The Perfect Loan File
Here is some good news.
The housing market in our area is getting better, more activity, new listings and deals closing. On the lender side, rates are still great and we are ready and able to help you with your next transactions.
The question, how can we do the best job for you and your clients?
The Perfect Loan File
A better understanding of the process is the key. Due to the tightened underwriting guidelines it is most important that your clients understand the process and to keep it simple, get them pre-approved.
High net worth and your self-employed buyers might find this information important.
Attached is a great article from Forbes Magazine. So take moment to read this and pass this along to your clients to help improve the process.
Key Excerpt written by Mark Greene, Forbes – 3/09/2012
So, let’s begin with the pre-approval call. Mortgage pre-approval is typically accomplished with a telephone interview. A prospective borrower calls a mortgage rep (filter), and the questions begin. There will be lots of questions as this critical phase of the process is akin to the discovery period in a trial – you’ll need to disclose everything. Expect to answer queries on what you do for a living, how long you’ve been employed in your current field, and what your salary is. If there is a co-borrower, they will have to answer the same questions.
Every dollar in checking, savings, investments and retirement accounts, also known as assets to close, as well as gifts from relatives and non-profit grants, has to be accounted for. Essentially everything appearing on a borrower’s asset-radar-screen has to be documented and explained.
It all comes down to your proof. If the lender asks for a specific document, give them exactly what they are asking for, not what “should be OK,” – because it won’t be. This is where the approval process tends to go off the rails, when the lender asks for specific documentation and the borrower supplies something else. Here, too, is where both sides get frustrated. So if the lender asks for a bank statement and there are 5 pages for that bank statement, send them all 5 pages, and not just the summary. If you send them the summary page and they ask again, don’t complain that the lender keeps asking for the same thing when you never sent it in the first place. This may sound elementary, but the vast majority of mortgage approval process woes stem from scenarios just like this.
The entire article can be found on the Forbes Money Builder
Thanks and I hope you find this helpful.
Remember, we can help your client with a refinance, which could turn into a referral back to you.
Call anytime
Thanks for the opportunity
The housing market in our area is getting better, more activity, new listings and deals closing. On the lender side, rates are still great and we are ready and able to help you with your next transactions.
The question, how can we do the best job for you and your clients?
The Perfect Loan File
A better understanding of the process is the key. Due to the tightened underwriting guidelines it is most important that your clients understand the process and to keep it simple, get them pre-approved.
High net worth and your self-employed buyers might find this information important.
Attached is a great article from Forbes Magazine. So take moment to read this and pass this along to your clients to help improve the process.
Key Excerpt written by Mark Greene, Forbes – 3/09/2012
So, let’s begin with the pre-approval call. Mortgage pre-approval is typically accomplished with a telephone interview. A prospective borrower calls a mortgage rep (filter), and the questions begin. There will be lots of questions as this critical phase of the process is akin to the discovery period in a trial – you’ll need to disclose everything. Expect to answer queries on what you do for a living, how long you’ve been employed in your current field, and what your salary is. If there is a co-borrower, they will have to answer the same questions.
Every dollar in checking, savings, investments and retirement accounts, also known as assets to close, as well as gifts from relatives and non-profit grants, has to be accounted for. Essentially everything appearing on a borrower’s asset-radar-screen has to be documented and explained.
It all comes down to your proof. If the lender asks for a specific document, give them exactly what they are asking for, not what “should be OK,” – because it won’t be. This is where the approval process tends to go off the rails, when the lender asks for specific documentation and the borrower supplies something else. Here, too, is where both sides get frustrated. So if the lender asks for a bank statement and there are 5 pages for that bank statement, send them all 5 pages, and not just the summary. If you send them the summary page and they ask again, don’t complain that the lender keeps asking for the same thing when you never sent it in the first place. This may sound elementary, but the vast majority of mortgage approval process woes stem from scenarios just like this.
The entire article can be found on the Forbes Money Builder
Thanks and I hope you find this helpful.
Remember, we can help your client with a refinance, which could turn into a referral back to you.
Call anytime
Thanks for the opportunity