Congratulations! You have found a loan officer and have qualified for a mortgage loan. You have found the home you would like to purchase or have decided to refinance the home you already own.
What happens now?
Your loan officer gives your file to a mortgage processor. The mortgage processor takes all of the documentation and information that you have given to your loan officer and puts the file in ordered for underwriting. The mortgage processor will order the appraisal on the property, coordinate with the title/escrow company and compile any other documentation that may be needed for underwriting. They may need to contact your employer for a Verification of Employment or your landlord for a Verification of Rent. Don't be surprised if the mortgage processor contacts you directly if they need more current asset statements, further explanation of anything that you have already provided or anything else that might arise when they review your file. Once they have sufficient information, they will transfer your file to an underwriter.
Every mortgage company defines "sufficient information to underwrite" differently. Your loan officer or mortgage processor can let you know what their company requires. Many mortgage companies require the appraisal and preliminary title report to be included when your loan file goes to an underwriter.
Lets assume that you will need these items before an underwriter reviews your file.
Who will appraise the property and compile the preliminary title report?
**See my next posts for an explanation**
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