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What Are New Orders in the Mortgage Process?
Manage episode 172423654 series 1377296
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Previously, we discussed mortgage loan disclosures. Once disclosures are issued and everything has been signed off on, we can move forward by placing the new orders.
In other words, until certain information has been verified, we don’t want to order anything that will add additional costs to the transaction, such as appraisals and surveys.
This is an extremely important process. We are unable to proceed with new orders until we verify all pertinent information, such as employment, the applicant’s social security number, tax verification, and rental verification. At that point, we can move forward and order the title, appraisal, and all of the remaining verification. Then we can go to underwriting.
We cannot place any orders for that mortgage until the disclosures have been sent back & your buyer has given their intent to proceed with financing.
We cannot place any orders for that mortgage loan process until the disclosures have been sent back to us and your buyer has given us their intent to proceed with financing.
Once we have that, our loan partners will package the file and submit for new orders. At that point, the new orders person will order the appraisal, the survey, title, tax transcripts, and verify your client’s tax returns.
We will also verify your client’s social security number. We want to make sure that they are who they say they are, and we want to make sure that they are not on the national terrorist watch list.
If you have any questions for me, please don’t hesitate to give me a call or send me an email. I would be happy to help you.
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