If the owner is refinancing, the mortgage being refinanced must be paid off. The current owner may have a mortgage loan on the home.

One issue which comes up frequently is depositing gift funds from fiance or family member without proper documentation.

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You will need to complete the full online application. You may need to get flood, hurricane, tornado, earthquake, or some other additional hazard insurance depending upon the area you intend to purchase home in. Underwriting can view this as a negative factor when reviewing your loan and some loan programs will not use funds from bank account to qualify for a loan which had an overdraft in the last 60 days. Checklists are a simple yet profoundly effective way of ensuring that processes are executed correctly, every time. Here’s the data behind those figures: Mortgage broking is too competitive to waste up to 10 hours per deal. We will outline all the major steps needed to be completed by a loan processor in order to ensure a successful loan package. All assets and income used in the mortgage approval process must be documented.

The items on this checklist are required to process your loan once you have a contract on a home. Brokers may need to advise the client of the risks at appropriate times.

You need to provide credit card or loan statements if the monthly payment or balance on the credit report is different than the actual payment or balance.

While the homeowner is still paying their mortgage, the insurance protects the lender as well as the homeowner from loss.

Loan processing refers to the back office administration function associated with submitting, tracking and settling a residential home loan. Once you're satisfied that everything in the loan package is complete, forward it to the underwriter. These days it has become more common to use a “Kanban-style” dashboard to achieve this. Approved. If there are any mistakes, errors, or oversights, this is where they need to be caught. A mortgage processing checklist ensures that all the lender's requirements for the loan are met.

When purchasing property “Off The Plan”, there are certain risks that may apply. We will provide you with a copy of your credit report and hi-lite the derogatory items on the report and your letter should make reference to the accounts and dates of the derogatories.

You have appraised and inspected the property, the vehicle, or other asset, if needed. Anothe big issue are overdrafts. Although most mortgage brokers have a passion for advising clients and writing new business, many of the very best mortgage brokers in the country rate loan processing as the MOST critical function in their practice. Mortgage processing is the term for all the steps the loan professional takes to complete the borrower's mortgage. The mortgage processor documents the information about existing home loans, such as the account number, balance and lender name, to ensure the loans are taken care of. You only need to provide bank statements which contain funds being used for the loan but if there are any transfer of funds from other bank or investment accounts then you will need to provide statements for those accounts too. Mortgage lenders generally require proof of homeowner's insurance in the borrower's name for the home tied to the mortgage -- to protect the asset. This saves the underwriter some time as they go through the file. Processing Checklist About Contact First Step - Organize your Documents! Review against loan plan specifications for accuracy Enter into computer assisted processing program Generate Loan Application (1003, 2900), Transmittal Summary (1008, 2900 WS, 1802), Appraisal Request (2800) Generate Disclosure Documents Appropriate to Registered Loan … Here’s one example: By adoption the right loan processing system, you free up time to focus on marketing, client acquisition and client service. 1440 Rosecrans Ave. Manhattan Beach, CA 0266 800.854.4600 • www.kinecta.org LOAN PROCESS OVERVIEW SUBMISSION CHECKLIST WHOLESALE LENDING KFCUW8273-08/15 if you provide automated call in number or website for employment verification then you must supply any credentials such as pin, employee number, etc. in Marketing. before BrokerEngine), and the consensus was that each loan requires 14 hours of work.

Homeowner's insurance protects the property, which is being used as collateral for the loan.

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