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The Role of a Mortgage Loan Processesor

A loan processor works with the mortgage banker on your loan application when you’re buying a home. Learn about their role in the loan process.

When you apply for a loan, once your application is submitted to the mortgage banker, it would also go to the mortgage loan processor at the same time.

What does a loan processor do?

• The loan processor would first review all your financial documentation and get projected expenses associated with the home you’re looking to buy. He/she will look at the type of mortgage and property information.

• The loan processor would then verify your information by contacting credit companies, your employer, and also get in touch with an appraiser.

• A loan processor also makes sure that all your paperwork is completed correctly before handing it off to an underwriter. It is important that a loan processor knows what the underwriter will be looking for in your application, so there are no discrepancies.

• The underwriter will make the initial lending decision, which will be communicated to the loan processor. The loan processor will then complete a final audit to ensure everything is in order before sending your file to closing.

Ashley, a loan processor, explains the typical timing of the process: “When things are organized, the normal process takes about 35 to 40 days; and with all the documents and everything, you know, organized and everything set into place and how it should be, the process can be done in 25 to 30 days”.

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We hope you’ve found this video and the many others on the My New Home YouTube channel helpful. Here are some other resources you might be interested in.

To discover more about the roles and responsibilities of the people involved:
http://www.youtube.com/watch?v=cBU4izWPk1U

For more real advice from real people on finding and buying a home:
http://www.youtube.com/mynewhome

Videos are for informational purposes only and represent the opinions of the speakers. Chase does not warrant the completeness, timeliness or accuracy of the content.

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VIDEO TRANSCRIPT:

ASHLEY: On a day to day basis, the processor is — I want to say it’s the glue for the process. You know, we work with the underwriters, the mortgage bankers, the title company, the closers. We work with the whole group that’s connected to the process.

MATTHEW: Once the application is submitted it will go through basically a pre-application status where they’ll review the file to make sure all the initial items that need to be there are actually there. That’s the point, once it gets through that review that would be when I would obtain the file.

MATTHEW: I will also complete a similar review to make sure all the items that I feel need to be there are there, to make sure that we are presenting a full and complete application to the underwriter once they review it.

MATTHEW: At that time the underwriter will review all of the documentation, whether it be asset or income documentation and make an initial lending decision based on that. And then at that point the underwriter will present that decision to me.

MATTHEW: The mortgage banker and myself will reach out to the borrower, discuss whether it be approval or a suspense item or whatever the decision may be, and then we go back and forth with the underwriting department until we satisfy all of the items which the underwriter wishes to review, until we have what we call a final approval.

MATTHEW: And at that point, a final approval, I move forward to an audit process just to make sure that everything that needs to be in the file is in the file and everything matches our documentation as well as in the computer system. That way we’re presenting a full and complete file to the secondary market, whether it be Fanny Mae or Freddie Mae or FHA.

ASHLEY: When things are organized, the normal process takes about 35 to 40 days; and with all the documents and everything set into place and how it should be, the process can be done in 25 to 30 days.

What Are FHA Home Loan Requirements? | FHA First Time Home Buyer Requirements

What Are FHA Loan Requirements? | FHA Mortgage Loan Requirements

Apply for a loan today at http://www.lenderfunnel.com/

FHA loans provide great assistance to many first time home buyers by offering mortgage loans with lower down payments. While this is a benefit for many people, recent changes in policy may have put the loans just out of reach for some would-be homeowners with questionable credit history.

Minimum credit scores for FHA loans depend on the type of loan the borrower needs. To get a mortgage with a down payment as low as 3.5 percent, the borrower needs a credit score of 580 or higher. Those with credit scores between 500 and 579 must make down payments of at least 10 percent.

Benefits of an FHA Loan
The reason why FHA loans are so popular is because borrowers that use them are able to take advantage of benefits and protections unavailable with most traditional mortgage loans. Loans through the FHA are insured by the agency, so lenders are more lenient.

