5 Things Your Loan Officer Should Tell You-Part 4
Continued—
Fourth, once you have contracted to purchase a home, completed the loan application and provided all required documents to your loan officer, your loan will be submitted for underwriting. Once the underwriting process has been completed, your loan officer should tell you the results. Make sure that your loan officer reviews your underwriting results and lets you know if it impacts the terms that you had outlined on your Good Faith Estimate.
You should know once underwriting has been completed if you will have any adjustments to the terms outlined on your GFE. If there are, it may affect your interest rate or other terms of your loan. It is your loan officer’s job to review your credit, income, debt and loan options well enough that your underwriting should not present any unexpected results. However, if something should arise, your loan officer should bring it to your attention immediately.
If working with a conscientious loan officer, you will be kept abreast of your loan’s progress. Even under the best of circumstances, underwriters can set unexpected conditions which could impact your loan differently than the loan officer initially outlined. Your loan officer should notify you immediately of any conditions set by the underwriter that are unexpected. Remember, the underwriter’s job is to find a reason to deny the loan.
Don’t be alarmed if your loan officer tells you that the underwriter has asked for something that seems out-of-the-ordinary or trivial. The best thing to do, whenever possible, is to provide the underwriter with whatever information they request as quickly as possible.
Again, a good loan officer will guide you through this aspect of the loan process easily. Continued, part 5, Closing.