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A: Why use a Connecticut Mortgage Broker?
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1. What Can You Afford >>
Quick Guide through the CT Mortgage Puzzle
Now let's go through the complete loans process step by step. 34 I have divided the process between the Connecticut home mortgage loans officer, processor and
CONNECTICUT HOME MORTGAGE LOANS OFFICER RESPONSIBILITIES
The Connecticut home mortgage loans officer's responsibilities usually include:
Pre-qualifies and/or pre-approves the borrower. 45
Takes a complete application (also known as a "10-0-3"). Explains in detail all forms, disclosures and documents that must be signed 87
Offers Connecticut home mortgage loans programs and interest rate options based on the borrower's particular needs and financial situation. 77
Locks-in an interest rate or "floats" the rate until the borrower chooses to lock-in.
Collects any fees due at application. 76
Collects any credit documents needed to support the application. Reviews borrower's income, assets and credit documentation to address any possible concerns the 54 underwriter may have.
Continually monitors the application with the processor and the borrower. 75
Is easily accessible by phone to answer all questions. 74
Assists the Connecticut home mortgage loans processor with any documentation needed or addresses problems that may come up during the Connecticut home mortgage loans process.
Structures the application package to communicate the borrower's credit worthiness to the underwriter. 54
CONNECTICUT HOME MORTGAGE LOANS PROCESSOR'S RESPONSIBILITIES
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40 The Connecticut home mortgage loans processor's responsibilities usually include:
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42 Generate and mail to borrower a Good Faith Estimate, Truth-in43 Lending form and any required disclosures within 3 business days
44 of application.
Enter all data from application into computer.
47 Order a credit report.
48 Order an appraisal.
49 Order a Verification of Mortgage (VOM) if loans history is not
50 disclosed on the credit report. .
51 Verify all asset deposits with a Verification of Deposit (VOD) if alternative documentation is not available (for example, copies of 54 the last 3 months bank: statements).
55 Verify income with pay stubs, W-2's, tax returns or Verification of 56 Employment.
57 Request gift letter and supporting documentation if needed.
58 Request HOD-I from previous home if needed.
44 Review the sales contract.
26 Orders preliminary title search
34 Orders a flood certificate.
65 Orders any environmental tests required.
66 Processes any needed documentation for condos, PUDs, investments property or second homes.
76 Reviews borrower's income, assets and credit documentation to address any possible concerns the underwriter may have.
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