Mortgage Loan Processing and Procedure

1
(No Transcript)
2
Mortgage loan Processing Procedure

• If you need to have new home loan or you need to
  refinance the current loan you need to have
  processing loan to do so. This loan processing is
  done by the loan originators, brokers, processors
  and other professionals. Due to lengthy process
  of loan it need many borrowers with different
  background.
• The loan process done by loan originator or they
  contact by potential borrowers and it can also be
  initiated by home buyer who need to have bank to
  finance it and once you complete the loan process
  it will guarantee you that your company will make
  money on this and also you can make money by
  closing the more loan processing. After anyone
  apply for loan, loan processor contacts the loan
  originator and borrower to start the procedure.
  The wise step when you are applying for loan
  procedure first to close the lower interest as
  market can go up. You can secure lower rates as
  much as possible. Another advantage of this loan
  is that they have low monthly payments this will
  not only give you financial flexibility but will
  also lower the risk of losing the home.

3

• When the processing Team Start the procedure they
  will ask borrowers to supply all relevant
  documents and details of property for
  verification purpose. These document will
  comprise of list of asset, liabilities earning
  potentials of borrowers. Personal documents may
  include all the assets, property and your current
  income. If borrower can give all document at
  once and correct process can be expedited fast
  and done quickly.
• After this Procedure team analyze all document
  and as per estimate they will provide loan
  applier the home buyer (GFE) Good Faith Estimate
  document, closing fees statement and the
  approximated terms of the home mortgage loan.
  After that they will collect all documents for
  verifications mostly these document are personal
  document of borrower which include pay slips,
  bank statements, tax returns and the credit
  reports.

4

• When borrower producing his or her personal
  document he or she must have produce all relevant
  document for his or her source of income as now a
  days lot of people has different source of income
  so they must product this so that lender can
  verify them properly and also come with good
  offer after it.
• Most of time lender will check the total income
  with total liabilities and loan processing team
  will ensure that borrower has proper income
  source with covering all liabilities and if
  eligible for securing loan insurance or not. They
  will also appoint person who is in charge for
  getting valuation of home for which lender is
  giving loan. Loan processing proceeds only when
  the gathering of the documents and property
  appraisal are completed.
• American Hero Mortgage www.americanheromortgage.co
  m, [phone]

5
(No Transcript)