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2022 Department Highlight: Processing

2022 Department Highlight: Processing


2022 Department Highlight: Processing

Each year, Mortgage Investors Group helps thousands of homebuyers select the home loan program best suited to their needs. Yet, few people outside of the mortgage lending industry understand the hard work happening behind the scenes that leads up to the memorable day when the borrower receives the keys to his or her new home. To commemorate National Mortgage Professionals Month this September, we’re sharing insights into the important roles each department plays in ensuring our borrowers are able to finance the home of their dreams. This week, we focus on the Processing Department.


The processing team is the glue that brings everyone in the loan process together. They are the fuel to your race car because, without them, it would take a lot longer to get to the finish line and you might even run out of gas.

The processing team is the go-between with loan officers, underwriters, and any third parties involved in processing your loan. They are the go-to person for any questions on your loan, and without them, crossing the finish line would be nearly impossible.

At MIG, we have a team of 62 loan processors, each of whom carefully and quickly process your loans, so you meet your contracted deadlines and cross the finish line with your keys in hand.


  The Loan Processor’s Job

 

The loan processor organizes your loan so the underwriter has everything they need to determine if you can afford the loan.

The processor collects all documents, packaging them the way the underwriter needs them for your loan program. Our experienced processors know everything underwriters need, so there is a lot less back and forth, meaning there are virtually no delays in your closing.

Our processors know how to validate the income, asset, and credit documents you provide. They also order your title and appraisal, so the underwriter has everything they need to underwrite your loan one time.


  The Processing Team at MIG

 

Most of our 29 offices has a processing team in it. This makes it a lot easier to ensure underwriters have everything they need for every file. In addition, we aim to ask borrowers for documentation once, so there’s less back and forth, and the race to the finish line goes much faster than anyone anticipated.

What we love most about our processors is their care for every borrower. They know each borrower as a person, not a number. They know humans are waiting with bated breath to see if they can finally call their dream house their home.

Our processors are meticulous in their requests and can articulate what’s needed from borrowers before the underwriter even asks. As a result, they are the person you want on your team to create the best strategy to come out of this race as the winner.

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Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at migonline.com Legal Information.

MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:

  • Rates are subject to change at any time.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Payments will vary based on program selection, current rates, property location, etc.
  • Not all programs are available in all states.
  • Some loan programs may not be available to first time home buyers.
  • Terms and conditions apply, which may include restrictions or limits per loan program.
  • Information is generally based on primary residence occupancy with no cash out when refinancing.
  • Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher; owner occupancy, escrow account is established for taxes and insurance(s); debt-to-income ratio no higher than 43.0%; PMI applies to conventional loan programs over 80.0% LTV; VA,FHA & RD require insuring fees included in loan and/or payment; fixed rate, 30 year term.

An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020