Obtaining a mortgage is an involved process. It takes time, attention to detail and a team effort. This is why you've come to the right place!!! In asking us for assistance, you are requesting help from 40 experienced mortgage industry veteran's and over 200 years of combined experience.
Furthermore, it is very important to realize that YOU are the main player and decision maker in this process. We act in an advisory capacity to allow you to make an informed decision. Once the decision has been made, we need your utmost attention regarding the exchange of documentation, locking a rate, coordinating an appraisal and possibly several other pieces, depending on the complexity of your transaction. Please know this is not intended to down play our importance. We are excited to work together to close your loan.
The Credit Decision - Final Approval
This is the day we've been waiting for! Approximately 10 business days after we've received your supporting documentation and initial disclosures, our underwriting team will have reviewed this information and given us a response.
This response will be 1 of the following:
1. I like this loan and have approved it for closing. (Best Case)
2. I like this loan, but need a few more pieces of information to approve it for closing.
3. I cannot approve this loan as is, but if we did a few things to change it, I could approve it.
4. I cannot approve this loan.
The various degrees of response noted above will depend on the accuracy of the picture you and your loan officer have painted for the underwriting team. Your loan officer will have communicated the anticipated response prior to underwriting submission, so the answer they give us will not be a surprise.
Furthermore, you will know what actions to take to resolve any issues that arise out of the initial underwriting review. In short, the response from underwriting will be one that you and your loan officer have already discussed. Underwriting occurs as a formal and guideline driven review of documentation, NOT to let you know if the loan is doable.
Regulated by: the Division of Real Estate (CO) ∙ the State of Nebraska Department of Banking and Finance (NE) ∙ the Arizona Department of Financial Institutions (AZ) AZ# 0923361 ∙ the Office of the State Bank Commissioner (KS) Kansas Licensed Mortgage Company License No. MC0025226 ∙ the Wyoming Division of Banking (WY) WY# 2277. In Texas we are licensed and operate as 1st FFS, Inc. TX License #1230161. We do business in accordance with the Fair Housing Law and Equal Credit Opportunity Act. – NMLS# 109995