Before your loan is submitted to an underwriter, we prepare your file to be reviewed so it is prepared for the underwriter to do their part and move to closing. There is a lot of preparation done by many people to get a loan to this point. The borrower, the loan officer, assistants and processors prepare a file to get a loan ready to be reviewed by an underwriter and also jr. underwriters. Once a file has been approved, usually a “Conditional Approval” is issued on every file. There are several things that the borrower (you) can do to help us move your loan both to underwriting and to get a clear to close as quickly and efficiently as possible.
Once an underwriter reviews your loan application (whether for a purchase or a refinance) they will issue one of three determinations: a Conditional Approval, a Suspension, or a Denial.
When a Conditional Approval is issued, a member of our Pipeline Team will call you immediately to review the approval and discuss any conditions needed before we can schedule your loan to close.
Rest assured that an underwriter issuing a Suspension or Denial on your loan does not end your relationship with Miracles Happen. This is where Miracles Happen steps in to defend you, as your advocate. We have an entire team at Benchmark dedicated to overcoming underwriting objections, re-working your application, and unearthing underwriting errors.
Still, we will be candid with you at anytime during the process if we do not believe your application has an opportunity to close. Just know that we are devoted to exhausting every last ounce of effort to match your family’s financial situation to a qualified loan program.
While we will be shouldering most of the work, we have come up with a small list of things that you can do to help ensure that your loan closes as quickly as possible. Please do your best to adhere to Benchmark’s list of Do’s and Don’ts while your loan is being underwritten.
Here are a couple of other important things to know:
We appreciate your cooperation and patience while your loan is being underwritten. Please do not hesitate to call with any questions or concerns that you might have. We look forward discussing your upcoming Conditional Approval with you very soon.
Read more here:: Things to Know before Your Loan is Reviewed by an Underwriter