For many home buyers, using an FHA loan can really make the difference between owning your dream house comfortably or turning it into a financial nightmare. The FHA provides a wealth of benefits for applicants that qualify, so make sure you’re making full use of them.

Home ownership rates in America continue to increase at a steady rate due in a large part to the implementation of FHA home loans more than seventy years ago. Over the years, FHA has helped Americans gain the financial independence that comes with owning a home. By creating jobs and reasonable mortgage rates for the middle class, financing military housing, and producing housing for the low income and the elderly, FHA has helped Americans become some of the best housed people in the world with over 73 million Americans currently owning their own homes.

HOW IT WORKS
By serving as an umbrella under which lenders have the confidence to extend loans to those who may not meet conventional loan requirements, FHA’s mortgage insurance allows individuals to qualify who may have been previously denied for a home loan by conventional underwriting guidelines.

FHA loans benefit those who would like to purchase a home but haven’t been able to put money away for the purchase, like recent college graduates, newlyweds, or people who are still trying to complete their education. It also allows individuals to qualify for a FHA loan whose credit has been marred by bankruptcy or foreclosure.

NUTS AND BOLTS
The most popular FHA home loan is the 203(b). This fixed-rate loan often works well for first time home buyers because it allows individuals to finance up to 97 percent of their home loan which helps to keep down payments and closing costs at a minimum. The 203(b) home loan is also the only loan in which 100 percent of the closing costs can be a gift from a relative, non-profit, or government agency.

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Apply for a loan today at http://www.lenderfunnel.com/

What Are FHA Loan Requirements? | FHA Mortgage Loan Requirments

This is based on real events

How to get a mortgage loan step by step – Loan Officer training, home buying, loan origination, MLO

This video is provided by http://www.passthesafeexam.com – link to it to inform your customers about the loan process. I find it’s very helpful to do so at the beginning.

You can also check out http://www.passthesafeexam.com to find resources for the new MLO that will make their first year MUCH less of a pain and more successful.

Music used by permission http://www.danosongs.com

Mortgage Loan for BPO Employees

Now days, when people are getting jobs very easily in fields like IT or BPO industries in very early time, after passing out or pursuing college in current life style in India. IT industry is booming with another upcoming next progressing business segment of outsourcing industries like BPO and KPO in India, entire young generation in India is crazy about enjoying their life lavishly and most of people today are full and blush with enough money, phenomenal more earning capacity more than enough to save, and very low invest in long term or more blow in life style and they want to spend it on a festival time!
Rocking Life with new delicious topping flavors loan offers on property mortgage loans in Pune, normally current life cycle is very fast but critical with regards of happiness and real enjoyment of life with family. Only secured loans is one of the best options which are available in market for easy mortgage loan for BPO employees just need to fill online application form on website and compare the best interest rates.

BPO/KPO Jobs & Loans: Business Process Outsource (BPO) It is one of the largest employment provider sector in India where new age boys and girls can easily get jobs, in this segment normally job can be started above high school standard, new age people can get up to 15 thousand per month as a fix salary and job timing depends on time zone of the site of the client for example for UK client base job timing are noon 2 pm to evening 11 pm hours on daily basis. Now if we talk about finance services available for this segments employee, it is something difficult for funding loan for BPO employee just because the low age factor of employee and the maximum expenses label in to life style, uncertainty in jobs, irresponsible life cycle etc the reason for avoiding the loan finding for BPO and KPO employees. Banks loan are available for BPO/KPO employee if they are getting salary above Rs. 20,000/- per month and they must have experience in current jobs is above 2 years or total experience is above 3 years in same fields. The same bank policy is applicable for KPO employee also just they get some flexibility for salary criteria as it may be consider as minimum salary per month Rs. 15,000/- for all KPO companies employees be it be a Indian or MNC Company.

