submitted as early as possible. I know the different paperwork required for specific loan programs, and I get that documentation in the beginning of the loan origination. That substantially reduces problems down the road. I aggressively deal with underwriting conditions. I know that if you are haphazard in that stage of the loan, things stall. Believe it or not, a lot of loan underwriting nowadays is done via an automated system, which is good because it considerably speeds things up. However, it’s a double-edged sword, as the automated system could give curious results, and the underwriter will often need additional information to make a decision. If I’m not there, ready to push the underwriters when that time comes, it could be a while before I’ll even know there’s an issue. Once I know what underwriting conditions need to be met for the borrower to get their loan, I get straight to work assembling the information. My primary goal is to get the underwriting team what they need as soon as they need it. But my ultimate goal is to have the information ready before the underwriting team even asks. Some examples of underwriting conditions that I can work hard to prepare beforehand are:
• Employment verification • Proof of source of funds in your bank account • Late payments explanations
• Gaps in employment resolution • Account collections explanations
When problems like these arise, I can work with the borrower to get documentation that will help them pass the underwriting scrutiny and close their loan.
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