10 Year 10 Year Fixed Mortgage Rates Refinance 15 Year Fixed Mortgage Rates Refinance 2% 5 Residential A Couple Of Home Loans Discussed A Credible Source a Land Loan A Mortgage Refinance Adjustable Mortgage Adjustable Rate Mortgage Adjustable Rate Mortgages Advantages Amenities Anatomy Mortgage and California Apartments Applications rise Apply For a Home Loan Apply For a Loan Online Apply For Loan Online Apply For Loan Online Personal Target Markets Apply For VA Home Mortgage Loan Applying home loan Approval Approval Home Loan ARM Arm Mortgage ARM program auto Avoidable Mistakes Bad Credit Bad Credit Home Loan Bad Credit Home Loan Lender Bad Credit Mortgage Refinancing Bad Home Loans Balloon Mortgages bank Bank Housing Loan Bank of America Bankruptcy Barclays basics Mortgages Benefits Benefits of FHA Loans Best Banks To Refinance Mortgage Best California Mortgage Rate Refinance Best cash Best Home Loan Best Home Loan Rates Best Mortgage Refinance Calculator Best Place To Refinance Your Home Boost Broker Buyers Buying A Home Ca Home Refinancing Calculator Calculator Amortization California Cargo Cash Out Mortgages Cash Real Estate Cash-out Mortgage Refis Cash-Out Refinance Cheapest Rate Home Loan Check Claim Tax Benefits Closing Closing Cost of Mortgages Closing Costs Attached Closing Costs For a House Commercial Bank Loan Commercial Loan Calculator Company Compare Compare Home Loans Compare Lending Mortgage Compare Loan Control Costs Countrywide Countrywide Home Loans Couple in police net Credit Credit Check Credit Grade Credit Inquiries Credit Profile Credit Recommendations Credit Report credit score Credit Scores Home Loan Current Mortgage Lender Debt Consolidation Debt Consolidation Loans Debt Refinancing default Mortgage Different Types of Home Loans Direct Lenders vs. Brokers Disadvantages Down Payment Driven Elderly Day-Care Services Embrace Home Loans Encourage Equity Facts FAQ's Cont'd FAQs Mortgage federal home loan FHA FHA appraisal FHA Foor credit Home Loan-Dont Let Bad Credit Stop You FHA Home Loan Requirements FHA loan FHA Loans FHA Refinancing Programs Finance Agen Financial Planners financing FIND THE RIGHT LENDER Fixed Fixed Home Loan fixed interest rate loan Fixed Rate Mortgage Fixed Rate Mortgages Fixed-Rate Mortgage Fixed-Rate Mortgages For America Express Foreclosure Foreclosure Procedures Foreshadow Fort Wayne Home Loan Fraud Risk Frequalify Home Loan Future Government Home Refinancing Great Migration Greensboro Home Loan HAMP Hard Money HDFC HELOC Helpful Hints Helpful Information Hme Finance Hme Loan Hold Off on Short Hom Loan Rate home Home Affordable Loan Home Affordable Refinance Program Rates Home Builders Home Buyer Home Buyers Home Buying Home Equity Home Equity Loans Home Equity Credit Line Home Equity Credit Lines Home Equity Line Home Equity Line Of Credit Tax Home Equity Lines of Credit home equity loan Home Equity Loan Basics Home Equity Loan Interest Home Equity Loan Rate Home Equity Loans Home Equity Loans With Bad Credit Home Equty Loan Home Improvement home loan Home Loan Application Home Loan Calculator Amortization Home Loan Eligibility Calculator Home Loan For Bad Credit Home Loan Improvement Home Loan Interest Rate Home Loan Investment Bank Home Loan Lines Of Credit Home Loan Modificatio Home Loan Modification Home Loan Modification Plan Home Loan Modification Programs Home Loan Mortgage Home Loan Mortgage Generic Home Loan Now home loan Online Home Loan Process Home Loan Programs Home Loan Rates Home Loan Repayment home loans Home loans mortgage generic Home Mortgage Refinance Home Mortgage Refinance Options Home Mortgages Home Owner Home Prices Home Purchase Home Refinancing Homeowners Homeowners Refinance Homes For Sale House Loan For Mortgage Housing Housing Collapse Housing Counseling Housing Finance Agency How To Shop Low Rates IBISWorld Income Assets Increasing Indian Bank Home Loan Influence Your Home Advantage Loan Cost Information insurance Interes Interest Interest Rate Interest Rates International Investing Requirements Investment Property Loan IRRRL IRS Jumbo Loans Lawyer Lender Mortgage Private Lending Level Limit Limited Cash Out Mortgage lines of credit loan Loan Application Loan Calculator Loan Comparison Loan For Home Loan Modification Loan Process Loan Zone Loans Look Before You Leap For That Home Loan Low Down Payment Low Interest Rates LowEnd Make Market Launch It Is It Worth Millions Manufactured Home Loans Master MBA Miles Mistakes Mobile Home Loan Modification Modification Program Modification Program Process Morgage Mortgage Mortgage And Refinance Mortgage Application Mortgage Applications Mortgage Banks Mortgage Basics Mortgage Broker Mortgage Calculator Refinance Mortgage Calculator Refinance Breakeven Mortgage Calculators Mortgage Closing Statement Mortgage Companies mortgage compare interest rate Mortgage Financing Mortgage Insurance Mortgage Interest Rates mortgage lenders mortgage lending mortgage loan Mortgage Loan Debt Mortgage Loan Process Mortgage Loan Programs Mortgage Loan Programs Cont'd Mortgage Loan Refinance Mortgage Loan Refinances Mortgage Programs Mortgage Rates Mortgage Rates at 8 Mortgage Rates Refinance Mortgage Refinance Mortgage refinance home Mortgage Refinance Loan Mortgage Refinance Stimulus Plan Mortgage Trends Mortgage Types Mortgages Mortgages Loan Mortgages Programs Moving Moving Tips MSE loans Named Nationwide Personal Home Loans Negotiating No Credit No Credit Check Loan No Credit Check Mortgage Loan No Money Down Doctor morgage No upfront Fee Obama “Sounding” Strong at the State of the Union Online Loan Shopping Online Loan Shopping Tips Overcoming Participates Partner Payment Payment Ease Program Personal Loans Physician Home Loan Pre-qualifying Price Property Appraisal Property Taxes Purchase A Residential Home Quick Rate Quotes Rate Real Estate Real Estate Settlement Procedures Act Realty Sector Reap Refi Refinance refinance home - refinance mortgage Refinance Home Loan Quotes Refinance Lenders 2019 refinance mortgage Refinance Mortgage Hurdles Refinance Mortgage Information Refinance Mortgage Interest Rates Refinance Your Mortgage Refinance Your Mortgage Online Refinancing Refinancing Equity Loans Refinancing Mobile Home Refinancing Mortgage Renegotiate Home loan Data Repo Requirements Residential Complexes RESPA Restructure Reverse Reverse Mortgage Reverse Mortgages Rules s Helped Boost Sales Saving Money on Your Mortgage Scandal Second Home Owner secured loan Securing A Home Improvement Loan Settlement Sierra Home Loan Slowdown Smart Solution Has a Dream House standards Streamline VA Loan Success t Rate Take Over KPR 2018 Tax Benefits Tax Deductible Tax Law Term Fixed tighten Tips type of application fee Types UK Home Loans Unchanged Understanding Understanding No Credit Check Loans Unsecured Uptick USDA Home Loan VA VA Funding Fee VA home loan VA Home Loan Program VA Home Loans VA Home Loans Houston VA Home Loans not Affected by S&P’s U.S. Credit Rating Downgrade VA Home Mortgage VA Loan VA Loan Houston VA loan pre-approval VA Loans VA Loans Soar in Texas VA mortgage checklist VA Mortgage Loan VA Mortgage Loans Houston VA Refinance Home Loans VA Streamline Loans Values Variable Home Loan Vehicle Wells Fargo Wells Fargo Home Loan Modification Wells Fargo Home Loan Modification Tips Wildfire World Bank Year High Zero Balance Program

