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What to expect during the Mortgage & Underwriting Process!! - YouTube
Channel: Mortgage Education & Finance with Stephanie Weeks
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- If they want four
paychecks, most recent,
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don't send them paychecks
from four months ago.
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These are the kind of things
that we see all the time
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that caused loan delays.
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Today's topic is all
about the underwriter.
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And why am I wearing this
handy dandy captain's hat?
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Because you wanna be in control
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and steer your ship when it
comes to mortgage lending.
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How do you do that?
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You get on the good
side of the underwriter.
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Who is this elusive underwriter,
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the magician behind the curtain
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that you keep hearing about,
but never get to talk to?
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That's what you're gonna
learn in today's video.
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(whooshes)
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This is your one stop shop for anything
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and everything mortgage education.
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I am Stephanie Weeks and thank
you so much for tuning in.
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I've dropped new videos
every Tuesday and Saturday.
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Be sure to subscribe to the channel
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and hit the bell to be notified.
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(whooshes)
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I have helped thousands
of customers with millions
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and millions and millions of
dollars in mortgage financing.
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And my goal and my mission
is to spread mortgage peace
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and share my 17 years
of mortgage experience
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with you guys, the
consumer, the borrowers,
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the people looking to get preapproved,
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the people looking to buy a
home, to refinance a home;
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and teach you all the things
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that you've always kinda wondered.
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(whooshes)
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Underwriting.
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What is it?
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Well, to sum it up, it is the person
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that is behind the scenes to make sure
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that you meet all of
the guidelines required
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to obtain the mortgage loan
that you are applying for.
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And for the most part, this is a person
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who's basically just double
checking your loan officer
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and double checking your processor
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to make sure that they've
covered everything.
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And this person works very closely,
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along with your loan
officer and your processor
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to see that you get through to closing.
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Again, what they do is
they have all the rules,
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they have all the books,
they keep them handy.
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If you're going FHA, they make sure
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that you meet those requirements.
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If you're going real
development, they wanna make sure
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that you meet those requirements.
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If you're going conventional, same thing.
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And if you're going VA, same thing.
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These underwriters sign
their name to these approvals
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and they are licensed, and
their job's on the line.
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So they need to do a
good job and they need
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to make sure they don't miss anything.
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They're not trying to be difficult at all.
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They're just trying to
make sure that you approve,
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based on those required guidelines.
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(whooshes)
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Why do these underwriters
need so much information?
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Oh my gosh, I could talk
about this for hours.
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So I'm gonna give you just
a few simple examples,
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so that I don't lose you
in a super long video.
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Let's take income as an example.
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FHA has different
requirements when it comes
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to calculating income than
let's say conventional.
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So that underwriter has to
look at that file and say,
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"Number one, do I have all
the pieces and all the data
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to accurately get the result,"
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meaning in some certain instances,
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you might need tax returns.
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Maybe one year, maybe two.
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You might need W2's and no tax returns.
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You might need K1s, 1099s, paycheck stubs.
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You might need one stub,
you might need four stubs.
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So they make sure first
all the data is there
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to do the analyzation
and get the calculation
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that's required when it comes to income.
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The other thing is they'll
look at the insurance coverage
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on the property to make
sure there's enough coverage
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that's acceptable to
the required guidelines,
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or meets the required guidelines.
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Another example is every loan's different.
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So with some loans, you might
have 10,000 in the bank,
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and you can spend
$10,000 and nobody cares.
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But with other loans, you
might have to have 11,000
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in the bank to be able to
spend 10,000 at closing.
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It's all based on the guidelines.
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These are things the
underwriter's looking at
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to analyze the file to make
sure that it's a sellable loan
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and that it meets the requirements.
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Going back to job or income, job history.
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If you needed to do your job history
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for the program requirement,
then they're gonna make sure
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that your application says
you've been there two years
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and they're gonna make sure
that with your employer,
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that they also concur that
you've been there two years.
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If you fill out your application,
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you put you've been there two years,
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it's really been 22 months?
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Boom. (claps)
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You're gonna get a condition
and underwriting that says,
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"I need a previous job history,
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I'm missing W2's, I don't
have accurate data."
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That'd be one example of
some more of the things
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that they do to make sure
you meet the guidelines,
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and what they're doing behind
the scenes on your loan
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to make sure that you do approve.
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(whooshes)
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I mentioned earlier that the
underwriter is like your judge
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and your jury.
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The way that I like to
look at a loan file,
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is your loan officer
is like your attorney.
