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ASHLEY: On a day to day basis, the processor is I want to say it's the glue for the process.
You know, we work with the underwriters, the mortgage bankers, the title company, the closers.
We work with the whole group that's connected to the process.
MATTHEW: Once the application is submitted it will go through basically a pre-application
status where they'll review the file to make sure all the initial items that need to be
there are actually there. That's the point, once it gets through that review that would
be when I would obtain the file.
MATTHEW: I will also complete a similar review to make sure all the items that I feel need
to be there are there, to make sure that we are presenting a full and complete application
to the underwriter once they review it.
MATTHEW: At that time the underwriter will review all of the documentation, whether it
be asset or income documentation and make an initial lending decision based on that.
And then at that point the underwriter will present that decision to me.
MATTHEW: The mortgage banker and myself will reach out to the borrower, discuss whether
it be approval or a suspense item or whatever the decision may be, and then we go back and
forth with the underwriting department until we satisfy all of the items which the underwriter
wishes to review, until we have what we call a final approval.
MATTHEW: And at that point, a final approval, I move forward to an audit process just to
make sure that everything that needs to be in the file is in the file and everything
matches our documentation as well as in the computer system. That way we're presenting
a full and complete file to the secondary market
ASHLEY: When things are organized, the normal process takes about 35 to 40 days; and with
all the documents and everything set into place and how it should be, the process can
be done in 25 to 30 days.