Managing The Home Loan Process

Once you have determined the type of loan program that suits your needs, the next step for your mortgage professional ( MP ) is to begin to secure documentation from the borrower and third party entities, coordinating inspections, appraisals, survey's, etc. In the mortgage industry this is called We will discuss what exactly is involved in the processing of the loan and break it down in to five sections. Three of which will be covered in this article.


An additional step that your mortgage professional will have taken is to have priced your loan and advise you on whether you should "lock-in" you interest rate. Since pricing and rate lock information are very important aspects of your loan, I will save this topic for another discussion. For the sake of this particular conversation, we will assume that your MP has provided you with a favorable rate, your loan has been locked, and the processing has begun.

Insight : What does a rate lock mean ? When a rate is locked, it means that you are committed to that particular rate and you and your MP have the allotted days to close the loan. Your typical lock period is 30 days, but can go up to 45 days and as low as 15 days. Anything over the selected lock period will typically cause your rate to increase. As I mentioned, we will talk more at length about this topic and pricing in the articles to come.

Behind the Scene ' On to processing
Now that your loan application has been signed and you have submitted the required documents, your MP begins the processing. Depending on the office set up, some loan officers turn the file over to a processor, someone designated to handle the file from that point on, or out source the processing to a company that specializes in mortgage processing, or they may process the file themselves.

Section 1 ' File Submission

Your loan package is submitted to the lender. Here the lender will begin preliminary underwriting. In finance terms, underwriting means that the lender will analyze the credit risk of the borrower. By this time your MP should have requested your financial documents, identification information, supporting documentation regarding your financial stability, and all necessary loan apps and disclosure information related to the loan process. It is important to have all this info ready and submitted to your MP so there is no delay for the lender to review the file.

There are times when underwriters request additional information from the borrower depending on the situation. Since all loans and borrowers are different, the information that is requested, if any, will vary. This is called a condition, and we will discuss this is section three.

Section 2 ' Third Party Documentation

In all home loan transactions there is third party involvement that must be coordinated through out the process. These parties include, but are not limited to appraisers, surveyors, insurance agents, Title Company, attorneys, inspectors, etc. These industry partners help with assuring the lender that the property meets the lending criteria. With a typical home loan transaction, all lenders will require this information before the lender will fund the closing of the property. Depending on how your MP organizes their work, and what lenders require at the time of file submission, will determine when these industry partners are contacted.

Section 3 ' Conditions

Meeting conditions is another term used in the mortgage industry. A "condition" is a item of information that the underwriter feels they need in order to satisfy the risk level assessments. Conditions will vary. Sometimes there may be a lengthy list of conditions or just one that your MP may have already anticipated, for instance an updated appraisal or bank statement or contract. What ever it is, these conditions must be meet before the underwriter will sign off on the file and move it to the closer. There is much more to cover about conditions, so come back next week so we can finish this topic

Author: ryan jacob

Posting Komentar

[blogger][facebook]

Author Name

Formulir Kontak

Nama

Email *

Pesan *

Diberdayakan oleh Blogger.