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The borrower will be asked to upload documents that were not provided during the application process. There may also be contacts that will be needed, whether an employer, or family member that is gifting funds.  It is vital to give your loan processor any information needed quickly. 

It is important for the borrower to respond quickly to all requests for documentation and information.  Notify your employer that there will be someone calling to verify employment.  If there are any questions that you have, ask.  The loan processor is always ready to assist or clarify any questions.  

Many borrowers are surprised by the detail of information that is needed. Your loan processor needs every page of your bank statement, not just a summary. If you received a large deposit, the processor will need additional documentation, including  the source of the deposit. This is not only to get an accurate picture of your finances but is a anti-terrorism regulation. Please don't keep any information off a document, it will invalidate the document. You need to provide all documents completely.  And remember, your processor is here to help throughout the process, to close your loan. They know what the underwriter is requesting. The processor can assist you gathering documents or assist as issues arise. 

A key throughout the process is communication!  Your loan processor will reach out to you in the beginning and verify with you the best methods of communication, along with the best times to reach you.  If anything in your life changes, it is necessary to let your processor and loan officer know.  The processor will attempt to be available whenever needed.  

It is imparative that all information provided is fully accurate.  All income, assests, and employment will be verified multiple times throughout the process.  If anything changes, it is important to report it.   

Q:  Why do you need all these bank statements?

A:  The lender needs to verify all assets that a borrower has.  It is key for them to see that there has been no overdrafts or large deposits.

Q: What is considered an assets?

A: The following can be considered assets:

• Checking account
• Savings account
• CDs
• Money market account
• Retirement account
• Brokerage account  

Q:   What are escrows?

A:  Escrows are upfront costs that the borrower pays.  These include property taxes, homeowners insurance, mortgage insurance and homeowners association dues.