Without even reviewing your income or asset documentation the vast majority of other lenders and originators will issue a “pre-qualification” letter. Look for a statement stating they’ve reviewed your credit, income and asset documentation. If it’s not there, that letter’s not worth a plug nickel. Listing agents, to whom you’ll be submitting an offer, won’t even bother to review your offer unless the letter clearly states that your credit report and income and asset documents have been reviewed. Our letter is the real McCoy. We review all the documentation and provide a statement we’ve done so in the letter. At your request we’ll even provide a copy of the agency automated underwriting findings or feedback. And we do it all in a few minutes, not weeks like most our competitors.
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When you submit the application you’ll see a list of documents required to process your application. A few minutes later you’ll receive an email with a link to a secure folder where you can upload the required documents. Our processors will do a preliminary evaluation of the income and asset documents. If it appears that the income and assets support approval based on the liabilities you stated in the application, we’ll send a link to a secure credit card authorization form where you can provide your credit card information for the purpose of obtaining a three-repository credit report.
Once we obtain the credit report our underwriting staff will confirm that the documentation and credit scores support approval for the requested loan. If they do, we will issue the approval letter within a few minutes of our review. On applications submitted by 3 p.m. on weekdays you’ll usually receive a response the same day. For applications submitted after 3 p.m. you’ll receive the response on the following business day.