The Importance Of Documentation

Documentation is the centrality of every loan. What I mean by this is that no loan ever closes without it, no one ever gets approval without it and no Loan Officer can make a solid estimation without consulting it. Your Documentation is the piece of coal that gets the furnace burning.

In my experiences getting the documentation is one of the toughest hurdles in the loan process and partly because it is solely based on the client to obtain it for me. My clients work hard and they live full lives. When I ask for their documentation, I want to make it as clear and simple as possible. That’s why I provide a letter with a list of everything I need. I also provide the list on the back of my business cards as an additive in case they lose the letter.

Many  consumers have no idea how crucial it is to get their documentation turned in right away and that is why I explain this to all my clients. Many of us think that whether you are doing a purchase or refinance, the process will take 30-45 days. This is the case with a purchase but not so much with a refinance. A refinance can be processed in 15 days. Whatever the case, your LO will need you documentation from the very start to get you prequalified, to make necessary contacts and obtain other important information. From the moment that you start speaking to your Loan Officer the clock starts ticking. Mortgage rates are changing on a daily basis and it is imperative in most cases to get your documentation turned into your Loan Officer as soon as possible that way he/she can verify your income, property value and Mortgage loan. With all your documentation at hand, your LO will be able to see all the parameters and be able to make a sound judgment on what you will qualify for. When your Loan Officer has all your documentation, half the battle is already over! The documentation is the spark that will get your loan approval and it is the crescendo which will allow the banks to close the loan. In my case, I offer 24 to 48 hour approvals and if I have all your documentation at hand we can start processing your loan right away to meet the 15 day deadline.

Documentation Needed:

1.      Most recent 30 days of Bank Statements Bank Statements

2.      Recent copy of current asset statements (401k,Stock) (If Applicable)

3.      Copy of drivers license

4.      Last 2 years W-2’s and Tax Statements

5.      Recent copy of current 30 days of Paystubs

6.      HOA contact information (If applicable)

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The Importance of Documentation

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robertcnorman

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