CHAPTER 4 Keeping The Loan On Track
“ Oh the places you'll go! There is fun to be done! There are points to be scored. There are games to be won. And the magical things you can do with that ball will make you the winning-est winner of all .” ― Dr. Seuss, In addition to accurate pre-approval letters, there are other things a good lender can — and will — do to help make the process smooth. A loan officer will be available to shepherd your file through processing and underwriting and always answer your questions. A good lender will keep the real estate agents; the attorneys and you informed of the progress of the file. Staying Ahead of Inquiries and Conditions in the Underwriting Process There are points during the underwriting process that require comprehensive explanations so that the underwriter can be confident in the viability of the borrower. A good MLO will notice them early — and alert the borrower as to how to resolve or cure specific circumstances or conditions. When all conditions are satisfied a “clear to close” letter can be issued by the lender. If any of these items apply to an application the MLO will request the information from the borrower prior to the underwriter receiving the file.
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