The more CRE work I do, the more phone calls I get about residential real estate. Maybe these inquirers are getting burned by residential agents?? I don't know.
The answers to a recent question about residential mortgages have been provided by Steve Nimmer (912-604-3834 NMLS #: 186680) with Coldwell Banker Mortgage. I also refer a lot of business to Kirsten Ray with IKON Financial (912-313-4128)
This begins the mortgage process and is actually several steps. The loan officer will help the customer learn what their mortgage financing options are through a pre-qualification process, and assist with filling out a loan application and gathering the necessary documents.
Customers should know: They'll need to provide income, asset and debt information, and their Social Security number to allow the lender to pull their credit report.
Phase 2 – Processing:
The loan processor will then collect, verify and review all required documentation provided by the buyer, order appraisals, order a title search and send all this information in a complete package to underwriting.
Customers should know: Processors will be checking for errors, discrepancies and possible missing information, so customers need to understand how critical it is to provide accurate, complete information in a timely manner.
Phase 3 – Underwriting:
The underwriter analyzes the documentation for accuracy and evaluates the customer's ability to repay the loan based on their credit and employment histories. An appraisal and title review is completed to ensure the loan program guidelines are met, the title is clear, and to determine risk acceptability.
Customers should know: This is "decision time" as the underwriter weighs the risk of lending money and approves or denies the loan – so customers may be asked for additional financial information even at this stage.
Phase 4 – Closing (or Escrow):
The loan processor coordinates all aspects of the closing with the buyer and the closing agent and/or attorney. The closing agent conducts the closing, ensures that all necessary documents are signed, assures closing fees and escrow payments are made, and confirms that all documents are sent out to be recorded according to state and local requirements.
Customers should know: Before closing they should receive information explaining the closing costs, including a standardized Good Faith Estimate (GFE) of how much cash they will need at closing.
A. Joseph Marshall
Coldwell Banker Commercial
Commercial Real Estate Advisor
Savannah, Ga
The answers to a recent question about residential mortgages have been provided by Steve Nimmer (912-604-3834 NMLS #: 186680) with Coldwell Banker Mortgage. I also refer a lot of business to Kirsten Ray with IKON Financial (912-313-4128)
Phase 1 – Origination:
Customers should know: They'll need to provide income, asset and debt information, and their Social Security number to allow the lender to pull their credit report.
Phase 2 – Processing:
The loan processor will then collect, verify and review all required documentation provided by the buyer, order appraisals, order a title search and send all this information in a complete package to underwriting.
Customers should know: Processors will be checking for errors, discrepancies and possible missing information, so customers need to understand how critical it is to provide accurate, complete information in a timely manner.
Phase 3 – Underwriting:
The underwriter analyzes the documentation for accuracy and evaluates the customer's ability to repay the loan based on their credit and employment histories. An appraisal and title review is completed to ensure the loan program guidelines are met, the title is clear, and to determine risk acceptability.
Customers should know: This is "decision time" as the underwriter weighs the risk of lending money and approves or denies the loan – so customers may be asked for additional financial information even at this stage.
Phase 4 – Closing (or Escrow):
The loan processor coordinates all aspects of the closing with the buyer and the closing agent and/or attorney. The closing agent conducts the closing, ensures that all necessary documents are signed, assures closing fees and escrow payments are made, and confirms that all documents are sent out to be recorded according to state and local requirements.
Customers should know: Before closing they should receive information explaining the closing costs, including a standardized Good Faith Estimate (GFE) of how much cash they will need at closing.
A. Joseph Marshall
Coldwell Banker Commercial
Commercial Real Estate Advisor
Savannah, Ga
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