My commitment to you
First of all, I look forward to helping you, even if it means we do not do a loan. As you know, many changes are being implemented to improve the volatile lending industry. My commitment to you is to improve your current situation. That means if for some reason, the loans available don’t do that, then we’ll wait until something is available that does.
What you can expect and how to ensure a smooth process
- Please be ready to provide numerous pieces of documentation upfront and sign forms when requested as we go along the process through several departments.
- Certain financial documents are considered recurring (weekly, monthly, etc.), so I will need your most current one, including ALL pages. Please plan to send them to me regularly throughout the entire loan process.
- In any transaction from refinancing to purchase, there are from 30-60 people involved in completing and closing the loan/sale. No matter the years of experience or number of transactions closed, there can and will be unexpected delays beyond our control. Thank you for being understanding and flexible, should we have any unforeseeable delay.
I apologize in advance for the redundancy. Lenders do have reasons for all the things they request. I also thank you in advance for your patience while we work together on your file.
Credit – We will need to pull your credit report to determine the program and pricing at the beginning of the loan application. Even if you have or know your score, to be compliant, we need to order one through an approved service provider specifically for the mortgage loan process. When you are using your credit, having a mortgage lender pull a credit report and shopping within a 30-day window will not harm your score. Numerous credit report pulls over several months, even if you don’t do a new loan, can signal to the others there was some problem, which could lower your score. Call me directly to arrange payment for the report. You will immediately get a copy for your records.
Once I have received all of the requested documentation and your loan application is complete, I will be able to shop several lenders on your behalf for the best-priced loan rates and products that meet your needs. Once you are happy with a particular loan, I will email or mail your loan application package for your signature and return it for the DU or formal manual underwritten loan approval.
After your loan approval is issued, the lender will send you a notice of disclosure via mail or email, so communicate with me about who that will be. You will need to respond that you have received them from the lender as a dual disclosure measure. Then after the lender orders it, the appraiser will be selected and contact you/your agent to schedule the appraisal inspection. Last is final approval, then escrow signing, then funding/closing. See page 3 for a more detailed outline of the whole process.
Everything is subject to change at the lender’s discretion. However, I will do my best to stay as close to the original GFE as possible. Another GOOD change in the industry is we have to over-quote the cost and rate within but not under a certain margin…meaning you should be getting better than the quote. If all goes well, we can catch a good rate dip to lock in. No one in the industry can underquote what they can’t lock in that day. In most cases, locks are also not approved by the lender until your loan has been formally approved and is past specific points in the closing process.
I want to thank you for choosing to work with my team and me. My business is run on a referral-only basis so that I can dedicate more time to you person to person and at hours most lenders would never think of.
If you run across a friend, family member, co-worker, or group member and you feel that I have earned the right to ask for their business, I will be happy to help them too. Feel free to call me about their situation, or when they are ready, they can contact me.
Thank you again, and I look forward to working with you.