National Mortgage Professionals Month
The Peoples State Bank helps hundreds of homebuyers each year select the home loan program that best fits their needs. However, few people outside of the mortgage lending industry understand the hard work happening behind the scenes that leads up to the big day when the borrower receives the keys to his or her new home!
While all of our departments work closely together, each plays their owen specific role in the home lending process. In celebration of National Mortgage Professionals Month, which is recognized yearly in September, we thought it was time to share some insights into the crucial roles that each department plays in ensuring borrowers are able to finanace the home of their dreams.
Let's talk about Mortgage Loan Underwriting!
MORTGAGE LOAN UNDERWRITERS
After your home loan process has been started with one of our Mortgage Loan Originators, your file moves to the desk of one of our Underwriters. Underwriters are tasked with making sure any borrower can afford the house they want to buy.
The Underwriters at The Peoples State Bank work closely with our Mortgage Loan Originators to assist in providing the best financial solution to our borrowers. The underwriters review the loans to determine if income is
stable, make sure the assets available for down payment, closing costs, and prepaids are coming from the borrower’s own funds, and if these funds are a gift, that the gift is coming from an acceptable source.
PSB Underwriters also evaluate a borrower’s credit history and determine whether a borrower could meet their monthly obligation. In addition, they make sur the property being purchased is safe and habitable. They also
review the home’s appraisal to make sure it’s appropriately valued for similar homes in the area. Then our Underwriters certify that the loan meets Fannie, Freddie, FHA, VA, Rural Development, and Jumbo guidelines.
Our Underwriters at The Peoples State Bank are crucial in the lending process and getting our borrowers to the closing table. They are extremely knowledgeable, efficient, and must stay up-to-date on home loan policies and guidelines.
We are so lucky to have two Underwriters that meet all of that criteria and more. Martina Chance, who is a Vice President and our Mortgage Loan Manager, and Brett Tabor, who started his career at The Peoples State Bank as
a Mortgage Loan Originator 6 years ago, but has been in the mortgage lending industry for 20 years!
Now that you've learned about loan underwriting at The Peoples State Bank,
click here to learn more about our Mortgage Loan Originators!
Apply now for a better mortgage experience with The Peoples State Bank!