Mortgage Processing Needs To Be Done By A Professional Processor

Mortgage Processing

There is a lot of work in the processing of your loan. There is the application form detailing information about you, your subject property, employment, assets, and liabilities. Part of the processing is gathering information from you. See Customer Information Request Form

Verification of Income

• Tax Returns or W2's - For full documentation loans
• Pay stubs - most recent month
• Verification of Social Security and/or Pension Benefits
• Rental Agreements or Leases - from investment properties

Verification of Assets

• Most recent Bank Statements (3 months)
• Stocks, Bonds, Dividend Statements
• Gift Letter (for home purchase)
• 401k or equivalent Statement

Verification of Mortgage / Land Contract / Rent

• Last twelve (12) consecutive months payment history - canceled checks or bank statements
• Copy of Land Contract with name of owner and address

Loan Type Transaction

• Purchase Agreement
• Legal Description of subject property (From survey or old title work, etc.)
• Copy of Recent Property Tax Bill
• Homeowners Insurance Policy

Home Improvement / Construction

• Plans and Specifications Construction Contract with a Licensed Builder
• Copy of Deed or Survey for Land Owned Builder Information
• Old Appraisal

Miscellaneous

• Credit Letters - Reason for derogatory credit
• Disclosures Documents - sent with your Application Package
• Divorce Decree
• Copy of Earnest Money Receipt
• Power of Attorney
• Proof of Paid Bills - From the Credit Report Others

Addition to the above documents the processor has to order an Appraisal, Title Work, VOE, and update documents. The documents then are sent to the lender's underwriter to be underwritten. The processor will receive a underwriter's condition report. The report is used to clear all conditions for a good ready-to-close loan.. The time for the whole process from the day you sign the application to the closing date is from 20 to 30 days.