of the buyer aond our abilities to close on time.
Once your offer is accepted and we enter escrow, the loan processor works with the loan officer to handle the loan documentation, and all the tasks. For example, they are in charge of sending out loan disclosures, ordering the appraisal, and title work. The loan processor assembles the loan package, and submits to the underwriting department for the final approval. As stated earlier, underwriting is the process of reviewing the submitted information from the buyer and confirming it complies with the loan guidelines of the program requested. The underwriter will focus on matchinlg the applicant’s employment, income, assets, credit information, property title, and home appraisal to the lending guidelines. If everything meets the requirements, the loan is approved. If something doesn’t look right or there is some sort of issue, the loan is denied. Usually before the loan is denied, the underwriter is in full communication with the loan officer to confirm the information is correct. Granted, the terms of a mortgage loan may several conditions requested by the underwriter. After all, most mortgages are for fairly large sums of money, and lenders don’t want to be haphazard with their finances. With that in mind, the underwriter and loan processor may not be individual people, but rather teams of people. Sometimes the entire processing and underwriting departments of a lending organization are working on one particular loan. With that many players in the game, you can see the importance of working with a solid, well-versed loan officer.
ORIGINATION: PRE-QUALIFICATION OR PRE-APPROVAL
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