Solutions LLC, is 2460441, and my personal NMLS is 1577950.
It goes without saying that if you start working with a loan officer who is not up-to-date on their NMLS certifications, you and you should not work with them. This could not only cause serious delays in the mortgage process, but could put you into considerable financial danger. Once the borrower has found an NMLS-certified loan officer, the preliminary discussions of the loan can begin. This is the first step in the loan process we discussed earlier: Origination. Once all loan disclosures are executed and all income and assets data are provided, the transaction moves into the second phase, which is Processing. The loan processor works with the loan officer to handle the loan’s documentation and tasks. For example, they are in charge of ordering the appraisal, doing title work, verifying income and deposits, checking the debt-to-income (DTI) ratio, and a multitude of other loan-related items. Once the loan processor assembles the loan package, they submit it to the underwriting department, beginning the third stage of the loan process: Underwriting. As stated earlier, underwriting is the process of poring through the buyer’s submitted information and making sure it jibes with the requirements of the loan organization. The underwriter will focus on matching the applicant’s income, assets, credit information, property title, and home appraisal to the lender’s lending guidelines. If everything meets the organization’s requirements, a loan is offered and a closing date set. If something doesn’t look right or there is some sort of issue, the loan is denied. Loan applications can be marked incomplete if the applicant does not provide required documents in a timely fashion. It is important to provide documents for review; this keeps you in compliance with your contract, and protects your deposit.
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