loan processor and underwriter?

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We are using a mortgage company to purchase our first house, we were pre approved, have signed the contract, had the offer accepted, had verification of employment, verification of funds, gave our earnest money, was told by the title company to get insurance so we did,did a ton of paper work with mortgage company, had the apprasial (it came back 16,900 over our purchase price) , had our inspection and have a closing date of on or before Jan 31. When I called our mortgage broker to find the status of our account she said everything was fine and its with the loan processor, my question is what is a loan processor , are they underwriters? What else is there to do before we close?
i already stated that we did get insurance already.. we went to 4 different places and got the best deal
the reason they gave us a closing date of on or before the 31st is because they thought we wanted to pay our earnest money in 2 payments, one on jan1st and one on jan 15th since we are military… but we paid it all up front

3 Comments
  1. Reply
    golferwhoworks
    January 21, 2011 at 3:06 pm

    sit and wait and also get insurance lined up so get some quotes now

  2. Reply
    Patty D
    January 21, 2011 at 3:49 pm

    The loan processor takes all of the information you have provided (bank statements, W2’s, paystubs, etc…) and makes sure that everything is input correctly in the file. Then the file will go to underwriting where they verify the information and make sure it conforms to the lender guidelines. All of this should take anywhere from a day or two to a week, depending upon your mortgage company. Since you are not closing until the end of the month, you are way ahead of the loan process. Congratulations on your new home.

  3. Reply
    financing_loans
    January 21, 2011 at 4:06 pm

    Im just wondering why your closing date is so long away.

    To answer your question your hazard insurance will be paid at closing. You just need a binder in place to be paid when you close.

    As per the processor and underwriter. The processor works for the mortgage company, the underwriter is trained and approved to underwrite the files. The processor puts together all the things the underwriter wants. They are called conditions. The underwriter will say this is approved if you give me these conditions. The processor will put all the conditions in order to meet the underwriting guidelines.

    Now back to your approval. That seems really weird. I would ask for your LP or DU findings. If you are approved all they have to do is draw documents. You should be able to call up and say we want docs tomorrow. Date them for Jan 31’st.

    If you cant do that, you are not approved. So you want to see what the conditions of underwriter are. See if you can meet them. But literally you should be able to say if truly approved have the docs at the title company tomorrow. Date them for the date of closing, if they cant do that you arent approved.

    Thus get a copy of what your DU/LP findings were.

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