Mortgage Loan Underwriting Career
Mortgage Loan Underwriting Career
CFC Loan – Crombie St., Cambridge
Expect hiccups as a Loan Officer to each Mortgage Loan when trying to finance properties
No matter how successful you are, or how many loans they have closed, you should expect hiccups. No loan every goes as smoothly as you think it will. And with all interested parties to a transaction, you can and will have problems.
Here are some of the most common â € € œhiccupsâ. I thought that had I been on the Top 30 hit with. By the way, my Sink or Swim Loan Closing Http://www.loanclosingsystem.com system will help almost all of them. If you want these more loans to the table and want to earn more money, I strongly recommend that you at least a look at my mortgage system and try it out.
Hiccups that you can encounter include:
1st The borrower is not exactly what he â € is € œbuyingâ clear. Or not fully committed.
2nd The borrower is not on what the loan process entails clear.
3rd Not getting all the proper documentation from the borrower in advance.
4th The borrowerâ € ™ s spouse isnâ € ™ t fully â € € œsoldâ about the benefits of the transaction and doesnâ € ™ t want to go through with it.
5th The borrower is still  € € œrateâ your shopping, even though you well in the process (this is a great !!!!!!).
6th Not always calls from the borrower, or even from other interested parties back in the transaction (eg, consultants, insurers, lawyers, etc.)
7th Estate agents and others who foul up the process, by side, sometimes you do look like the â € œbad Guya € to win just for points!
8th Not clear whether the customer escrowing is only the taxes, insurance, or both!
9th Not clear about the amount of money required to be held in trust for each order of the bank.
10th If refinancing is not clear that the payout amount will be slightly different than what the borrowerâ € ™ s balance says (he would have with Pre-paid interest and does handle mortgage payments in arrears).
11th Finding out about secondary liens on the property or open HELOCS, too late in the process.
12th Borrowers to spend more, open accounts, finance, and move around.
13th Property is not high enough to get rated.
14th Appraisal comparable properties are too old for the underwriters.
15th Not exactly your rate lock expiration date.
16th Improperly Amounts of the loan to try out at the beginning and end-up â € € œeatingâ most of your profits through, â € œsave-faceâ € with the borrower.
17th Repairs or alterations, which is currently on the property (Underwriters you for this !!!). slam is being done
18th Find out about financial skeletons in the past, borrowers werenâ € ™ t be announced beforehand, such as maintenance payments, wage garnishments retention, other outstanding debt (not shown on credit report), etc.
19th Borrower forgets to make mortgage payments or other loan payments while your loan Transaction.
20th On purchase transactions, the sale of a property and buying another, first the original property is in problems with the sale, so that the implementation of your transaction hostage.
21st Borrowers go on vacation or are not available to sign within the 30-45 day window of the transaction.
22nd Not able to get a booking date with the lender.
23rd Underwriter air conditioning keeps you on the same things or variations of same things over and over again.
24th Mortgage payments have been a mistake-debtedâ € € œdouble on the 1003 application, throw their relationships out of whack.
25th HELOC subordination letter considers the process, secondary lien holders refused to cooperate.
26th Incorrect submission Paperwork for the borrower, bank or other third party. Not there a full and complete application at the beginning. Numbers are off, etc. (Small errors can have enormous impact on the closing table). Please always check your work before sending it out.
27th Attorney-in adds additional Fees to the HUD in the last minute to know where the borrower isnâ € ™ t.
28th Your YSP / commission for the loan is not correct to the HUD statement. (If you change the loan closes cana € ™ t it! So be careful!).
29th Final pay-off figures come in correctly. borrower has made direct-debit on his account and a mortgage payment or other loan payments during the loan process. (You must be aware and keep it in mind).
30th Borrowers are lost, change their mind, pull-out, or just to show up to fail at the closing. (Man think of all the hard work you put in order to get there. Believe me, it happens !!!!!)
Each of the above, you can your loan a nightmare. These are just a few that I have encountered over the years. Iâ € ™ m sure you will meet no doubt the same. Experience is the best teacher of all. Learning from my experience saves you time, headaches and more money.
to review Dona € ™ t risk your $ 2,000 – $ 3,000 Commission. Invest in my system and get this loan closed! They make back many hundred times the cost and even save your sanity! Lol. 
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