STEP 2: PROCESSING/UNDERWRITING
There are some basic documents required for qualification and underwriting.
They include the following:
1. Most recent two years W2 forms
2. Most recent pay stubs covering a 30-day period
3. Most recent two complete bank statements
4. Clear picture of driver’s license and social security card
5. If self-employed, include most recent two years of Federal tax returns and1099 forms.
Once these documents and the application are received, it’s submitted to the underwriter for review. The underwriter analyzes to ensure the information is as it was presented on the loan application and issues a conditional approval. That is a loan approval with conditions to be met in order to receive a Clear to Close.
Also during this step, the appraisal and title search is ordered and completed. Then my amazing processing staff will work with you and help guide you through meeting the underwriter’s conditions. They can be reached by email at firstname.lastname@example.org or you can reach our Processing Manager, Jamie Chaltain, at 843-491-4912. Once certain conditions have been cleared, you will receive a CD (Closing Disclosure) with all the final figures you will need to know regarding the loan approval. This must be signed three business days prior to your closing date. My team and I are here to help you navigate the entire process.