CHAPTER 5 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 lending 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 where the file is in the process. Staying Ahead of Inquiries and Conditions in the Underwriting Process There are points that will be reviewed 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 the resolve or cure these particular circumstances or conditions. Only after all conditions are cleared can a “clear to close” letter be issued by the lender. If any of these items apply to an application the MLO will give the information prior to the underwriter receiving the file. • Account collections Letter of Explanation (LOX)
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