Automated Approvals

Once a Mortgage Loan Officer takes an application and has enough income and asset and credit information, he can run an automated approval from either Fannie Mae or Freddie Mac sources.  Each is a little different from the other.  Most lenders want this automated approval in a file before it is submitted to underwriting. These conditions can include but are not limited to:

The amount of calculated income; its acceptability for stability to provide a source of repayment for an underwriter then verifies the loan.  The acceptability of overtime, bonus income, investment, and self-employment.

The cash to close is listed along with an estimate of the cash needed and any required cash reserves to see that there is enough.  Evidence of this cash and additional conditions pertaining to the source and acceptability will be checked by a live underwriter.

Credit.  A formal mortgage company-requested credit report is included in the assessment.  Conditions can arise from credit issues or the file can be denied at this point for unacceptable credit.

Any property conditions are not part of this assessment.

MAKE SURE YOU DO:

Keep all accounts current, mortgages, car payments, credit cards, etc.

Please call us anytime questions arise.

Keep copies of all paycheck stubs and any statements on bills being paid off through this loan.  Also keep copies of all bank statements.

Make all payments on all accounts on or before the due date, even if the account is being paid off through your new loan.  Do NOT make any payments late.