mortgage loan guidelines: How to Avoid IRS Delays in Your Closing
- 05/06/11 05:00 PM
How to Avoid IRS Delays in Your Closing Delays throughout the mortgage process seem to be common and all too typical these days. So it shouldn't come as a surprise to you that we're dealing with yet another issue that could result in a hold up in your closing. If you're working with a client that has recently filed their tax returns, you could see your closing date extended. As I'm sure you are aware, all lenders now require a copy of the borrowers tax transcript. This document is obtained directly from the IRS via a signed 4506-T. This then allows … (2 comments)
mortgage loan guidelines: Fannie Mae's Loan Quality Initiative : Repulling Your Credit Just Before Closing
- 04/30/11 08:14 AM
Fannie Mae's Loan Quality Initiative : Repulling Your Credit Just Before Closing A loan quality initiative from Fannie Mae is making it harder for Colorado Springs home buyers and refinancing homeowners everywhere to close on a mortgage. Fannie Mae's Loan Quality Initiative or LQI began June 1, 2010 requiring lenders to verify that borrowers have not taken on new debt during the underwriting phase of the mortgage. If new debts are found, the mortgage is subject to a re-underwrite and a possible turndown. As you can imagine, this has wreaked all kinds of havoc within the final days of closing. For Fannie Mae, the goal … (0 comments)
mortgage loan guidelines: How the Mortgage Loan Process Works
- 04/20/11 01:56 PM
How the Mortgage Loan Process Works Once you've completed the loan application, you might wonder what the next steps in the mortgage loan process are and how the behind the scenes will work. There are several steps to take you from open to close and our goal is to get you there with as little stress as possible!
The first step is to move your loan into processing where all of the verifications will be done. We call this the "order out" process. During this period, the processor working on your file will order title work and title history, property tax … (1 comments)
Author Bio: Rebekah Radice is a social media marketing, internet marketing and content marketing specialist. Rebekah Radice consults with business professionals to assist with their social media and blog marketing efforts.
How to Avoid IRS Delays in Your Closing
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