AUS
Run the appropriate automated underwriting system when applicable. Read the findings instead of treating “Approve/Eligible” as the end of underwriting.
How to Structure the Loan
1GoalPurchase, payment reduction, cash-out, investment return, debt consolidation?
2EligibilityOccupancy, property, credit, income, assets, LTV/DTI/DSCR.
3ProgramCompare Conventional, FHA, VA, USDA, DSCR or specialty options.
4PriceReview rate, points/credits, MI, fees and cash to close.
5DocumentBuild the file to support the income, assets, liabilities and transaction.
Teach the “why.”
New loan officers should be able to explain why a program fits the borrower, what tradeoffs it creates, and what conditions could change the recommendation.
AUS, Documentation & Submission
Documents
Collect documentation that supports the application: income, employment, assets, identification and transaction/property documents as required.
Disclosures
Follow company and regulatory procedures for application date, disclosures, intent to proceed, change of circumstance, fair lending and other compliance requirements.
Submission
Submit a clean, organized file. Add a useful loan summary and address known issues before underwriting finds them.
From Contract to Closing
APPLICATION→DISCLOSURES→PROCESSING→UNDERWRITING→CONDITIONS→CLEAR TO CLOSE→CLOSING
Application
Confirm the file is complete enough to structure accurately.
Processing
Verify documents, order required services and prepare the file for underwriting.
Underwriting
Underwriter evaluates credit, capacity, collateral and program compliance.
Conditions
Resolve conditions completely. Avoid piecemeal or contradictory responses.
Clear to Close
Required credit and closing conditions are satisfied subject to final closing requirements.
Closing
Coordinate final figures, documents, signing and funding according to the transaction.
Build the Loan Officer Business
Product knowledge creates confidence and faster scenario responses.
Realtors and consumers remember the LO who communicates and solves problems.
Create genuine value for real estate agents, builders, investors and past clients.
Most leads are not ready on the first conversation. A consistent CRM process matters.
Market accurately, protect consumer information and follow company procedures.
Guidelines, rates, lenders and programs change. Strong LOs continually retrain.
Turn the Education Into a Career.
Use the Careers page to learn about joining the Loan Factory team and the 30-day licensing fast-track goal.
EXPLORE A LOAN OFFICER CAREER