Requested Items Related to Completing Mortgage Process

Below are some of the request and orders that are sent out during the loan process by the Lender. Some of the requests are standard and required on all loan applications. Why other requests may be required by the underwriter after the review of your application.

 

  • Appraisal (ordered through an affiliated ordering team) – turn around time is usually 1-2 weeks. Two reports are required for loan amounts over 1 million
  • Rent schedule (Investment properties only) – completed by the appraiser and turned in with the appraisal report.
  • Title Policy (this request goes out to the Title Company) – Turn around times may vary depending on the Title Company and the subject property. Normally 2-5 days
  • Insurance Policy (this request goes out to your Insurance Agent) Turn around times may very depending on your Insurance Agent. Normally 2-3 days
  • Condo Approval (Condo units only, this request goes out to the Condo Association to complete) – There are usually cost involved with this request that are responsibility of the borrower. Turn around time depends on the Condo Association. Normally 3-5 days.
  • Verification of Employment (VOE) (this request goes out to you employer to complete) – Turn around time depends on your Employer.
  • Verification of Deposit (VOE) (this request goes out to your Bank to complete) – Turn around time depends on your Bank
  • Social Security verification (this request is sent out to the Social Security Administration)  – Turn around time is 1-2 days
  • 4506t Form (this request goes out to the IRS) Used to verify income. Turn around time is 2-3 days
  • Fraud Garud (this is order through a computer system) – Turn around time is instantly
  • Flood Certification (this is order through a computer system) – Turn around time is instantly
  • Credit Report (this is requested through a computer system, normally at the begging of the process) – Turn around time is instantly
  • Credit Supplements (this is requested through the credit agencies) – Used to bring any credit account up-to-date – Turn around time is 2-4 days

 

As you can see there are allot of request to be sent out, follow ups to be made, and receipt of the requested items that are required to complete the loan process. This is why you need to work with an experienced mortgage team . Let my team and I show you how easy the loan process can truly be. If you have any questions about the loan process or the information listed above please contact me .

 

For more information, call (954) 599-3432 or “Click Here” to send me a message by e-mail

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