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They're putting a package
together to take you
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to court to make sure that you win.
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Winning would be getting loan approval.
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The underwriter would be
like the judge or jury
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that's making the decision,
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based on the information provided.
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Here's what is so crucial.
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Every loan officer's different.
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They work different,
they do different things.
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They put files together differently.
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The same exact borrower
can apply with two lenders.
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Two different loan officers put
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those files together differently.
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Therefore, they're presented differently.
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Goes back to whether you're
gonna win or lose at trial.
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Just like in trial, you can
have the same data, right?
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The attorneys have the same data.
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They have to share in a
process called discovery.
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So they have the same data.
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And the way that it's presented
then decides who wins.
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Right?
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So picking your loan officer is important
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to make sure that they're diligent,
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they're responsible, and
they're good at what they do.
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So they put that file together great,
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so when it goes before the judge and jury,
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they don't have a million questions,
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they don't come up with a bunch of issues
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that have been overlooked.
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They're like, "Hey, this looks good.
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Everything's great, give me these one
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or two other simple items
and you're good to go.
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Loan approved."
(bright, bouncy music)
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(whooshes)
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To wrap up today's video, I'm coming back
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to my handy dandy hat.
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So how can you be in control?
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How can you be the driver of your ship,
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the captain of your ship, and make sure
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that you have a smooth
and on-time closing?
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What can you do to
convince that underwriter
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to give you that loan when
you're not the loan officer
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and you don't know what you're doing?
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Here are my tips on that.
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Number one, the application is everything.
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Make sure it's complete and it's detailed.
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Some top tips, full legal name.
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Don't put a variation of your name.
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Put your full legal name
that's gonna match your social.
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Job history.
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If you've been there 22 months,
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do not say you've been there two years.
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Give a full 24 month job history.
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It's gonna help out a lot.
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If you've got five grand in
the bank when you're applying
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and you plan on having
seven grand in the bank
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by the time you go to closing,
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you need to put five
grand on the application
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because the underwriter's gonna go,
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"You listed seven, your
bank account says five.
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This doesn't match."
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They're just trying to
match everything up.
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The other thing you can
do is be super forthcoming
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with anything and everything.
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Don't forget to disclose
if you pay alimony
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or child support, those are big deals.
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They can cause issues.
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If you think your house is
worth 250, don't put 275.
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Again, they're just validating
the information you provided.
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If they quote you at 275
when it's really worth 250,
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it's a different approval,
potentially different
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mortgage insurance, potentially
different interest rates.
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So many things, so many
things get affected.
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Don't forget that if you've co-signed
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on a loan, make sure you mentioned that.
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Make sure you put that
on the loan application.
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And be really, really detailed with that.
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Those are some of the top things
that can make a difference,
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and the other thing that you can do
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to steer your own ship
is be very consistent
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in replying quickly to your loan officer.
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If they ask for documents,
get it to them fast.
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If they want four paychecks,
don't send them three.
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If they want four paychecks, most recent,
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don't send them paychecks
from four months ago.
[523]
These are the kind of things
that we see all the time
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that cause loan delays.
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(whooshes)
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So, how do we sum it up?
(bright, bouncy music)
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Accurate, detailed, full
disclosure, full documentation.
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Don't send screenshots, send
actual copies of documents.
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Send exactly what they've
asked for, not a variation.
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That is how you remain the captain
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of your ship, get your loan approved,
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and sail smoothly through underwriting.
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My free download for you, today,
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and I'm gonna put the link below,
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is your home loan financing checklist.
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It's gonna help you to pay
attention to provide everything
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that we're talking about
to make sure you stay
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on the good side of the underwriter
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and help yourself have a
great mortgage process.
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(whooshes)
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Type "peace" in all caps
in the comments below
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if this video has helped
you better understand
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the elusive underwriter,
what you can expect,
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and how all of that stuff works.
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Love to hear from you guys.
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(whooshes)
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If you enjoyed this video, be
sure to give me a thumbs up.
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Don't forget to subscribe to the channel.
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(dings)
Share it with your friends.
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I really appreciate it.
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Don't forget to hit
the bell to be notified
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every time I post new videos.
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Reminder again, that's
every Tuesday and Saturday.
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And let's connect.
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I'm at stephanieweeks.com.,
I'm at weeksteam.com,
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and my Insta is _therealstephanieweeks,
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and I would love to hear from you guys.
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I answer all the messages directly.
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