Pittsburgh Five Star award winner

IMPORTANT TO UNDERSTAND HOW THE MORTGAGE PROCESS WORKS

I’m happy to say that we are going to be working closely together for the next few weeks. I liken the mortgage experience to an airplane ride. Most of the time it is smooth….however, sometimes you encounter turbulence. Sometimes it’s hardly noticeable…sometimes it’s a little jarring and surprising. Welcome to the mortgage process!


The bottom line is I am going to help you through it all…just like the pilot...I too am doing things behind the scenes (like a pilot in the cockpit) for your greater good to move the process along. I’ll be coordinating and talking with a multitude of people involved in this process and I will be doing my very best to get you to your destination of….financing your home.


HERE’S HOW THE MORTGAGE PROCESS WORKS:

The first thing to know is that the mortgage process is not my way, but it’s how the industry works in general, regardless of who you work with as your mortgage lender.


Please know, my back office of processors and underwriters will begin the work on your file once we have all your requested paperwork. NOTE: We cannot do a thing without ALL the paperwork I request as the beginning of the process. The list can be daunting but it’s what we need to make your mortgage happen. The good news for you is that I have been doing this for 20 years and have helped over 3000 people finance their home. The items on the list are required and most likely more documents will be requested down the road!

Upon submission of the documents, my processor will review everything to make sure all is in order. She then sends your file to the underwriter (loan decision maker) who reviews and provides what we hope is a conditional approval/ commitment. This is usually a week or two into the process. At this point you will receive a docusign email from the underwriter with your conditional approval indicating any additional paperwork they will need before the loan can be cleared to close.

We will review the loan conditions together and you will go to work collecting anything else that is needed. When ALL the loan condition paperwork is received, the underwriter does the “clear to close” review. Because of the high capacity of files and workflow, this review is typically done less than a week before closing. This can be the turbulent time because we are waiting on the final clear to close review and the underwriter has the final say.

A lot of brainpower, cooperation and focus are needed to bring a mortgage to closing. The process is more challenging than ever given the limited capacity to handle the high volume. Please rest assured that everyone involved is doing the best they can. Because of their workflow, underwriters rarely do a piecemeal review of conditions as this is too distracting with constant interruptions. Rarely (especially in today’s overwhelmed housing market) can an underwriter review a specific condition. They prefer to only look at a file once or twice to be efficient since they review several files in a day and want to stay focused on your loan when it’s your turn.

When it is your turn for the clear to close review, we will need all your final loan conditions a minimum of 72 hours prior to your closing day. If we don’t have them then we need to move out the closing to a later date…no one likes to miss deadlines…

Overall, I want you to know that in my experience, things don't always go as planned and we'll hit some turbulence but be assured, I'm always doing the best I can as your trusted advisor and watching out for you...I promise!nter article body copy here.

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