Things You Need At Your Loan Application Client Questions

Nick for someone who is not a Loan Originator you did a great job of covering this topic.  Just a couple of minor points, generally you only need 2 months of bank statements of the accounts the Borrower is going to use for the Downpayment and Closing Costs, and maybe to also show a little bit in reserves.  If the Borrower is not going to use their 401K or other retirement accounts for the purchase then that statement is not needed, or any other account that is over and above the money needed for the Downpayment and Closing Costs.  The exception would be a Stated Bonded Loan Program that the borrower is doing a Downpayment & Closing Costs assistance loan on, then they want to see all of the assets.  The reason why you don't show more accounts than needed is the more information the more questions.

As far as the liabilities, when the LO pull the credit report, the liabilities generally auto populate into the Loan Application.  However, any recent loans or credit cards that the Borrower applied for might not be reporting yet, so those will have to be listed.  There are always little things that come up depending on the type of loan, but if a Borrower can put together the list you stated, they will be in great shape.

Let me know if you ever want to become a Loan Originator, you already have a good part of it down.

Excellent checklist Nick, you've done your homework and can offer your clients very good, professional advice.

Nick, now that is a nice shout out for 3 mortgage professionals here in the Rain.  Your advice was right on!

George addressed a couple of things that make good sense and should be added to your already great list. I want to address a separate issue. The issue as to why you should recommend a loan officer that you know and trust.

I have a good number of Realtor referral partners. These are Realtor that I know and trust and that I refer a lot of business to each and every year. I am also fortunate that they refer a steady stream of business to me. They all know me, they know me to the point that they know they will always get the straight information all the time, good or not so good. I have heard them say to clients, I can count on my guy and no one will work harder to get the transaction done.

If you end up having to work with a loan officer that you don't know or don't know very well, you may not get what is best for your home buyer.

I will not talk a client out of using a Realtor that I don't know, but I will ask a lot more questions and if I'm asked, will refer someone that I know, as you would do as well.

Great job with your post. You address a very important topic. "Suggested"

Great follow up to your last post, Nick. Great spotlighting three of our wonderful lender members as well.

Nick:  Thank you first of all, for the wonderful shout out for myself and George and Joe.  Feels darn good to be placed in a group with those two gentlemen.  Secondly, I agree with George.  You have an amazing grasp of the mortgage process and could be an excellent Lender.  I'll fight over you with George, should you ever decide to join the lending industry!

You provide one heckuva great list too for your clients as far as documents needed for the mortgage process.  It will give them a great head start to the process and make actual application much easier, should they start to gather these documents in advance.  I've mentioned within my own posts that mortgage applications (and the documents needed at that time) have become much like fingerprints.  No two applications are alike, so the specific documents needed will be specific to the applicant. The Lender will advise what is and isn't needed as they learn more about the applicant and their needs.  But again, you will get them off to a great start with your list provided here.  You prove why you're the consumate professional to work with in the Madison and Huntsville, Alabama area ...

Again, thanks for your great shout out .. and your friendship.  Both are greatly appreciated ...

Gene

Nick  This is a great series - your thorough knowledge of the real estate market is .  Congrats on the one featured.  I am suggesting this one