won't fly as submitted. Take advantage of the lender's quick qualification and automated underwriting system to close more loans. Underwriting guidelines, program matrixes, rate sheets, and more may be available on the lender's website.
6. How to verify employment - Don't waste time making repeated phone calls only to find that the verification has to be submitted in writing or is available instantly via an automated system. Ask the borrower upfront. You may find that they already have a PIN or direct contact to expedite the process.
7. How and when to request file documentation ? In order for a loan to close in a timely fashion, file documentation must be available when needed. Find out the turn around time for all of the documents required for your file and request them far enough in advance.
8. Know alternative ways to meet document requirements and underwriting conditions ? An experienced processor knows that although the condition sheet says that the lender wants one thing, they will actually accept another. Knowing how to ask the right person the right questions can save a lot of time and trouble.
9. How to avoid closing delays ? You'd be surprised how many times someone forgot about that "at closing" condition. Pay special attention to those conditions and get as many as possible cleared beforehand. Additionally, make certain that you are aware of the lender's deadline for closing document requests.
10. How to avoid funding delays ? Funding delays can kill your referral business. Don't assume that all is well during the rescission period. Confirm with the lender that all prior to funding request have been met and that they have the correct wiring instructions for the title company.
Stephanie Graham is a mortgage professional with more than two decades of experience in both retail and wholesale lending. Stephanie has excelled in a number of mortgage industry positions including CRA officer,corporate trainer, and consultant. Stephanie is currently a part of the executive team of Complete Mortgage Processing. More tips and techniques for mortgage processing and origination can be found at http: http://www.completemortgageprocessing.com
Self Employed Mortgage Loans - A Survival Guide
When you're self employed you have numerous advantages. As you are a free agent, you will write off every deduction you can on your tax return. You acquire the potential to earn extra income much more so than someone who is employed by someone else. The best part is that you are the gaffer, the boss! On rare occasions, being freelance has some drawbacks. One is when you go to get finance for a property or a large purchase. However, here are some items to know that could help you prepare for the mortgage loan process. A self-employed mortgage loan survival guide, if you will.
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Get the Best Rate on Your Home Mortgage Loan
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Student Home Purchase Plan
Tuition costs are climbing, housing costs are climbing, it seems like all the costs for students are climbing these days. Students can afford cost increases less than any other demographic in Canada. Because of this, parents and students alike are looking for new ways to offset the costs of education.
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Bad Credit Mortgage Loans Online - How Your FICO Credit Score Can Affect Your Loan Approval
When applying for a mortgage loan when you have a bad credit history. There are a few things you should know about your FICO score that will help you know what to expect from mortgage lenders.
Home Buyers Face Decisions that Affect Their Long-Term Financial Picture
Taking the step for prospective home buyers.into home ownership is one of the most important financial decisions a person will make in their lifetime. There are many factors to consider when embarking on this venture. Literally hundreds of loan programs are available, and it is important to find the one that best fits your personal long-term goals.
How Not To Be Ripped Off By Mortgage Brokers
One of the things that bothers me about the mortgage industry is the number of unscrupulous brokers that operate in this market.
Home Mortgages: Does It Ever Make Sense to Pay Points?
Interest rates on home mortgages are often quoted with and without points. A point equals one percent of the amount you are financing. This means that on a $150,000 mortgage, one point is $1500.00 and two points would be $3,000. These points are in addition to whatever other closing costs you might have.
Buy a Home With a Government Grant? Avoid this Scam
If you watch enough late night television, you'll see advertisements that suggest that the Federal Government is giving all kinds of things away. You'll see ads for auctions that promise that you can buy a Ferrari for $500 or a home for $1000 through "government liquidations" or some such thing. You'll also see ads that promise to tell you how you can get money for free to purchase a home. Is this for real? Will Washington provide you with money to purchase a home?
High Risk Home Mortgage Lenders Online
Online high risk home mortgage lenders specialize in offering loans to people with adverse credit due to bankruptcy or other financial problems. By analyzing online quotes, you can find a reasonable mortgage loan even with poor credit. Loan approval is then just a matter of filling out your online application and reviewing some final paperwork.
Where To Find The Best Rates For Your Mortgage?
As with all of my articles this will be based on a scenario in my home town. (Which may be similar to yours).
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