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Answer Upon - Ten Things a Mortgage Processor Must Know to be Effective
Over the last 20 years there have been significant changes in the choices people are making in whether they wish to rent or own their house, flat or apartment. In the early 1980's West European countries averaged between 50% and 60% of homes owner occupied as opposed to rented. However as years progress into the early 2000s there have been some very significant changes with most countries seeing a significant reduction in the number of properties rented. Some of the most significant cha
3. How to calculate income – The income noted on the 1003 should always be based on calculations made using actual file documentation rather than the borrower’s rough estimate
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Replacement or continuing education will be required to address the immediate issue. Additionally, Mr. Broker will need to conduct a more in-depth preliminary interview to determine if the next processing candidate can really meet his expectations.
An experienced processor should know:
1. How to analyze a loan file – Knowing the elements that make or break a deal is essential. It is critical that a processor has the ability to take a look at a loan application with its supporting documentation and quickly determine the likelihood of that file closing. If challenges are identified, the processor should have some idea of what has to happen (and in what time frame) for the loan to be approved.
2. How to review title and appraisal reports – Title and appraisal documents should be reviewed for issues or inconsistencies upon receipt. Title liens and appraisal issues often take a considerable amount of time to resolve. The underwriting process is expedited when those things are identified and addressed early rather than left for discovery by the lender.
3. How to calculate income – The income noted on the 1003 should always be based on calculations made using actual file documentation rather than the borrower’s rough estimate
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An experienced processor should know:
1. How to analyze a loan file – Knowing the elements that make or break a deal is essential. It is critical that a processor has the ability to take a look at a loan application with its supporting documentation and quickly determine the likelihood of that file closing. If challenges are identified, the processor should have some idea of what has to happen (and in what time frame) for the loan to be approved.
2. How to review title and appraisal reports – Title and appraisal documents should be reviewed for issues or inconsistencies upon receipt. Title liens and appraisal issues often take a considerable amount of time to resolve. The underwriting process is expedited when those things are identified and addressed early rather than left for discovery by the lender.
3. How to calculate income – The income noted on the 1003 should always be based on calculations made using actual file documentation rather than the borrower’s rough estimate
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2. How to review title and appraisal reports – Title and appraisal documents should be reviewed for issues or inconsistencies upon receipt. Title liens and appraisal issues often take a considerable amount of time to resolve. The underwriting process is expedited when those things are identified and addressed early rather than left for discovery by the lender.
3. How to calculate income – The income noted on the 1003 should always be based on calculations made using actual file documentation rather than the borrower’s rough estimate
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2. How to review title and appraisal reports – Title and appraisal documents should be reviewed for issues or inconsistencies upon receipt. Title liens and appraisal issues often take a considerable amount of time to resolve. The underwriting process is expedited when those things are identified and addressed early rather than left for discovery by the lender.
3. How to calculate income – The income noted on the 1003 should always be based on calculations made using actual file documentation rather than the borrower’s rough estimate
For many home buyers, the dilemma of whether to rent or to own is a common one. There are three benefits of home ownership. Firstly, home ownership produces one of the safest and surest opportunities to build your personal wealth assuming that the purchase is geared lightly. Secondly, property offers a potential source of capital preservation. Finally, home ownership yields non-financial benefits that far outweigh monetary returns and provide satisfaction to the owners.Some p
3. How to calculate income – The income noted on the 1003 should always be based on calculations made using actual file documentation rather than the borrower’s rough estimate. If the income consists of more than regular wages or salary, the processor should know how the lender views and calculates that particular source of income rather than assume it will be acceptable.
4. How to analyze credit - A processor should have the ability to analyze a credit report regardless of what credit bureau or repository provided it. In addition to understanding the content of the report, the processor should know what documentation is required to address that credit profile.
5. How to shop a loan – Long gone are the days of shipping a loan to a lender just to find out that it won’t fly as submitted. Take advantage of the lender’s quick qualification and automated underwriting system to close more loans. Underwriting guidelines, program matrixes, rate sheets, and more may be available on the lender’s website.
6. How to verify employment - Don’t waste time making repeated phone calls only to find that the verification has to be submitted in writing or is available instantly via an automated system. Ask the borrower upfront. You may find that they already have a PIN or direct contact to expedite the process.
7. How and when to request file documentation – In order for a loan to close in a timely f
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