Talking to you about the different way we do underwriting
And look I am not going to lie and tell you that we are the only ones that do this
There are others that do this
But, I am biased, because I think we do it better
We do our underwriting up-front
The way it traditionally works in the mortgage process is
You take an application, then the loan gets processed
Which will take a couple of weeks
Then it goes to underwriting
The underwriter is the one that actually “says yes on your loan”,
Here’s the problem…underwriters look at things through a different lens
I have a dirty little secret to tell you
Loan officers guess, when somebody comes to me and says
“Do I qualify for a mortgage?”
I am guessing what the underwriters are going to say
Except that I have an in-house underwriter, and he and I actually work together
But 99% of all loan officers are guessing
And if you are really good, you guess right most of the time
But it goes beyond that right?
I had a situation once where a person had (CUT) a foreclosure
That passed and it wasn’t on their credit report
I knew nothing of it, he came to me
I pulled the credit, I looked at the numbers, everything made sense
Underwriters have access to systems that nobody else has access to
I think you need stage 5 security clearance or something..
But anyway, When the underwriter went to that system
The foreclosure came up and the deal died
And it is what it is..and there is nothing we could do
The problem with that is, at that point the person had put in notice for their landlord
They’ve spent a whole bunch of money, all of these things have
started in motion and they were going to be homeless
So that is why we underwrite upfront because
This was years ago before we started the upfront underwriting
And that’s one of the reasons we did
We now find out the answer from the underwriter 3 days or 5 days or 1 day
After application, it happens super quick
Don’t “slow” that down by giving me paperwork slowly
Anyway as long as I get my paperwork quickly
You have your underwriting approval literally in a couple of days
And … you talk about peace of mind.
I’ll go a step further, I got a whole video of getting your offer accepted
What if you put in the offer acceptance that you already get your loan approval in 5 days
That will strengthen your offer and make a difference
So, upfront underwriting has a lot of different applications and benefits to you
As far as getting your offer accepted and frankly peace of mind
Which is huge..Also if a problem does pop up we have more than ample time to overcome it
I cannot tell you how many loans I closed, that start off not being a loan
And I massage, mold and shape and do my thing
And they end up closing happily.
so many times my clients don’t even know what’s happening in the background
Because that is what I am there for
Otherwise a computer will be getting mortgages
If you need expertise, I have the expertise
I’m Scott Digregorio, Your Mortgage Guy
Give me a call I would love to be there to help you, take care
