Once the disclosures are returned, processing of your mortgage loan begins. The property appraisal is ordered and information from your application on employment, banking, housing & payment histories are all verified. Major credit issues, such as late payments, collections and/or judgments typically require your written explanation and supporting materials. Bank balances are reviewed for balances and source of funds. Please discuss recent or new funds received with your Houston Capital lending officer, to properly document them. Gifts can be acceptable in certain situations and those funds are identified as gifts. Allow us to guide you on convenient methods of gift documentation in accordance with loan program requirements.
We order tax transcripts from the IRS for your last two year's tax returns. If you are not current in your IRS tax filings, advise us immediately. This creates an issue in today's loan process for all lenders. When we cannot obtain IRS transcripts of your returns, we cannot rely on that income for qualifying purposes.
Once the appraisal is in, you receive a copy from your processor. We review and prepare your loan request package for underwriting. Miscellaneous items may needed to complete your file, like: credit inquiry letters, source of funds for recent deposits, income explanations, etc..
Once your entire mortgage file is assembled together and is complete, it is submitted to underwriting for loan approval.