The mortgage approval process consists of several stages; including originating, processing, underwriting - which includes issuance of the commitment letter - and closing. The entire process could be in the range of thirty to ninety days, depending on the mortgage type, borrower's information and property information.
In order for the process to work efficiently, the origination stage must be handled professionally and correctly by a well trained loan officer; and if he/she has a few years experience in...read more
The term processing could apply to just about any multi-step undertaking, but when the subject is mortgage lending, processing of the loan application is as specialized a function as any of the most document-intensive business you can imagine. The position requires a processor to be uniquely qualified for the and therefore compels a would-be processor to obtain the training necessary to be efficient and thorough in execution of his/her duties....read more
When an application for mortgage loan reaches the underwriting stage, two things are true. First, the various documents, disclosures and verifications have been provided in a manner that is acceptable to the processor; and second the processing stage is effectively over. That is not to say that the file may not be sent back to processing, but for the most part the fate of that loan now rests with the ultimate decision maker and, it is at this stage where all parties to the transaction start to hold their collective breath. If a processor's job is highly specialized, then an underwriter's task is intensively so. The terms guidelines, regulations, predatory laws, and investor requirements are repeated in casual conversations among industry professionals to...read more
A mortgage loan application generally does not reach the closing department unless an underwriter authorizes the closing by clearing outstanding conditions and 'signing off' on the loan to close. What does this mean? Well, all those who were holding a collective breath can relax a bit because the loan approval process was a success. This means that they will all soon be seated at a closing table reveling in what has been a successful transaction; But; there is a reason to slow down here just a bit. The closing department must coordinate with the borrower(s) and/or borrower's attorney in order to...read more
Additional real estate and mortgage information can be found at the REAMS website...
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HUD/FHA Refunds Info
You know, not everyone knows this, but if you owned a home and had a FHA mortgage, you might be entitled to money back from the government paid directly to you. It's not free money (we both know that is a rarity), despite all the claims made by others that you can get free money from the government. No, this is money you would have paid into the FHA mortgage insurance fund via your MIP (Mortgage Insurance Premium) payments if your home was financed with a FHA mortgage.
There is no charge imposed by us for this service, and HUD/FHA certainly does not charge a fee for sending you your own money. We provide the service as an added benefit for your visit to this website, and of course we hope you come back often; but more importantly, we hope your name pops up on the HUD/FHA list of folks who are eligible for a refund. So Click here to check! ...Good Luck!