Why Amerisave, Part Five - Underwriter Reviewed Pre-Approvals

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Education & Training with REISA - 317-663-4173

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Hey Folks!

Lets face it. Nothing tears us as a buyer, seller, Realtor, Broker/Banker as much as a pre-qualed that gets declined in underwriting three weeks later (or at closing). In most of these cases the problem could have been discovered even before the contract was written.

At Amerisave we have a Underwriter review all pre-quals early in the process so we will not have these problems after a deal has been made.

To review:

While shopping for a home loan, brokers and lenders will offer to pre-qualify or pre- approve you for a mortgage. Home loan pre-qualification and pre-approval are different and distinct processes, so it is important for you to understand the difference.

Pre-Qualified
A loan officer or loan processor working for a mortgage lender or broker can typically pre-qualify you for a home loan within an hour. Getting pre-qualified for a home loan is a good first step that will let you know if you should proceed to the pre-approval process. To get pre-qualified you will need to complete a mortgage application and allow the broker or lender to pull your credit. They will review the mortgage application and your credit and let your know if you are pre-qualified.

Pre-Approved
Only a mortgage underwriter can pre-approve you for a home loan, loan officers and processors can not. Typically mortgage brokers do not have underwriters on staff, so they typically can not pre-approve your home loan. A valid pre-approval is the best tool you can have when shopping for a new home. The key is to ensure that it is valid. A valid pre-approval has been underwritten by an authorized underwriter (an underwriter is the final person that says your loan is approved). If an underwriter pre-approves your home loan application upfront, all you have to do is find the home you want, have it appraised, and then you should be able to close in just a few days. Some mortgage brokers and lenders will issue pre-approvals that have not been reviewed by an authorized underwriter, be sure to ask.

To get pre-approved for a home loan you will need to provide the underwriter with your income and asset documentation (W2’s, Bank Statements, etc). The underwriter will review your credit, mortgage application, documentation, and then approve you for a set loan amount and property value. Once you have been pre-approved for a home loan you are ready to start shopping. The process typically takes a couple of days.

Knowing exactly what type of home loan you can obtain will allow you to shop and negotiate with confidence. For example, you could inform a seller that you are pre- approved for the mortgage and you are prepared to close next week. If the seller needs to close quickly, it will not matter if there is another buyer that cannot close for weeks or months. Plus, sellers do not like to take their properties off of the market for long periods of time. The ability to close quickly is one way to get a great deal.

To get pre-approved for a home mortgage you will need to provide the underwriter with your income and asset documentation (W2’s, Bank Statements, etc). The underwriter will review your credit and then approve you for a set loan amount and property value. Once you have a pre-approved real estate mortgage you are ready to start shopping.

 

Have a Great Day!
Tony Grego, Regional Sales Director with Amerisave
The Place with Great Rates!
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Show All Comments
Rainmaker
198,327
Mike & Cindy Jones
Florida Homes Realty & Mortgage - Jacksonville, FL
Real Estate - (904) 874-0422 - Jacksonville, Fl

I had a deal fall out in December 3 days prior to closing...okay not so unusual you say???? It fell out due to lacking verification of employment!

To make it hurt even more it was my buyer and my seller. Jeez!

Jan 06, 2009 06:20 PM #1
Rainer
7,598
aaa aaaaa
Plano, TX

Tony,

i join amerisave in july as Area Sales Director. For a month i called many realtors and loan officers to join them. I was sucessful in getting a few realtors agreeing to join. When they applied, they were told Amerisave is not hiring in PA. I wasted all my time and no one told me that they have stopped hiring until they applied.

You can rarely talk to a human being with Amerisave. All their processors want you to deal with emails. I will never deal with this company nor i will advise anyone to work for them. I am not sure if you have worked with them for sometime. Check them out before spending your time with them

Jan 06, 2009 06:30 PM #2
Rainer
126,237
Tony Grego, 317-663-4173 #1 Trade Association for Alternative Inv
REISA - 317-663-4173 - Indianapolis, IN

Boy I know how that can happen. When I worked for a Broker we handed out pre-approvals like they were candy on Halloween. Amerisave takes a much more serious approach. We do things right and stand behind what we say.

Good luck

Tony

Jan 06, 2009 06:31 PM #3
Rainer
126,237
Tony Grego, 317-663-4173 #1 Trade Association for Alternative Inv
REISA - 317-663-4173 - Indianapolis, IN

Wow Rafeeq!

Sounds like a nightmare. I have been with them funding loans for over eight months. My team leader is accessible it seems 24/7. I guess it is like everything else that some will have a negative experience. I have not found that to date.

Good luck in the future

Tony

Jan 06, 2009 06:46 PM #4
Rainer
15,350
Joseph Crespillo
Sellstate Realty First - Rocklin, CA

Tony,

It sounds like you have a problem with Brokers.  I have been in the lending industry for 32 years and as a Mortgage Broker for the last 12 years, I can send a loan into any of my Investors and get a pre-approval by an actual underwriter.  Or if I want I can use D.O. and get the approval quicker.

Joe

Jan 06, 2009 07:03 PM #5
Rainer
126,237
Tony Grego, 317-663-4173 #1 Trade Association for Alternative Inv
REISA - 317-663-4173 - Indianapolis, IN

Joe

I have no problems with Brokers (I was one for years). I also have been in the lending industry since 1982. Sounds like you have the same process I have for pre-approval. Lets face it. Professionals do not have problems but with your experience I know that you will agree with me with the level of professionalism that last seven years

 

Thanks for your post

Tony

Jan 06, 2009 08:01 PM #6
Rainer
7,598
aaa aaaaa
Plano, TX

Tony,

you are suggesting that amerisave is the best in the business and you are downgrading other loan officers and brokers. Upfront mortgage lender does not guarntee a loan closing on time. Loan officer and Brokers can submit the loan to an underwriter and get a pre approval or a commitment to a borrower. So please dont downgrade other loan officer and brokers when you are pitching for your company

Jan 06, 2009 08:42 PM #7
Rainer
126,237
Tony Grego, 317-663-4173 #1 Trade Association for Alternative Inv
REISA - 317-663-4173 - Indianapolis, IN

Rafeeq

You need to relax.

1. I have never said Amerisave is the best. It is the best for me and my clients.

2. I have never downgraded other loan officers or brokers

3. Guarantees ARE in place for a loan closing on time and it is given in writing.

4. You had a bad experience. This company has funded over 6,000,000,000. How is that bad?

Life and employment is about choices. You have made yours and I have made mine. It is not about being right or wrong. It is about the choice you are comfortable with.

Respectfully

Tony

 

 

Jan 06, 2009 08:53 PM #8
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Rainer
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Tony Grego, 317-663-4173 #1 Trade Association for Alternative Inv

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