Application Documents
Your Advisors Mortgage loan officer or originator will gather information from in order to create your loan application. You will sign the application in the appropriate places, and the loan officer will submit the application to our processor along with various documents required.
How Does Mortgage Processing Work?
A processor is responsible for opening your application file and beginning the work of processing your loan documents. Your application and documents are later uploaded to an underwriter for review. The processor is responsible for the following tasks:
*Entering your data into the mortgage processing system
*Checking documents for accuracy
*For FHA & HECM's: Ordering an FHA Case number OR transfer of a case number
*For VA, examining your DD214 and other documents
*Ordering a title report to validate ownership of your home
*Obtaining updates on real estate taxes and tax bills
*Ordering an appraisal on your property to determine its value and condition
*Ordering payoffs from your current mortgage company
*Submitting your application and documents to underwriting
*Advising the loan officer that the loan has been approved with conditions required to close your loan
*Uploading conditions required by the underwriter to close your loan
*Getting your loan ready for a clear to close with the underwriting department
*Scheduling your closing and contacting all parties who need to attend
*Post Closing: Making sure your funding and payoffs are disbursed.
NOTE: With refinances, you have a 3-day right of rescission in which to cancel your loan. On the 4th day, your loan will fund, and you will receive your proceeds.
What do underwriters look for?
Underwriters are most common in industries where transactions carry considerable risk. Each industry has their own underwriter specific to a particular business model with expert knowledge of their field, and in the case of mortgages, an underwriter must have a firm knowledge of mortgage lending. A mortgage underwriter is responsible for analyzing data provided by a mortgage applicant, assessing and evaluating risk to the lender or, in an FHA loan, FHA. It is the underwriter's job to approve, suspend,or deny your mortgage application and, to the best of their ability, ensure your loan will not default. Underwriters also protect you from a mortgage you cannot afford.
FHA Insured loans or HECM's (Reverse Mortgages):
It is the FHA underwriter's job is to ensure (in the case of a HECM) that the FHA HECM application and documents meet FHA standards and is insurable by FHA guidelines. Once an underwriter has determined the loan meets those guidelines, the underwriter can issue a conditional approval and eventually clear to close.