Mortgage Loan Processing

There is a lot of work in the mortgage processing of your loan. There is the application form detailing information about you, your subject property, employment, assets, and liabilities. Part of the mortgage loan processing is gathering information from you. See Customer Information Request Form We do not outsource your loan for processing. Inter-Lake Mortgage Company has an excellent relationship with all our lenders. There are many times when you have to ask for an exception on a loan, and with companies that have outsourced your loan they strictly have to go by the book. You loose the trust factor and the personal relationship with your lenders and most of all another companies is working on your personal and financial information. Our processing is automated your information is enter only once and transmitted to the best lenders for your type of financial needs.

Verification of Income

• Tax Returns or W2's - For full documentation loan
• Pay stubs - most recent month
• Verification of Social Security and/or Pension Benefits
• Rental Agreements or Leases - from investment properties

Verification of Assets

• Most recent Bank Statements (3 months)
• Stocks, Bonds, Dividend Statements
• Gift Letter (for home purchase)
• 401k or equivalent Statement

Verification of Mortgage / Land Contract / Rent

• Last twelve (12) consecutive months payment history - canceled checks or bank statements
• Copy of Land Contract with name of owner and address

Loan Type Transaction

• Purchase Agreement
• Legal Description of subject property (From survey or old title work, etc.)
• Copy of Recent Property Tax Bill
• homeowners Insurance Policy

Home Improvement / Construction

• Plans and Specifications Construction Contract with a Licensed Builder
• Copy of Deed or Survey for Land Owned Builder Information
• Old Appraisal

Miscellaneous

• Credit Letters - Reason for derogatory credit
• Disclosures Documents - sent with your Application Package
• Divorce Decree
• Copy of Earnest Money Receipt
• Power of Attorney
• Proof of Paid Bills - From the Credit Report Others

Addition to the above documents the processor has to order an appraisal, title work, VOE (verification of employment), and updated documents. The documents then are sent to the lender's underwriter to be underwritten. The processor will receive a underwriter's condition report. The report is used to clear all conditions for a good ready-to-close loan.. The time for the whole process from the day you sign the application to the closing date is from 20 to 30 days.

What is the difference between a mortgage broker and a direct lender?
A mortgage broker is an independent mortgage company working for your benefit. We receive wholesale pricing from lenders and have a large variety to choose from, this includes competing interest rates, lower closing costs, and customize to your loan needs. As to direct lenders, you are working with a retail loan officer (salary, commission, and benefits) that presents the lender with a lot of overhead to employ their loan officers. The secondary marketing department will send out daily wholesale pricing (to brokers) and retail pricing (their loan officers). It is much less costly to buy from a mortgage broker than it is to maintain an employee, with no production guarantee.