be a while before I’ll even know there’s an issue. Once I know what underwriting conditions need to be met for the borrower to get their loan, I get straight to work assembling the information. My primary goal is to get the underwriting team what they need as soon as they need it. But my ultimate goal is to have the information ready before the underwriting team even asks.
Underwriting Approval Conditions
Some examples of underwriting conditions that I can work hard to prepare beforehand are: • Employment verification • Proof of source of funds in the buyer’s bank account • Late payments explanations When problems like these arise, I can work with the borrower to get documentation that will help them pass the underwriting scrutiny and close their loan. Title issues can be the most time-consuming and can result from misfiled paperwork. Tax liens are a common issue that need to be addressed as soon as possible. Conditions that involve a third party to rectify can take more time than conditions where only the borrower’s information is needed. I know the difference between third-party issues and first-party issues. • Gaps in employment resolution • Account collections explanations
Clear to Close
Only after all conditions are cleared can a “ clear to close ” letter be issued by the lender. My goal is to get there as quickly and efficiently as possible. As collecting all items from the buyer to clear conditions can take some time, the loan may not be approved in the timeframe
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