This is the aspect of my bank that I would like to talk about on this page. From the beginning of the mortgage process until the end and even after closing, I will be your point of contact throughout the entire process.
However, the true "Unsung Heros" are the team behind the loan originator that execute their part of a very complex mortgage process. As we move along each component champions their little corner of the processing and we get you to the closing table also known as the "Closing Celebration".
Usually by the time we get to the closing celebration, my customers are amazed at what goes into creating a mortgage these days and also they are also amazed at how well we do our jobs.
We Make it Easy !
Unlike some of the larger banks that I affectionately refer to as the "800 Lb guerrillas", we care about you loan. You will not get lost in the shuffle or lost as your file makes it way between departments. We are not a 9 to 5 bank. We are open 24/7 because it is my job to pick up your phone call.
Here are the steps in getting the mortgage with the Mortgage Firm
This may look a little daunting but we have learned to champion each step along the way
1.) I have been working in this business for 20 years and have built up a following
. Let's say you heard about me from one of my happy customers or maybe you found me on the web. Our initial phone call will take about 15 - 20 minutes on the phone and we will get a feel for what you are trying to do.
2.) I will email you a Good Faith Estimate
and/or an Itemized Fee Disclosure
that shows all of the costs associated with your loan. It will show the loan program
, the interest rate
, the monthly payment amount
and your out of pocket expense
. This form should be very similar to what your final numbers should be.
3.) When you get under contract or decide to go forward with a refinance, I will either meet with you to give you our disclosures or I will email them to you
. These forms are very similar to the final documents that you sign at closing.
4.) In addition to your signatures, here is a standard list of items we will need in order to process your mortgage application
a.) Your last two years tax returns (please sign page 2), your last two years W-2's and your most recent
one month of pay stubs. Also a name and a phone # to verify your employment.
b.) If you are self employed we will need to see your last two years business returns as well.
c.) Your last two months bank statements (all pages)
d.) A copy of your driver's license and social security cards.
e.) If you are purchasing we need to see a copy of the executed purchase contract.
f.) if you are refinancing we will need to see a copy of your owners title policy, your survey, a copy of
your mortgage statement and a copy of your insurance.
5.) I will assemble your file, troubleshoot any potential issues
and help you with letters of explanation so your file reads like a well written book for the underwriter. I also submit your file and your credit report to Desktop Underwriter for Automated Underwriting
. This is where we submit your file on line to either Fannie Mae, FHA or Freddie Mac. We receive a feedback on day 1 that tells us Approve/Eligible, Refer with Caution or Refer. (Yes, Maybe or No)
6.) Your documents are scanned and uploaded on line. the first step is what we call the set-up department
. Set-Up orders many items including a verification of employment, tax transcripts, title and also the appraisal on your subject property. If you are purchasing this is about the time when you are doing your home inspection.
7.) Then your file goes to a designated loan processor
. We have staff of very knowledgeable, experienced processors who can look deep into your file. They will send me a list of all the items I missed or need clarification on. Sometimes this entails giving a letter of explanation or maybe a better copy of a bank statement. A large part of what we do is sourcing your money for closing. If there are large deposits or money transfers we will need to show where the money came from. While we are waiting for the appraisal to come back, we will fulfill this list and make the file ready to submit to the underwriter.
8.) Once the appraisal comes back
we send you a copy of it and a disclosure that you acknowledge you have seen it and that you are aware of the value determined by the the appraiser.
9.) By this time the processor has collected all the details of your file. The tax transcripts match the tax returns you submitted, your employment verification shows us your boss loves you and will continue paying you, your title work shows there are no liens attached to your property. She submits the file to the underwriter.
10.) At The Mortgage Firm our underwriters look at your file twice
. The initial underwrite and then the final sign-off. The underwriter will validate all that we have submitted and question anything that seems unclear. It is her job to make sure we comply with Federal guidelines so that we may provide the absolute best market pricing on your loan.
11.) Usually after the appraisal comes back we start talking about locking your loan
. We typically use either a 30 day lock, a 15 day lock which has slightly better pricing. I go to my pricing engine that looks at all of the many investors we have. We get wholesale pricing from larger banks as well as smaller banks.Our company operates under very thin margins and has amazing pricing with FHA, Fannie Mae and Jumbo mortgages. We also have the ability to broker out on a unique niche loan if we have to. I am very happy to say that we compete very well with any pricing in the country!
12.) The process pushes forward: The underwriter comes back with a few conditions to fill
. We go get what she wants and submit the file once again for final sign-off. Once we are clear to close, your file is reviewed by the QC department.
13.) The QC department
or quality control double checks that all of the disclosures were dealt with properly and that there are no remaining question marks or conflicts with the file. The Mortgage firm does this because we want to ensure the integrity of your loan that we have packaged for you.
Because our loans are of such quality, this affords us the absolute best pricing on Wall Street which gives you the best possible interest rate.
14.) Overseeing all of these departments are the managers
. Between the branch manager and the Ops manager they have over 50 years experience. They monitor the flow of the file and help out if there is any type of a bottleneck. They can step in with the muscle necessary to make sure your file is put on the table on time.
Unlike companies that broker, where they send off to unfriendly third party companies, we are bankers so that means every person in this chain of operations is on the same team and are working for a common goal. Your Loan
15.) Finally your file has made it to the closing department
. Our closing department ROCKS!
They are very quick. They work with the title company coordinating the legal documents to be signed and creating the final closing statement. They send an email with all of the documents and also help ensure that the numbers on your final closing statement or HUD are 100% correct.
If any fees are out of line, it comes out of our money. With the new TRID guideline changes
that take effect on Oct 1, 2015 there will be a 3 day waiting period before you can close. Go to that page to see the pros and cons of that.
16.) Finally you close. I attend all of my closings which is actually a rarity in today's marketplace. You sign the papers and ride off into the sunset , hopefully with a smile on your face.
17.) During post closing, I will check up on you every now and then to see how your doing. As I said before, I am not here just for the first transaction. I want to be in your TRUSTED ADVISER
in your corner as you go on through life 24/7/365 days a year. Here is my elevator speech in my own words.