Welcome to our team!
We are here to insure that this process goes as smooth as possible. With that said, I would like to let you know about a few very important items. As I'm sure you are aware, the mortgage industry has changed dramatically over the past couple of years. If you purchased or refinanced a property prior to this time, you probably provided little if any documentation and likely only had to provide documentation up front, once. Unfortunately, this is no longer the case.
So, what has changed? For starters, the documentation requirements have completely changed now requiring a significant amount of documentation up front and likely additional documentation upon Conditional Underwriting Approval. Once we have gathered ALL requested documentation from you and also received other items needed by underwriting such as the appraisal, title work, home owners insurance, etc., your file will be placed in line for underwriting. The turnaround time for underwriting is currently 2 days upon which we will receive your Conditional Underwriting Approval. In most situations, the underwriter will have additional items that THEY need from you in order to give us a Final Loan Approval. Unfortunately, these days it is impossible to predict exactly what these additional items will be up front but my job is to review your file prior to submitting it to underwriting and gather as much information as I think they will need. With that being said, if I contact you to request additional documentation, it is only for your benefit and in no way intended to annoy or frustrate you.
Upon Final Loan Approval, your file will be sent to our Closing Department where it will take from 24-48 hours for them to draw up the documents to be sent to the title company for the closing.
It is VERY important that you provide the initial items we have requested below and the items the underwriter will likely request with the Conditional Loan Approval as soon as possible in order to close on the date specified in your contract. I cannot stress the importance of this enough. Your patience with any request and timely response are greatly appreciated.
Below is the preliminary documentation we will need from you as soon as possible for your transaction:
- Human Resources contact and telephone number for each borrower.
- Copy of most recent 60-days worth of pay stubs for each borrower.
- Copy of last two years W-2’s for each borrower.
- Copy of last two years personal tax returns; include ALL pages (schedules) and sign.
- Copy of asset statements for all checking, savings, investment and retirement accounts listed on the loan application; please include ALL pages, even if blank, covering 60 days.
- Copy of driver's license for each borrower.
- Copy of most recent mortgage statement(s).
- Copy of Settlement Statement from most recent closing on the property.
- Copy of Survey for the property.
Please let us know if you have any questions whatsoever.
You've answered a few questions, given us some detailed information, applied online, and next thing you know, you're moving in! We're in the business of mortgage loans -- so we do most of the work. Doesn't that make sense?