The writer is an expert in mortgage bad credit applications. His focus on bad credit applications in Canada.
The residential mortgage loan origination and processing functions include all actions and procedures that occur from the time a potential borrower has contact with the lender through the time the underwriter reviews the application for a decision to approve, deny, or counter offer .
The speedy, professional completion of this function is crucial to any mortgage lender and, along with the quality of loans originated, is the determining factor in the success and profitability of the residential mortgage-lending operation. As in all aspects of residential lending, the chartered banks continually set the industry standards. The majority of lenders nationwide follows their guidelines and uses their forms.
Loan processing remains the lengthiest step involved in producing a closed residential mortgage loan. Until the early 1990s, this step might easily have taken three weeks to 45 days. This is not acceptable in today’s competitive marketplace. Now the trend is for faster loan processing-many mortgage lenders advertise that they will get an answer for the applicant within minutes. While not all lenders issue a loan decision within minutes (but many do), most lenders complete processing of a loan in a few days to a week, or maybe two weeks or more in times of increased refinance activity.
Duncan Seward is a Vancouver mortgage broker. Mortgage BC is the focus of his business. He is an expert in bad credit mortgage refinance applications. Poor credit loans need not be a concern to clients with a damaged credit histories.