Kicking Off the New Year

Written By: Daniel Garcia

With the New Year started, no doubt we have all made our resolutions and are already working on keeping them. Here are some things to keep in mind that will help make this year a successful one when it comes to our jobs.

• Complete 1003 – Make sure that every section of the loan application is fully and accurately completed.

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• Review Tax Returns – Look for unreimbursed business expenses, correct income information, marital status, clarifications, etc.

• Legible documentation – Make sure all copies and scans are clear, and send new copies promptly when needed.

• Review Bank Statements – Always look for large deposits, overdrafts, negative balances, missing pages, and any other red flags. Be proactive about sending LOE’s as needed. If you need clarification on something, then you know the underwriter will too. Get an LOE from the borrower and include it with your submission.

• Correct GFE’s – Lender/Borrower credit, dates, and COC’s need to be accurate on the initial, final and any re-disclosed GFE’s.

• Realistic Expectations of Timing – Save your rush requests for true rush files. Work with your loan officer to establish an appropriate turnaround time. If a loan receives a “clear-to-close” earlier than expected, allow time for all departments to do their jobs in order to close the loan successfully. Remember, same-day and next-day closings are stressful on everyone and leave more room for errors.

• Disclosing Correctly – Make sure that the borrower and loan officer have signed and dated all disclosures as applicable. Always re-disclose your TIL, GFE, and COC’s when there is a loan amount change, program change, rate change, or rate lock.

• Error Free Credit Reports – Triple check the spelling of your borrower’s name and their social security number when pulling credit reports. Errors can cause additional reports to be pulled and possible loan declines. Remember to consider the non-purchasing spouse’s credit and debt when applicable.

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• Borrower Communication – Discuss conditions submitted with the borrower before submitting to underwriting. Be proactive in your communications with your borrower. Take advantage of borrower questions and communications to build relationships with your borrowers. Talk to your borrower about why their file was declined or suspended. Return calls and emails.

Be proactive in reviewing your files for errors. This will definitely make your job easier in the long run and even make for a great year.

Happy New Years to everyone! Make it a great week!


About The Author

Daniel Garcia - As an NAMP® staff writer, Daniel Garcia is a loan processing instructor for Loan Processor University ( Daniel also currently works for a non-profit housing and community development corporation where he serves as a senior loan officer and heads up the organization’s homebuyer education program. Daniel provides consultation services to other non-profit housing organizations nationwide, training in the areas of mortgage qualification and processing, state and federal laws, adult education training methods, and credit/foreclosure intervention counseling and program setup. He has gained a variety of experience, from mortgage processing and loan originating to loan servicing and loss mitigation. If you're interested in becoming a writer for NAMP®, please email us at:

Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.