The perfect loan submission checklist for India

The perfect loan submission checklist for india

Loan Application Processing steps

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Analysis

 Loan officer assembles the documents in your file and reviews your file if there is any document required inform you to provide that so it passes smoothly through the underwriting process.The loan officer puts all the collected documentation in order to anticipate any unusual circumstances that may affect your loan approval and writes a cover letter to the lender that emphasizes your strong points as a borrower.

Packaging

Once all information put together with appropriate notes, it goes to our loan processor, who check if any additional information the lender may need. This may include verification of your banking , employment and repayment history.If required  he will communicate to gather the information .

Submission documents and Underwriting

Now, your loan is submitted to a lender. The lender sends it to the underwriting department, which reviews the file for compliance with the guidelines specific to the loan program you have applied for .

One of 3 things can happen here:

If your loan is approved without conditions-

It’s time to lock your loan, send documents to the title company, and go sign papers!

If your loan is approved with conditions-

Your loan officer and processor will help you gather the documentation or information needed, and submit that to the lender to get approval.

If you are not qualified

The loan officer will review the package to determine if it can be modified – repackaged – to get an approval somewhere else

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3285

customer

2778

File Process

2530

Loan Approved

2512

Satisfied

Categories: Apply for Loan, Product

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