Part 2 of 4 discussing the loan process in the “Mortgage Basics” series.
Once your loan has been officially pre approved, all of the client paperwork gets submitted to the underwriter at the bank to review before getting final approval. The underwriter makes sure all necessary paperwork and forms are in order to prevent any issues or delay in the loan funding. If there is any missing paperwork or problems with the documentation provided, the items will be added as “conditions” to the loan.
Underwriting can occur the same day, or take up to 30 days. This depends a lot on the loan program, the bank, and how many conditions on the loan need to be addressed. The underwriter usually takes 24-48 hours to review conditions.
Unfortunately, current lending conditions require borrowers to be more meticulous in getting approval for the loan. From Central Coast Lending Owner/Broker Jason Grote:
“Underwriting has become an auditing role where underwriters are forced to over verify each detail leave no stone unturned.I suggest that all borrowers be prepared to document all income in triplicate. For example, it’s not enough that we see your social security deposit into your bank account, and on your tax returns, we still need to see the award letter, and the 1099’s. “
Creating an account is fast, easy, secure and FREE! Your account enables you to easily modify your loan application and view the status of your loan anytime day or night.
When you register for a Loan Center account, you can submit a loan application online and the sensitive information that you provide will be transmitted securely.
Kick your feet up while we crunch the numbers. Pre-approval can be done very quickly if you provide a complete and accurate loan application and supporting documentation.
CCL Market Update: NFIB Small-Business Index The National Federation of Independent Business small business optimism index declined 0...
ISM Manufacturing Index Executives at service- oriented companies said the economy continued to run strong into October. The non-manufacturi...
Producer Price Index The wholesale cost of US goods and services snapped back in September, the level of inflationary pressure however has a...
PMI Manufacturing Index The PMI manufacturing index’s sample reported solid strength in September at a final 55.6 index, unchanged from th...
Chicago Fed National Activity Index The National Activity Index put out by the Chicago Fed, this index tracks overall economic activity as w...
Empire State Index Factories in the New York region of the US churned out goods at a slower but still prosperous pace in September. The Empi...
Consumer Credit Consumer borrowing picked up in July, total consumer credit rose $16.6 billion in July to a seasonally adjusted $3.91 trilli...
ISM Manufacturing Index Business conditions surged in August to a 14-year high as American manufacturers continue their success. The manufac...
Chicago National Activity Index A measure of the US economy from the Chicago Federal Reserve slowed in July from June’s robust performance...
Existing Home Sales Existing home sales ran at a 5.34 million seasonally adjusted annual rate in July, down 0.7% from June. This was the slo...
Survey of Consumer Expectations A monthly survey conducted on consumer expectations showed a notable pessimistic trend in the month of July....
Senior Loan Officer Survey About 17% of banks have eased standards and terms on business loans to large firms in the second quarter, while m...
Pending Home Sales US pending home sales rose 0.9% in June. The index tracks real estate transactions in which contract has been signed yet ...
Retail Sales U.S. retail sales climb again in June after a jumbo gain in the prior month of May. Sales at retailers such as auto dealers, re...
S&P Corelogic Case-Shiller HPI Case-Shiller home prices firmed in July, to a 0.3 percent adjusted gain for the 20 city index. The trend ...
Housing Market Index The housing market index fell three points in September to a level of 64, matching July as the weakest month of the yea...
JOLTS In the latest indications of strong, tight conditions in the labor market job openings rose to a higher than what was expected level o...
2nd Quarter 2017 (January-June) Scenic Coast Cambria Cayucos Los Osos Morro Bay The Scenic Coast of San Luis Obispo County represents the gr...
