What to Expect After the Mortgage Meltdown
In nearly eight years that I’ve been in this industry, the mortgage process has become infinitely more complicated, regulated, and difficult. We are dealing with less loan options, more regulations, much tougher appraisal rules, and strict underwriting guidelines that seem to change daily. Today even the best quality loans are being scrutinized, reviewed, and occasionally experience delays in underwriting and closing. It has never been so important for you to work with an expert in the field!
Why, you ask? Well our industry has been turned upside down, its taken mammoth losses on bad loans and today the industry is trying to find the correct balance. But balance for an industry as big and complicated as ours is tough to find. So sometimes underwriters are too tough on one borrower and other times they are not tough enough.
Don’t take it personal! Chances are, at some point during your loan process you will be asked for some additional documentation, or the appraiser will have to go back to work to justify the property value – this is NORMAL in today’s market. Getting a loan today is just going to be a little more work than it was before the meltdown.
HERE’S THE GOOD NEWS! You’ve chosen a team that is absolutely dedicated to getting you through this process on time and with as little stress as possible. We dedicate a huge amount of time and energy to create systems that prevent you from having any major problems. We’re going to get you through this safe and sound, just don’t panic if there’s a little turbulence along the way.
What’s going on with my loan?
Week one, gathering documentation: You will receive your loan application, disclosures, and list of items needed for underwriting. It’s of paramount importance that you quickly get all of these documents back to us within 48 hours. We are ordering your appraisal, title, and any verifications we need to get your loan closed.
Week two, processing the loan: We should be getting your appraisal and title reports, processing your application and all of the documents we’ve requested from you.
Week three, underwriting the loan: Your loan is presented to an underwriter for approval. It’s typical that the underwriter might want clarification or even additional documentation for one thing or another. We will contact you immediately once we have the approval, especially if we need something else from you.
Week four, clearing conditions and closing the loan: Any final underwriting questions or documentation will be handled and the loan moves on to the closing department and is finally sent to the title company, where you will go to sign the final documents.
You can expect weekly updates and if we need anything from you, we will call or email you. The best advice we can give you is to quickly as possible get any documentation back to us, so we can review it and pass it along to an underwriter.
So that’s it, sit back, relax, and enjoy the ride. We’ve got you covered!
Thank you very much for your business, we appreciate you putting your trust in us. We won’t let you down!
Sincerely,
Zach Harkness
Home Loan Professional
Cell: 801-898-0680
Fax: 801-303-7001
Email: zach.harkness@chl.cc
Kathy Harkness
Loan Officer Assistant
Email: kathy [at] loansbyzach [.] com
Website: http://loansbyzach.com
