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What Rockies Baseball and Mortgage Loans Have in Common – Part 2

Regular Season (Processing, Underwriting)

During the regular season, experts give their 2 cents on how each team is doing, including the Rockies. Do they check out? Are they as good as people say they are? Are they winning games they need to win? How is each aspect of their game? The regular season is dissected by the sports commentators, but in the end, it comes down to numbers, stats and results.

Of course there will be heartbreaking losses as well as some surprising wins, but you can only hope for the best and hope that the team backs up their talk with results…right? When the team DOES lose, they’re asked for a further explanation. The season has its ups and downs, but we’ll get through it together and hopefully make it far past the regular season.

This is where our mortgage loan process differs. We try and make it as consistent as we can, with minimal heartbreaks or surprises. However, we know sometimes you can get “behind the count” with your credit score, or perhaps a judgment. The “processor” reviews the credit reports and verifies your debts and payment histories as the VODs and VOEs are returned. If there are unacceptable late payments, collections for judgment, etc., a written explanation is required from you. The processor also reviews the appraisal and survey (if required) and checks for property issues that may require further discernment. The processor’s job is to put together an entire package that may be underwritten by us.

Underwriting is another part of the mortgage loan process, where the underwriter is responsible for determining whether the combined package passed over by the processor is deemed as an acceptable loan. If more information is needed, the loan is put into “suspense” and you are contacted to supply more documentation.

What Rockies Baseball and Mortgage Loans Have in Common – Part 1

Colorado and downtown Denver are buzzing with baseball fever, as Rockies baseball starts once again. Even if you don’t like baseball, you have to admit the atmosphere is quite contagious this time of year.

The ambiance of springtime, the smell of food grilling on street corners, the sound of the crack of a bat and thousands of fans cheering, birds chirping and trees budding, all get us excited for the season.

Maybe it’s the feeling of a fresh start that really makes us happy this time of year (especially as a Rockies fan) – the thought that we get a clean slate, the sun is shining, the weather is warm once again, Rockies are off to a good start again, and we have more freedom and motivation to do the things we love to do outdoors. The same feeling is one you get when you can finally buy a new home for you and your family.

It may seem like quite the curveball to apply baseball to mortgages, but stick with me through the stretch here, and you’ll see we’ll make sure not to leave you stranded on base with your mortgage loan.

The mortgage loan process may seem like a real nail-biter, but you’ll be more relieved than any pitcher or coach to see how easy US Mortgages makes the process of getting approved and scoring the house of your dreams.

Spring Training (Pre-Qualification)

Not too many people pay attention to this stage of the process, but in baseball Spring Training is where the coaching staff gathers information and data, players and potential. It’s when the coaches start to understand who the players are and how their efforts will contribute to the overall success of the club. With Spring Training, they determine how each person plays and how their stats measure up with others – to see if they’re even qualified to play a significant role in the team. Sometimes some players aren’t a good fit with the team and they’re released to go find their role elsewhere, after both parties have invested very little.

The pre-qualification process is no different. In pre-qualification, we gather information about your income and debts, and make a financial determination about how much you may be able to afford or if you have sufficient equity (under temporary HASP bill even negative equity can be OK’d) in your present home to refinance. The application page is where you send us your pre-qualification information and authorize us to pull credit reports. With those reports, we’re able to determine if you’re qualified for hitting a “home run” by scoring your dream home. If you realize that this isn’t a good fit and you’re not happy with the programs we offer, your process ends here and you’ve invested nothing but a little bit of time.

Scouting Report (1003 Application)

In baseball, this is where most people start to show interest in what’s about to come. Based on performances in Spring Training, teams, coaches and fans can now draw assessments and conclusions about what to look for during the season. At this juncture players start to get referred to by their nicknames, certain expectations are created for players and coaches, and fans are now starting to purchase their tickets and invest in the team for the new season.

The 1003 application is much like a scouting report, informing others on what’s happening, who to look out for, what to expect from the applicant. This application is actually the beginning of the loan process. At this juncture the applicant is now referred to as a “borrower,” completes a mortgage application with the loan officer over the telephone or online and supplies all of the required documentation for processing. Various fees and down payments are discussed at this time and you will receive a Good Faith Estimate (GFE) and a Truth-In-Lending statement (TIL) within three days, which itemizes the rates and associated costs for obtaining your loan.

(Your finished 1003 application will go directly to our Fannie Mae Direct Underwriting software, we will have approval status and a condition list to satisfy your loan approval typically within a few hours. Your loan officer will contact you with your approval status and a list of documentation needed to satisfy the underwriting conditions.)

Opening Day (Opening the File)

Regular season is now underway! Rockies fans can once again rejoice as their team has a fresh outlook on the season, is enjoying good form, players are performing to their potential, and hot dogs just taste better at this point.  Out-of-pocket expenses like tickets to the game, beverages, hot dogs and fan memorabilia at this point just seem minor compared to the experience and overall investment in the team, as they’re playing well and hopes and dreams of a great season are very positive and encouraged.

This is an exciting part of the journey to a new home. At this time we order the property appraisal, this is your only out-of-pocket expense during the loan process (this only applies to loans where an appraisal is required). Appraisals vary in price by your property location, and that part we can work out, but these expenses – much like those of opening day at the Rockies game – are minor when you think about what comes soon after – your house you’re aiming for!