What We Do To Process Your Loan
This is the first step and the most important step. Every borrower is unique, and often their situation can be quite challenging. It takes a good loan officer with years of experience to get a quick grasp of your financial situation and analyze the type of loan that would best fit your needs. It is at this time that a high degree of trust is established. The loan officer is telling you that you are very likely to get approved, that a certain type of loan will work, the amount of money you will need to bring to closing and any information you will need to know to get the job done.
Take the loan application
This is the blueprint to the underwriter, so it is important that the information be clear and consistent.
Process the loan
This is the process of documenting anything that has to do with your loan before it goes to underwriting. This is when employment, current assets, current liabilities and credit history get verified by outside sources in order to prove to the underwriter that you are capable of handling the payment on your home. We also order residential credit reports and correct anything that may be reported inaccurately. We order the appraisal and coordinate when it will be done in order to meet your contract dates. If required, we order a survey on the property. A good lender strives to do this with a minimum of hassle for you the borrower, while giving the underwriter enough information for them to be in compliance with the required underwriting guidelines. The goal in processing the loan is to be thorough so that anyone who reviews the file will have a clear understanding of what is going on.
Coordinate with all the people in the transaction
We are continually amazed at just how many phone calls are involved in one transaction. We work with the Title Company, the listing Realtor, the selling Realtor, the appraiser and you, the borrower. Your real estate contract has specific dates, which need to be met in order to protect you, the buyer. The most important dates for the lender to follow are the loan application date, the appraisal deadline, the approval date and the closing date. If we do not meet these dates per the contract, then we are not doing our job in representing you, the borrower.
Get your loan approved
One of my clients said it best; "I didn't know you actually talk to the underwriter and that you both care about the people involved." It's true, we really do! The loan officer has the most thorough knowledge of the borrower and acts as an ally in presenting the case. The underwriter's job is to protect the lender and to make sure the borrower does not get into financial trouble.
Once the loan is approved, the underwriter may have some conditions to be met before closing the loan. This may be submitting additional bank statements, verification of closing funds, letters of explanation on credit issues or whatever the underwriter feels is necessary to make the file meet guidelines. Whatever those conditions are, it is our job to meet them before closing.
Our goal at Springs Mortgage is to create a smooth loan process with the least possible amount of stress. We feel that the possibility of buying a home, moving to a new area and getting a new job is stressful enough!