How to do a Mortgage Loan Setup? What are the steps involve?

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I understand the Mortgage Processing part but am confused about the steps involved in Loan Setup. Does it start at the initial stage of documentation with the broker? I need to know the steps involved in this process in detail. Thanks…

1 Comment
  1. Reply
    mortgagesaver01
    May 4, 2011 at 12:49 am

    I ‘m not sure just what you are looking at but here we go
    1st a broker/lender will take an application (1003) which includes asking detailed information about your job investments and creditors along with information on your current or future home

    Next the broker/lender should evaluate your situation i.e what is best for this customer (loan type) once a broker/lender has found a loan that will work for the customer they will or should go over the loan type with the customer and provide them with a Good Faith Estimate of the cost and a Truth In Lending form that will show the cost of money over time ..next or upon approval from the customer the broker/lender should be in the process of getting the loan package a PRE-approval and advise the customer just what is needed to prove income assets etc

    Hope this helps ..Need additional help email me mortgagesaver01@yahoo.com

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