Your mortgage loan originator (also known as a loan officer) gathers information from you, and with that information, creates your HECM loan application. You will sign the application in the appropriate places, and the loan officer submits these to the processing department.
How Does Mortgage Processing Work?
A processor receives the application documents and opens a file. This is done via software specifically designed for the mortgage industry so it can be 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: Ordering an FHA Case number OR transfer of a case number
* Ordering a title report to confirm ownership of your home
*Obtaining updates on real estate taxes and tax bills
*Ordering an appraisal on your property to determine its value
*Getting 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
*Uploading conditions required by the underwriter to close your loan
*Getting your loan ready for a clear to close by the underwriting department
*Scheduling your closing and contacting all parties who will attend
*Post Closing : Making sure your funding and payoffs were disbursed.
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.
An underwriter is responsible for assessing and evaluating risk to the lender or, in an FHA loan, FHA.
FHA Insured loans or HECM's (Reverse Mortgages):
It is the FHA underwriter's job is to ensure that the FHA HECM application and documents meet FHA stancards and is ensurable by FHA guidelines. Once it has been detemined the loan meets those guidelines, the underwriter can approve the loan with conditions required for a clear to close.
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Kathie Adler will provide a free consultation as well as free literature so you can learn the ins and outs of Reverse Mortgages. She makes home visits or you can meet her at the Advisors' Office. Set up your appointment today, and take advantage of this life changing tool called a Reverse Mortgage.
If a Reverse Mortgage is not right for you, Kathie can provide information on other mortgage products. Advisors Mortgage Group does conventional. VA, FHA, 203k, construction loans, etc.
ADVISORS MORTGAGE GROUP, LLC Branch NMLS 1833015, 3330 Park Avenue, Suite 1, Wantagh, NY 11793
Licensed by the New York State Department of Financial Services, Licensed Mortgage Banker.
Licensed by the New Jersey Dept of Banking and Insurance
KATHLEEN ADLER, Mortgage Loan Originator, NMLS Identifier 65780, Licensed by the New York State Department of Financial Services, Licensed by the New Jersey Dept of Banking and Insurance. This Website maintained by Go Daddy, Copyright 2014 - Website domain name obtained 2008. All Rights reserved.
NOTE: Website authorization by New York State Dept of Financial Services is pending. Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site.