Mortgage Denial By Underwriter And How To Take Next Steps in 2019

Mortgage Denial By Underwriter And How To Take Next Steps in 2019. How A Mortgage Underwriter Uses Your Docket Report

Mortgage Denial By Underwriter And How To Take Next Steps in 2019 video duration 4 Minute(s) 6 Second(s), published by Gustan Cho Associates on 10 07 2019 - 21:49:59.

Mortgage Denial By Underwriter And How To Take Next Steps * Importance Of Pre-Approval Letter Loan officers should do the following prior to issuing a

In this video, Kristy Fitzgerald, senior mortgage underwriter, explains her role within your mortgage application, and how she works with mortgage professional Mortgage underwriting is a process in which the lender uses to access risk and ensure a borrower meets all requirements for a home loan
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Mortgage Denial By Underwriter And How To Take Next Steps

* Importance Of Pre-Approval Letter

Loan officers should do the following prior to issuing a pre-approval letter:

- Make sure the mortgage loan application, commonly known as 1003, is accurate and complete
- Qualify the borrower by asking them questions and not just assuming
- For example, credit reports are not fully accurate
- There are important items that may not be reporting on a credit report such as judgments and tax liens
- Public records such as bankruptcies, foreclosures, short sales, judgments, tax liens will be discovered during the mortgage process when the lender does a third-party national public records search
- Not all public records are listed on credit reports
- Check and review all credit inquiries
- Make sure that borrower has not incurred any new debt that can be discovered during the mortgage underwriting process
- The above is important, especially with borrowers with higher debt to income ratios
- Thoroughly review tax returns
- Thoroughly review the credit report and make sure there are no credit disputes
- Credit disputes during the mortgage process are not permitted with the exception of medical collections and non-medical collections with zero balances
- Loan officers should run automated underwriting system prior to issuance of pre-approval
- Many home buyers go to their local bank where they do their banking for a mortgage
- Many think that their bank is their only option
- Then they get the bad news that their mortgage application got denied

Home buyers who need our help after they have a mortgage denial by other lenders, please contact us at 262-716-8151 or text us for faster response. Or email us at gcho@loancabin.com .

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