Ingrid B. Quinn

NMLS ID #211652 Arizona, Loan Consultant

REALTORS-Stay Connected Thru the Loan Process

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In order to stay connected throughout the loan process, it’s important to have a lender who communicates with you from start to finish. This is one of Cobalt’s many strengths. Here are some items along the way that we’ll do to help you stay connected:
1. Your loan officer will discuss the Final Loan Approval with and you and the borrower. We’ll confirm that the terms meet your borrower’s expectations and any significant changes will be discussed with them in advance of closing. Since a surprise payment or interest rate may affect the closing, we’ll determine if there are other conditions due at signing/closing that haven’t been discussed yet such as needing a more recent paystub.
2. Cobalt Mortgage will prepare and review the completed fee sheet/funding request prior to drawing docs. If any new terms have been negotiated, please confirm that we have any additional addendums and current numbers. We will communicate our turn around time for drawing documents to reach our goal for the docs arriving in advance of scheduled signing/closing dates.
3. We’ll verify the borrower’s interest rate lock is good through the day of funding and confirm the closing date prior to locking the rate. If an extension is required due to a change in the closing date, please confirm that it will not affect your client’s lock-in term.
4. Communicate with your lender that you would like to have a copy of the settlement statement/HUD prior to signing/closing. Occasionally, charges may still show for a termite report or a title policy discount that were not applied or a broker premium may have been inadvertently omitted. This is a great time to get those corrections done early so your client can review accurate figures at signing.
5. The lender’s closing instructions will go to the title company. Your loan officer will review these and tell you exactly what the lender requires to fund your client’s loan. A good lender will make sure these things are being done.
Have there been things you have missed that could have been avoided? Stay connected through the entire process and your transaction should go smoothly. For questions or comments please email Ingrid.quinn@cobaltmortgage.com or visit http://www.cobaltmortgage.com/ingridquinn or http://www.scottsdalemortgageexpert.com.

Author: ibquinn

I am a Senior Loan Officer at Caliber Home Loans, with over 32 years of Mortgage Banking experience. I have the expertise and knowledge to help focus in on your homeownership goals and make them into reality. My team of experienced mortgage professionals and I can assist you in all steps of the home buying process and ensure that you have a smooth and hassle-free transaction. Caliber cannot accept mortgage loan applications or inquiries for properties located in New York through this site. Ingrid Quinn NMLS #211652 BK#0923637 www.ScottdaleMortgageExpert.com

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