Janet’s loan processors reviews the credit reports and documentation that you supplied as part of your loan application to verify your income, assets, employment, debts, and payment histories.
If necessary we may contact your employer and bank directly to verify your relationship with them. If the credit report indicates unacceptable late payments, collections or judgments or other credit history issues, then we will request a written explanation from you. If these are incorrect entries on your credit report, we will work with you to get them removed.
Our processors order and review the title work, a survey in some cases, a tax certificate to be sure that the property taxes are current, and a flood certificate to ascertain whether the property is in a federal flood zone. (If the property is in a flood zone, then WR Starkey Mortgage will still be able to make the loan as long as you obtain flood insurance on the property.)
The processors will also order and review the property appraisal. The appraised value of the property is essential, since the property serves as the sole security for the loan. The appraised value, as part of the loan-to-value (LTV) calculation, will also determine how large a loan the lender can make based on that security. Different loans have specific guidelines for the maximum Loan-to-Value ratio.