Blog 7: Independent Component 1 Approval

1.) For my 30 Hours I plan to learn the overall process of what a loan processor does in a loan. In a loan a broker needs to know if the borrower qualifies. They need to check if they can still qualify making their payments. Verify the value of the home is there and if it is then an appraisal is ordered. We open what is called an ESCROW and TITLE that’s when you pick an ESCROW and a TITLE company. The ESCROW companies are a 3^rd party that they are the ones that disperse the money and neutral towards the borrower and lender. Then run credit. Run it through a Desktop Underwriting which is a software system and if it goes through and is approved then it’s a good loan for the bank to take. Then you get documents from the borrower like income documentation because the banks and brokers like to see that they have money basically. Then you submit it to the bank for approval. Once it approves the bank sends the documents to the ESCROW company for the borrowers to sign. Then it goes back to the funder for them to review and if everything is good the loan gets funded.

2.) I plan to mentor at Source One Finance where my mentor, Mariana Gonzalez, and her 2 mortgage broker bosses will show me the ropes. This will be no easy task. My mentor is willing to show me everything and so are her bosses which I am thankful for.

3.) To explore deeper into my topic I plan to research deeply into the housing market, explain how the 2008 housing bubble effected the market, and easier ways for people can get a loan.