Title issues can be the most time-consuming and can result from misfiled paperwork. Tax liens are a common issue that need to be addressed as soon as possible. Conditions that involve a third party to rectify can take more time than conditions where only the borrower’s information is needed. I know the difference between third-party issues and first-party issues. Only after all conditions are cleared can a “ clear to clos e” letter be issued by the lender. My goal is to get there as quickly and efficiently as possible. As collecting all items from the buyer to clear conditions can take some time, the loan may not be approved in the timeframe that everyone wants. To stay on track, the real estate agent has to call the seller and ask (beg) for an extension. Real estate agents know how challenging that can be. When I have loan conditions, I work to get them resolved ASAP as aggressively as possible. I reach out to the buyer and say, “I need this now. Can you send it to me today? Don’t send it to me next week. Don’t send it to me this weekend. Send it to me today.” Or, “Send it to me tonight when you get off work.” I try to submit a complete file in the beginning. I like to submit the file with everything necessary already collected, one where the underwriter looks through and says, “This is good to go,” and stamps the file “approved,” or sends minimal loan conditions back to the borrower.
LOAN GUIDELINES
How do I go about submitting complete files to the underwriter practically as soon as loan origination occurs? The first thing I do is review the guidelines for the loan program for which the borrower is applying. If the buyer is looking for a Federal Housing Authority (FHA) loan, I ensure we have all the
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