Processing Your Loan Application - After Submitted

Processing Your Loan Application - After Submitted
After you turn your application in with all of your supporting documentation, the next step is for your loan officer to turn your application package over to the loan processor. Your primary job during this time is to be available for any questions and/or document requests that come from the processor. To get you to best understand what to expect during this time, I will explain what the processors goals are when processing your loan application. First thing the Processor should do is open and review the Loan Application package. While doing so, the processor should go through their processors checklist to confirm that all basic documents are included. After first review of the file, processor should next contact the loan officer to get any missing information and/or clarifications needed. The Loan officer works as the intermediary between the loan processor and the borrower. It is best to insure that the loan officer is fully aware of all of the potential loan details to avaid any processing delays. After the processor verifies all basic information and documents are collected, the next step is to start ordering verification documents for the loan. The verification documents that are going to be ordered are: Credit Report(s) - This insure the Applicant is a credit worthy borrower Appraisal(s) - The appraisal will tell the lender what the propert is worth Inspection(s) - The Inspection is performed to make sure the property is in living condition Title Search - The Title Search looks for any owners of record and checks for any existing liens on the property Verification of Income - This is done by verifying the work status with the borrowers employer or checking last 2 years of tax returns if the borrower is self employed Bank Account Statements - Verifies current financial banking situation Borrower Asset Verification's - Helps confirm strength and credit worthiness of borrower Proof of Insurance - Verifies all necessary insurance is active Once all of these items are collected and verified, the application package is now ready to be sent to the underwriter. All of these verifications are meant to protect the lender and borrower alike. Please keep in mind when applying for a loan - The processor can not send the loan package to underwriting until all items are verified. In the interest of saving time, try to have everything ready before applying. TO APPLY FOR A LOAN FOLLOW LINK BELOW: http://www.crestico.com/paulwillia…/home-loans/apply-online/ VISIT LINK BELOW FOR MORE LOAN INFO: crestico.com/paulwilliams/ Paul Williams-Kohlmeyer MORTGAGE LOAN - Advisor & Originator Crestico Funding crestico.com/paulwilliams/ NMLS -1466104 CalBRE - 02000285 Paul.Williams@Crestico.com (323) 985-8956 - Office (323) 384-4049 - Cell

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