Cross Checking and Verifications

Mortgage Application Integrity

One of the trickiest tasks to successfully processing a loan application is to get everything to match up.  The integrity of the data in the application is vital when it comes to hitting the closing date on time. This issue causes most of the problems during the processing stage.

If a number or some other piece of information was entered incorrectly in the original application it must be corrected now prior to closing.  This is why it’s important to gather all of the support documents prior to completing the application.  If the information entered into the original application comes directly from the support documents it should be correct for this stage. If not it must be fixed and explained why it was wrong in the first place. That takes valuable time.

Every bit of information in the mortgage file must be cross checked by independent methods. It is hard to comprehend exactly how tedious this task can be. Even the phone number and address of your employer must be verified through a public channel like a phone book.

Any item that doesn’t check out must be followed up and explained.  By following the steps in order most of these problems are eliminated and that speeds up the process.