This can mean sending copies of your most recent paycheck stubs, W2s and income tax returns. If youre self-employed you can be expected to provide both personal and business returns but also a year-to-date profit and loss statement. Bank and other asset statements will be forwarded to verify there are sufficient funds to close on your transaction. Once youve passed this initial stage, your loan application goes to the Loan Processor. What does your loan processor do and what can you expect?
Your loan officer will then hand off your file to the processor. The loan officer is always there to talk about the progress of your application and answer questions as your file moves along, but its the processors turn now. The loan processor will review the automated underwriting findings to make sure that what is asked for is being provided and if not, when the needed items will be submitted. The processors primary job is to prepare your loan file for submission to the underwriter. If youre asked to provide your most recent paycheck stubs covering a 30 day period and there is only one in the file covering two weeks, the loan processor will ask for additional paycheck stubs to meet this 30 day requirement. The processor will also review the information youve submitted to make sure it matches up with what the lender needs.
The loan processor will also begin ordering information from third parties to complete the loan file prior to submission to underwriting. This means contacting the title company to get a p>
After the file has been completely documented, it is forwarded to the underwriter. The underwriter is the individual responsible for making sure the loan package conforms with the guidelines issued for the selected loan program. The underwrite will review the submission and in doing so may have additional questions or request more information or documentation. These requests go back to the loan processor who then contacts you to fulfill the underwriters request. You wont be able to speak with the underwriter directly, instead youll provide what is being asked for by the underwriter to your loan processor. After all questions have been answered and needed documentation supplied, your loan processor is no longer involved.
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