Mortgage Lender Pre ApprovalAdvance approval of mortgage lender
Following an initial telephone discussion with the debtor, I sent him a checklist of the points I needed to prepare an offer and a preliminary drawing of his deed. I will receive the following documentation for a traditional loan: Once I have that, I can build the app in about ten mins. Rarely do I allow a debtor to fill out an online request (although we have the option to do so) because, quite openly, most folks vacuum when they fill out requests.
As soon as I have cleared out the request, I withdraw a loan statement, then I recall the borrower to fill in the missing information such as jobs titles, times on the jobs, what they are paying for rental, etc. When I fill out the form, I estimate the total amount of the order, which I expect you will be eligible for.
Two main releases of AUS-Desktop Underwriter (Fannie Mae) and Loan Prospector (Freddie Mac) are available. As soon as I have received my anticipated "Approve/Eligible" result from DU, I can send a pre-approval note indicating the amount of the credit and the amount of the borrower's money. As pre-approval is an important stage in building a new partnership, it has a very high level of importance.
Pre-approval may take longer to create in some cases. An independent lender, someone who has rented properties or someone who has more than 25% of a business will require significantly more red tape and analyses, but the more complicated situation is as high a top ranking as any ordinary customer. I would dare say that other good credit analysts are approaching the issue in the same way.
Recently I had the opportunity to direct a boyfriend of mine to another credit counselor because my boyfriend resides in another state (I only work in California). There was a call I had with a credit clerk in his state whom I happen to know. Said he'd take good look after my boyfriend.
That' s nothing I would ever want to know about someone being "too busy" to take in a real customer, so I phoned the credit analyst to find out what the time was. Well, I sent my boyfriend off to another credit counselor. Few mortgage lending activities have higher priority than the approval of a debtor.
It' not a long lasting procedure, but it is something that demands love of detail and the capacity to organise and analyse borrowers' information. Some of the best credit processors are able to cope with a very large amount of work without a debtor having to endure.