Processing and underwriting of your Wisconsin mortgage loan and what it ...

Hi, I am Ron Meyer a mortgage loan consultant with GSF Mortgage.

Today I will be discussing the processing and underwriting of your Wisconsin loan and what it involves.

Once you have an accepted offer to purchase, call your lender to schedule a time to come in to sign the loan application as soon as possible. Be sure to bring along all documents they ask for at that time. Some of the most common are check stubs, w2’s, taxes, asset and statements.
Once you sign your loan application your lender will begin working on your file.

Prior to being sent to underwriting, your loan officer or their processor will do some of the following:
1. order an appraisal
2. give the title company all the lender’s & buyer’s information
3. order verification of employment
4. order flood certification
5. order tax transcripts
6. verify assets for downpayment & reserves if needed.

Once all of this information is received except, usually, the title and appraisal your file will be sent to an underwriter to review along with your loan application, offer to purchase, & credit report. Depending on your lender, this review process will take anywhere from a couple of days to a week or more. Once the underwriter reviews the file, he or she will issue a list of conditions or “stips”. This is additional information or documentation that is needed prior to issuing a loan commitment. All of the stips must be gathered and submitted at once. Underwriters don’t want bits and pieces at a time. Many times when additional information is sent to the underwriter it creates more stips so it is very important to get whatever your lender requires as soon as possible. Once your lender receives the conditions they will review it. Depending on your lender this may take a couple days or even a week or more. Once they review and everything looks good at this point, a loan commitment is issued and your loan is ready for closing. To avoid undue stress, lenders and title companies would like to see the loan commitment a minimum of 2 business days prior to closing. This allows ample time for the funding & the Title Company to prepare the documents for closing.

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