Report: What to Expect After the Mortgage Meltdown
What to Expect After the Mortgage Metldown
In the nearly ten years that I’ve been in this industry the mortgage process has become infinitely more complicated, regulated and difficult. We are dealing with less loan options, more regulations, much tougher appraisal rules and strict underwriting guidelines that seem to change daily. Today even the best quality loans are being scrutinized, reviewed and occasionally experience delays in underwriting and closing. It has never been so important for you to work with an expert in the field!
Why, you ask? Well our industry has been turned upside down, it’s taken mammoth losses on bad loans and today the industry is trying to find the correct balance. But balance for an industry as big and complicated as ours is tough to find. So sometimes underwriters are too tough on one borrower and other times they are not tough enough.
Don’t take it personal! Chances are, at some point during your loan process you will be asked for some additional documentation, or the appraiser will have to go back to work to justify the property value, this is NORMAL in today’s market. Getting a loan today is just going to be a little more work than it was before the meltdown.
HERE’S THE GOOD NEWS. You’ve chosen a team that is absolutely dedicated to getting you through this process on time and with as little stress as possible. We dedicate a huge amount of time and energy to create systems that prevent you from having any major problems. We’re going to get you through this safe and sound, just don’t panic if there’s a little turbulence along the way.
What’s going on with my loan?
- Week one, gathering documentation: You will receive your loan application, disclosures and list of items needed for underwriting. It’s of paramount importance that you quickly get all of these documents back to us within 48 hours. We are ordering your appraisal, title and any verifications we need to get your loan closed this week.
- Week two, processing the loan: We should be getting your appraisal and title reports, processing your application and all of the documents we’ve requested from you.
- Week three, underwriting the loan: Your loan is presented to an underwriter for approval. It’s typical that the underwriter might want clarification or even additional documentation for one thing or another. We will contact you immediately once we have the approval, especially if we need something else from you.
- Week four, clearing conditions and closing the loan: Any final underwriting questions or documentation will be handled and the loan moves on to the closing
department and is finally sent to the title company, where you will go to sign the final documents.
You can expect weekly updates on Thursdays via email and if we need anything from you, we will call, email, jump up and down (we might even send smoke signals). The best advice I can give you is to quickly as possible get any documentation back to us, so we can review it and pass it along to an underwriter.
Your primary contact for quick answers to questions throughout the processing and underwriting of your loan is David Nelson. He will be gathering documents and getting everything needed to the players who need them. I will be working in the background ensuring everything goes as planned.
So that’s it, sit back, relax and enjoy the ride. We’ve got you covered!
Thank you very much for your business; we appreciate you putting your trust in us. We won’t let you down!
Josh Mettle Lending Team:
Josh Mettle
801-747-1210
David Nelson
801-747-2473
Jeanmarie Gonzales
801-747-1205
jeanmarie.gonzales@chl.cc