Wondering how your new mortgage loan will be handled now that many of us have been officially considered “non-essential?” Well, for one, the mortgage industry is up and running regardless of any status. Yes, there are many who are currently in a work-from-home status and don’t have an official office to go to, at least for now. But that doesn’t stop the home loan process. And working virtually with your loan officer is one of the best options right now.
Almost everything the mortgage industry does is based upon the digital platform. So just because of this economic pull-back, that’s not going to affect getting your loan being processed and sent to the settlement table. That’s especially important not just for your transaction but also because, mostly as a result of these economic conditions, rates are very, very low. So, that said, here are some tips to help you working virtually with me, whether it’s for a refinance or closing on a purchase.
Benefits of Working Virtually
First, I’m pretty much always available. I’m not a 9-5, 5 days a week kind of guy. Yes, I do keep regular office hours, but I also work with clients in the evenings and weekends. I understand that 9-5 jobs also mean it can be difficult to schedule a meeting with a loan officer or any other meeting for that matter. That’s why my schedule is your schedule. Don’t think for a moment that just because it’s 7:00 in the evening that I’m not available to speak with you. I am.
Second, completing a mortgage application doesn’t always need a face-to-face meeting. In fact, while I certainly do meet with clients on a regular basis, at least up and until recently, many more transactions are handled without a face-to-face meeting. Years ago, it was necessary to have a meeting either in my office, yours or at your home. Applications were taken by hand and a relationship was established with a personal meeting. This of course was before there was such a thing such as an online video call. Today, most applications are completed and submitted virtually through my website. After we have a conversation about your needs, your questions will be answered and instructions on how to access and complete a home loan application are provided.
Loan Approval Process
Once you’re your application has been submitted through my site, my staff and I will thoroughly review the application to make sure there are things left blank that need to be filled in. However, the application is fairly straightforward and the questions throughout the app ask basic information that you already know or have quick access to. Plus, we can always make adjustments with your application after submission. It’s not your “final answer” sort of thing. We’ve literally closed thousands of loans over the years for many different scenarios. If we see something that needs adjusting, you’ll be the first to know. This review is done almost immediately and puts your loan in the process of preparing for your initial automated approval.
At the same time, we’ll compare the documentation provided to us with the list of needed documents we sent to you early on. If we asked for your most recent paycheck stubs covering a 30 day period and there are paycheck stubs only show 15 days of pay, we’ll contact you and let you know what else is needed, if any, to move your loan further into the process.
Once your loan is submitted to the underwriting department, that’s the department that makes sure your loan file complies with the guidelines set for your selected loan program, and after it is ready for loan papers, your loan goes to your closing agent. When approved, your papers are ordered and delivered. You will also receive your Final Settlement Statement for your review prior to your loan documents being ordered.
Every step in this transaction is streamlined by working virtually. We speak over the phone, by video conference, emails, texts…all without a face-to-face meeting. We’ve operated in this manner for years and are good at it. Working virtually keeps your loan approval process on track and gets your home loan finished fast.