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For those wanting to know more about the mortgage process...

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Eva Luna
Be kind...life's hard!

Member since 8/05

4750 total posts

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God, bless & heal my DH, JenG's DH Rob & DebG

For those wanting to know more about the mortgage process...

I am always saying that the underwriter is the *most* important person in the loan process. They can make or brake the loan and do things a loan officer never could.

This link has oodles of info on...what UW's look for, what your credit, income to debt ratio and down payment need to be in order to get your house.


And this one explains the mortgage process...plain and simple.

Happy reading and house dust to all!! Chat Icon

Posted 8/10/06 10:34 AM
 
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Beth
The Key to your new home....

Member since 2/06

24849 total posts

Name:
Beth

Re: For those wanting to know more about the mortgage process...

great info- but I don't think most companies let you talk directly to the underwriter- or maybe it's the processer

I know Jake's last company didn't- it's Jake's job and the loan officers that work for Jake to talk to the underwriter and push the loan along if it hits a rough spot do to a credit "blip"

Posted 8/10/06 10:52 AM
 

Eva Luna
Be kind...life's hard!

Member since 8/05

4750 total posts

Name:
God, bless & heal my DH, JenG's DH Rob & DebG

Re: For those wanting to know more about the mortgage process...

Very true...but it's up to the individual company. My company has an inside UW (most companies have outside UW) and it was a huge help!

And it's great to be informed. No surprises if you know everything. My closing was the smoothest because I asked a lot of questions and when I would get a "blip" I would look it up and say if it was truly necessary. Most times half the things they want aren't necessary to close...

ETA: UW/loan processor is the same.

Message edited 8/10/2006 11:27:13 AM.

Posted 8/10/06 11:24 AM
 

MegZee
My bunny

Member since 5/06

8777 total posts

Name:
Meaghan

Re: For those wanting to know more about the mortgage process...

my company has inside U/W's too - but they dont talk to the customers - everything goes thru the lenders.

Posted 8/10/06 11:32 AM
 

Eva Luna
Be kind...life's hard!

Member since 8/05

4750 total posts

Name:
God, bless & heal my DH, JenG's DH Rob & DebG

Re: For those wanting to know more about the mortgage process...

The fact that you're not allowed to speak to the person that's writing your loan in NY is one more reason why I LOVE GA! They actually want you to close fast, on time and own a home...I don't understand all the barriers up there. Chat Icon

Posted 8/10/06 12:58 PM
 

Beth
The Key to your new home....

Member since 2/06

24849 total posts

Name:
Beth

Re: For those wanting to know more about the mortgage process...

it has nothing to do with NY- it's the company

and the reason is that a loan processer/UW is not the person being paid by the company to deal with the customers- the loan officer is- that's there job-

there speicalty is to process the paperwork- and they would not everything done if they had customers calling them all day

Posted 8/10/06 3:45 PM
 

MegZee
My bunny

Member since 5/06

8777 total posts

Name:
Meaghan

Re: For those wanting to know more about the mortgage process...

Posted by Beth1210

it has nothing to do with NY- it's the company

and the reason is that a loan processer/UW is not the person being paid by the company to deal with the customers- the loan officer is- that's there job-

there speicalty is to process the paperwork- and they would not everything done if they had customers calling them all day




Yep! I am a commercial loan underwritier, and I talk to customers all the time. Mortgage underwriters are allowed to talk to the customer, but then what is the lender there for??

Posted 8/10/06 3:50 PM
 

Beth
The Key to your new home....

Member since 2/06

24849 total posts

Name:
Beth

Re: For those wanting to know more about the mortgage process...

Jake once lost a big loan- and almost a friend b/c the processor said the wrong thing

that's why Jake is suppose to be the only one talking to the customer

and Jake wants everyone loan closed as quickly as possible-loan officers don't make a salary- with out loans closing- they don't get paid- so it's there best interest to go as quick as they can

Posted 8/10/06 3:54 PM
 

Eva Luna
Be kind...life's hard!

Member since 8/05

4750 total posts

Name:
God, bless & heal my DH, JenG's DH Rob & DebG

Re: For those wanting to know more about the mortgage process...

I hear what you're both saying, but you're both talking from "inside". As an outsider, a gazillion things can go wrong. Papers are always missing. Files don't usually get reviewed until the last minute...not all lenders do their job.

For anyone looking to buy a house and wanting to know the "steps"...the links are really helpful.

Posted 8/10/06 4:07 PM
 

MegZee
My bunny

Member since 5/06

8777 total posts

Name:
Meaghan

Re: For those wanting to know more about the mortgage process...

Posted by sasha

I hear what you're both saying, but you're both talking from "inside". As an outsider, a gazillion things can go wrong. Papers are always missing. Files don't usually get reviewed until the last minute...not all lenders do their job.

For anyone looking to buy a house and wanting to know the "steps"...the links are really helpful.




oh i agree - and those sites are very helpful! thanks for posting themChat Icon

Posted 8/10/06 4:08 PM
 

Beth
The Key to your new home....

Member since 2/06

24849 total posts

Name:
Beth

Re: For those wanting to know more about the mortgage process...

Posted by Meaghan729

Posted by sasha

I hear what you're both saying, but you're both talking from "inside". As an outsider, a gazillion things can go wrong. Papers are always missing. Files don't usually get reviewed until the last minute...not all lenders do their job.

For anyone looking to buy a house and wanting to know the "steps"...the links are really helpful.




oh i agree - and those sites are very helpful! thanks for posting themChat Icon



I agree also- I said that to begin with

Posted 8/10/06 4:11 PM
 

MikesWife
Wanting...........

Member since 1/06

6887 total posts

Name:
Karen

Re: For those wanting to know more about the mortgage process...

I work as a processor in the commercial dept of a major bank as well. Neither the processor nor the underwriter is allowed to speak to the borrower. The reason is twofold. One, we would never get ANYTHING done if we had to answer to the borrower's questions all day long and two, speaking with the borrower is the sales teams job. That is what they get paid to do - bring in the deals, handle the customers, and set expectations.
A good sales man WANTS to be the one speaking to the borrower anyway. They know the client best and how to manage him/her and generally likes to be the one to deliver the news, good or bad.

ETA: All of our UW's, processors, and sales team are internal.

Message edited 8/10/2006 5:28:39 PM.

Posted 8/10/06 5:26 PM
 
 

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