Processing/Underwriting/Closing Forms Processing, Underwriting and Closing Forms Page 1 of 3 Correspondent Seller Guide Loan Registration/Lock-in Forms The following is a list of form(s) for Loan Registration and Lock-in Procedures: Form Number Name Date COR 0001 The Registration/Lock-in … Next, order the borrower's credit report, evaluate their assets, obtain proof of insurance, and research their income sources and employment history. Checklists are a simple yet profoundly effective way of ensuring that processes are executed correctly, every time. This article has been viewed 143,380 times. The borrower may wish to purchase property with a particular share/interest. Most of the credit reports you pull will be stored electronically in your loan processing software, but if not, print at least 2 copies to attach to the loan file. Name, address and phone for past 2 years’ residence(s) and landlord(s). Past 2 years’ employment history-if attended school prior to current job provide that information and transcripts. It’s not just something we plucked out of thin air. If seller agrees to pay closing costs then a dollar figure should be stated on the contract. You need to consult one of our team members before dumping cash into your bank account. For example, suppose the borrower missed three payments on a car and had it repossessed. Make sure the file follows the underwriter's formatting and organization guidelines. We will outline all the major steps needed to be completed by a loan processor in order to ensure a successful loan package. It is mandatory for all loan officers to make sure that all files are complete … Up to 0.50% of the loan amount or ₹3,000 whichever is higher, plus applicable taxes. before BrokerEngine), and the consensus was that each loan requires 14 hours of work. It’s generally true that “all home loans are 80% the same… it’s the 20% differences that can sink you.”. Interest In Advance is where a borrower pre-pays loan interest for the next finance year or years. Read through the application and other documents received first to make sure you understand everything about the loan before you get started with the processing. However, you do need to include credit card and installment debt information which is not on the credit report. Can we get loan without having a guarantor? Does a recent change in employer, with no lapse of employment between jobs, hinder a mortgage approval? Processing Checklist The following information should be included in each loan package submitted to Pro 1 Processing. You need to provide credit card or loan statements if the monthly payment or balance on the credit report is different than the actual payment or balance. If any of the information seems vague, you either need to clarify the information or write in an explanation as to why this information isn't provided in greater detail.

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