Mortgage Mario

How to complete a mortgage application

how to complete a mortgage application

video transcript

Hello everyone this is Mario Cardenas
with Affinity Home lending I’m a local
a loan officer in Woodstock Georgia. so I want to show you
really quick how easy it is for a
borrower to complete a
mortgage loan application
better known as a fannie mae 1003 or
that is an acronym for uniform
residential loan application so
the first thing is that i would send the
borrower my website to go apply after
consulting them uh that’s
where all of your wallet streams come
true and that’s guaranteed
and then that’s going to load
and click apply now that’s going to send
applicant to a secure software called
blink where they can
securely answer all their information
and also upload their documents such as
asset statements and
pay stubs into a secure portal
now they would create an account i
already have a
um an account so i’m just going to click
i already have an account should let me
put in my credentials here
so it’s easy just your email and
if um a borrower ever wants to create
like a another loan and apply for
something else maybe they have a they
originated a you know a primary with me
and they want to buy an investment then
they actually can use their same
credentials and then apply for
a completely separate loan in the future
so let’s load that
okay we’re just going to start the
so we’re going to do a purchase
i don’t know if you’ve heard but the fed
actually has increased rates 0.5 percent
biggest increase since uh 2000 and they
have announced that they will continue
to raise rates so
that being said uh refinances are kind
of obsolete at the moment so we’ll
put in a woodstock
purchase price let’s go
kind of around average price
go five percent down
okay and just kind of typical questions
it walks the borrower right through if
it’s a veteran they would click
obviously yes there
click next
no and it literally just walks the you
know the borrower through this the main
thing is just for me to have consent to
under the hood until someone applies
then i
really can’t investigate further as far
as their pre-qualification and
pre-approval status
um we’ll say no
they can apply with someone else yes it
would it would actually add another
borrower to the file
we’ll just keep it simple my birthday is
may 27.92 got my social in there um
i am a
american citizen
put in an old address there
has a lot of this already pre-populated
we’ll agree to
that okay
and if they’re working with the realtor
we’ll go with fake
they can enter any of the information
from the realtor there and that way i’m
saying the same page
all parties
and i like this tubes they’re safeguards
they can’t skip through the application
here so
please provide your purchase property
type okay well perfect so
um definitely need to know that because
obviously for debt to income ratios and
loan products it’s good another
type of home in this case i’ll just pick
a single family residence since that’s
kind of just
a generic thing to pick there
it’s loading
you honestly spend more time probably
loading this
i’m actually filling out an application
okay let’s get this set up here and then
yeah it has a little picture of me there
okay we’re gonna go next so it walks
them through all kind of the milestones
application so employment’s a biggie
here so we’re gonna go hey i’m employed
employer name
fake employer
that address there
phone number
just click accounting doesn’t matter
just kind of
maybe just put a load officer put
something in here
we’ll put
january 2019
questions like this am i employed by a
family member or property seller no
that can give me insight and things and
then we can enter a base income
someone’s salary they put on their base
over time
overtime bonus commission other kind of
really importantly specify that um
before i really dive any deeper i would
look at their their pay stubs and
w-2s and things like that just to make
sure that they have their income and
right but if you do talk to
someone you would tell them to put in
their their monthly gross income
okay so
we actually automatically verify income
and by doing a verification of
employment at times
so let’s go and click that
no other monthly income
um real estate owned if someone
obviously has any other real estate
encouraged for them to enter this i
would i would gather that with the needs
document because
a lot of times sometimes people inherit
property and they
don’t actually have a mortgage but they
do have taxes insurance and association
dues that other loan officers would miss
and so um definitely this is just good
for the preliminary process because
sometimes people might miss us on the
application but um i always encourage
after i
you know i speak to a borrower to have
them you know fill this out to
as complete as possible but that is why
a good loan officer will
gather all needed documents so
um assets
and you know could put in here
if i’m receiving any gifts or anything
maybe i’m getting
you know a gift of
a cash gift from
my father
because he loves me dearly and he
definitely would give me this much money
so we’ll put thirty thousand dollars
thank you dad
so we’ll see that in that location
um if they fill us out before i talk to
them or um
i’ll have a good idea as far as assets
and but obviously we go through all that
um here’s all the declarations this is a
standard procedure in a 1003
and not going to read through all these
but i would go
through all this with a borrower if i
was collecting this over the phone
um honda law the home mortgage
disclosure act actually
uh mandates that we
ask for demographic information you
don’t have to disclose this but this
actually prevents any kind of
discriminatory uh lending and is
actually standard procedure on a um loan
application so i will put his hispanic
latino i guess i am
it’s always iffy i guess i’m hispanic i
do have some hispanic background
um and me okay
okay and hispanics actually are white
so then the government will be able to
monitor that and prevent any kind of
discriminatory lending
um they have different laws like reverse
redlining and redlining where actually
you know lenders actually intentionally
try to target specific
demographic or geographical areas or
or vice versa
not when certain areas areas like that
all just kind of protects the general
american population
um okay
there’s the application there
then you would just click submit
and we would be done it would be that
easy i would have other contact
information i would call them kind of
walk over um
their their basic application structure
everything uh in my initial software
um just to kind of see what they’re
pre-qualified for and
reach out to them before um you know
pulling their credit or anything like
that but once i pull their credit
obviously i can you know analyze their
debt to income ratio and start running
it through different software’s like my
automated underwriting system on desktop
underwriter um which is what fannie
mae’s on or
loan product advisor on or freddie for
freddie mac so i can start doing a lot
of cool things um and kind of teeing up
their files start gathering documents
and have them um entering the
documentation on their blink portal so
um yeah if you have any questions feel
free to reach out to me at
website mortgagemario.com
and i’m happy to be of service have a
wonderful day and stay safe

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