IT Jobs & Bank Finance: Now we talk about IT job and loans for the same segments in India, Information Technology (IT) is one of the largest employment provider segments in India we are the largest IT service provider country in the world. We deliver the best quality of service for new software designing, maintenance, management of process and other tech supports in entire worlds we are the best in IT and our entire financial and banking sector respect the IT segment and just because of the same banks offers very special rates for IT companies and provide the best services as privilege customers for the loans.

Deals of Loan provides all types of Loan products in India such as Personal Loan, Mortgage Loan, Home Loans etc from various banks. It offers instant approval Personal Loans with lowest interest rates and Loan against Property at maximum loan funding for the property.

Related Mortgage Loan Articles

What is a FHA Mortgage Loan?

An Fha Mortgage could possibly be a credit which guaranteed because of the Federal Housing management FHA, place of work inside the united states division of Housing and concrete Development HUD. The purpose of the Fha home loan is always to produce home control additional accessible to extra Americans by creating it simpler for folks that might not be perfect home loan applicants getting mortgages. FHA financial loans are usually awfully positive for borrowers, and through the intent behind read of this loaner, Associate in Nursing Fha real estate loan is incredibly secure, generating lenders extra guaranteed with regards to extending financial loans to consumers World Health Organization prefer to be rejected.The Federal Housing management does not actually issue mortgages or loan funds. Alternatively, it insures mortgages which can be supported by skilled lenders. If somebody desires connect in Nursing Fha Mortgage Loan, he or she should initial notice a loaner World wellness business will issue FHA loans, then apply for that loan and therefore the Federal Housing management insurance coverage. When a mortgage is supported by the Federal Housing Administration, it indicates in the event that home client defaults, the Federal Housing management can cowl the resources, your loaner does not take a loss.

purchasers should satisfy many qualifications to qualify for Associate in Nursing Fha real estate loan. Initially, you will find mortgage restrictions, that are adjusted reckoning in the well worth of assets within the room anywhere the client has to develop an acquisition. Applicants for Associate in Nursing Fha home loan should have good credit, and an appropriate debt to profit magnitude relation. they must additionally location no less than 3 % down during buy. FHA financial loans are great for people like initial time home customers, along with other people World wellness company have actually imperfect credit. particularly in times once the economic climate is tight, lenders tend to be reluctant to boost loans to people with credit dilemmas, even though this type of person otherwise practical candidates for financial loans. Associate in Nursing Fha home loan permits somebody World Health business created numerous blunders to encourage financing, and offers that each a chance to boost their personal credit record if you are paying frequently on a consumer credit. In accordance with the Federal Housing Administration, over thirty four million domiciles had been insured because of the Federal Housing management between 1934 and 2008. This is why the Federal Housing management the most crucial mortgage insurance firm in the globe. A few lenders in the us can method Fha home loan, Associate in nursing their particular property loan officials offer extra data to people that suppose that they may qualify for an Fha real estate loan.

You Could Get Additional Information By Pressing Fha Home Loan And You Can Determine If You Meet Income Guidelines Of Course You Reside An Eligible Area By Pressing How Exactly To Apply For An Fha Loan !

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Mortgages and Interest Rates Explained (Mortgage)

Mortgages and Interest Rates Explained

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Introduction to Mortgage Loans | Housing | Finance & Capital Markets | Khan Academy

Introduction to mortgage loans. Created by Sal Khan.

Watch the next lesson:
https://www.khanacademy.org/economics-finance-domain/core-finance/housing/mortgages-tutorial/v/mortgage-interest-rates?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets

Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/housing/renting-v-buying/v/renting-vs-buying-detailed-analysis?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets

Finance and capital markets on Khan Academy: Most people buying a home need a mortgage to do so. This tutorial explains what a mortgage is and then actually does some math to figure out what your payments are (the last video is quite mathy so consider it optional).

About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We’ve also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content.

For free. For everyone. Forever. #YouCanLearnAnything

Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1
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First Time Home Buyers Tips Mortgage Loan Process-Mortgage Lender Allen TX

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