Your Questions About Mortgage Loan Process

Steven asks…

what is an underwriter in the mortgage process?

how do they influence a potential loan process?

John answers:

The underwriter’s job is to minimize the risk to the bank and uncover any potential fraud. Once the loan file is complete it is handed to an underwriter. She looks at the application and writes a list of things (stipulations) the loan officer must do or collect before the bank will clear the loan to close.

For example, if you say you make “x” dollars per year the underwriter needs to verify that you are correct. They will need to show that you indeed made that much last year by asking for W2’s normally. They’ll also ask for paystubs to prove that you’re on your way to make approximately that much this year as well.

As she collects these documents she will eliminate the stipulations. When they are all gone it is sent for one last review and then “cleared to close”. That’s when you will be able to schedule a closing date.

Check out my new blog for more info:

James asks…

Where can I take an good online Mortgage Loan Processor course?

My dad is a Loan Officer and I want to process his loans. I have researched courses online that range from $90-$400. I don’t care the cost I just want a good course that will be worth it. Any suggestions?

John answers:

Ask him what classes he feels you need.

Is he a mortgage broker too or just a LO?

Ask him if he has access to NON-institutional $
what is sometimes called hard money.

[no 1003/, no fico, no front fees of any kind, very low ltv,
high points, etc. I have lots of customers for those loans!]

Daniel asks…

What´s the best site for applying for a commercial mortgage loan?

I am beginning the process of applying for a commercial mortgage loan for an owner (me)-occupied retail property.

I found a site and they say they will submit an application to 50+ lenders but they want $200 for the service. Am I getting ripped off?

This is a legitimate question! I’m not shilling and please honest info and experiences! Thanks!

John answers:

Speak with a commercial real estate agent who will be able to suggest some lenders to accommodate you. Commercial loans are not easy and many commercial lenders will only consider one million plus so the smaller loans are more likely to be found in the local market.

We financed a warehouse for under $100k through a local bank and that lead came through a commercial real estate broker.

Mark asks…

Mortgage loan process for approval?

Does anyone ever used bank of america for first time home buyer? Also how long does it really take to get in approval? My loan is been in process since July and I’m still waiting for an approval,

John answers:

Wow- since July?
Mine took 2 weeks
Time to call them…

Nancy asks…

While in a process getting a mortgage can I change job?

I changed job while my mortgage loan was in process would that effect me from getting a mortgage loan approval?

John answers:

As long as you had steady income – no unemployment dates
And your pay is the same or greater
Disclaimer: This is just a guess
I think I answered this person a long time ago
It was a question about a mortgage – that it has been processing since JULY !
Quick note: I got approved in 6 working days
Something tells me that you need to call and find out why you are not qualifying
You may be wanting to buy much more house than you can afford on your combined income – I can read this in the wall

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One Response to Your Questions About Mortgage Loan Process

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