House loan

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House loan
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House Loan Processing Is Performed By Trained
Mortgage Processors
Loan processing is the main method of obtaining a
new mortgage or modifying an existing one. It is
usually carried out by loan originators, loan
officers, brokers, processors, underwriters,
appraisers and abstractors among other
professionals. Because origination involves
several borrowers, with varied backgrounds, it is
often complicated and lengthy. It becomes
manageable when a bank has enough employees or an
outside team of experts that can work
quickly. Completing loan processing quickly
guarantees that your company will make more money
via closing more loans. The process is started by
either the loan originator when they contact
potential borrowers. It can also be instigated by
a potential home buyer who finds your bank and
decides to fill an application form. A loan
processor can therefore contact the loan
originator or borrower to begin the complicated
procedure.
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A processing team will request the borrower to
supply personal data and details of the property
they want to buy with a loan. Loan processing
depends so much on correct documentation about
the asset being mortgaged and home buyer.
Personal information normally involves a list of
assets, liabilities and earnings that a borrower
possesses. These details must be entered in the
Form 1003. Once the details are included in the
form, the processor must ask the borrower to sign
it. After this, they will provide the home buyer
with a Good Faith Estimate (GFE) document,
closing fees statement and a list of the entire
approximated terms of the proposed mortgage. The
next stage of loan processing involves gathering
documentation for further verification of the
information provided on the application forms.
The main documents that are required include W-2
forms, pay slips, bank statements, a roster of
assets and previous tax returns and credit
reports.
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The House loan processing cannot go on well
without all documents that represent a borrower's
income. Today people are multi-tasking and
therefore have many income sources. Your lending
organization must know where its borrowers get
all their monies from. When all sources of income
including bonuses, commissions, salary raises,
pension, rental income or stock exchange earnings
are gathered, the processor is able to determine
the borrower's total worth. The total income is
compared with total liabilities. The latter may
include short-term or long-term debts. The
mortgage loan processing team has to ensure that
a borrower has secured homeowner's insurance. It
will also appoint appraisers who will be in
charge of evaluating the true value of the home
being funded with a loan. Your outsourced
processor will also liaise with the borrower to
find out when he or she wants to allow the
appraisers to evaluate the property in question.
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