What Rockies Baseball and Mortgage Loans Have in Common – Part 2
Regular Season (Processing, Underwriting)
During the regular season, experts give their 2 cents on how each team is doing, including the Rockies. Do they check out? Are they as good as people say they are? Are they winning games they need to win? How is each aspect of their game? The regular season is dissected by the sports commentators, but in the end, it comes down to numbers, stats and results.
Of course there will be heartbreaking losses as well as some surprising wins, but you can only hope for the best and hope that the team backs up their talk with results...right? When the team DOES lose, they're asked for a further explanation. The season has its ups and downs, but we'll get through it together and hopefully make it far past the regular season.
This is where our mortgage loan process differs. We try and make it as consistent as we can, with minimal heartbreaks or surprises. However, we know sometimes you can get "behind the count" with your credit score, or perhaps a judgment. The “processor” reviews the credit reports and verifies your debts and payment histories as the VODs and VOEs are returned. If there are unacceptable late payments, collections for judgment, etc., a written explanation is required from you. The processor also reviews the appraisal and survey (if required) and checks for property issues that may require further discernment. The processor’s job is to put together an entire package that may be underwritten by us.
Underwriting is another part of the mortgage loan process, where the underwriter is responsible for determining whether the combined package passed over by the processor is deemed as an acceptable loan. If more information is needed, the loan is put into “suspense” and you are contacted to supply more documentation.
Original Post over here: What Rockies Baseball and Mortgage Loans Have in Common – Part 2
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