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If you area a bank who is working with FHA loans and you aren't closing as many as you would like, there are a range of things you can do to make sure you get more of these loans approved and help them to close punctually.
often when a loan falls through it is more a matter of some detail that was missing than something that was truly wrong. Unfortunately you may not understand this until you get the loan back after its refusal.
1. Make sure the loan will sound right to the lender -- this is a particularly typical mistake that people miss. They spend lots of time fitting the loan into the parameters of the Subprime matrix, but they don't think about whether the individual can actually pay back the loan. In this step it's vital for you as the originator to think about a method to verbalize to the bank that this borrower can soundly pay back this loan. In the event the individual has had credit Problems it is safe to believe that you are going to need to accurately show what happened in the past and how they have fixed the challenge. This makes good sense to have this info in the cover letter and later in the document.
This may also show whether an individual has gone into default on school loans. This is a very crucial step as it can fool around for your borrower if you do not know this info ahead of time.
3. Make sure you have all of the correct documents together -- though this seem like easy info many loan officials had loans returned because they did not check pay stubs, rental payments, or how certain payments like child support were being made. All these things are critical to have before you send the loan forward.
four. Make sure you get documentation of their income rather than counting on what you are told.
5. Make sure all assets are correct and listed properly -- you must double check this even if you already have automated approval because they think that it is a done deal. In most cases it is not. One idea is to document all of the assets and then only put some through on the first approval.
These tips may not guarantee that you'll have your loan licensed every single time but you might find that listening to these details will bring more closings faster.
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