March 10, 2010 4:46 PM at Loanlane in Menlo Park, CA
How to Apply and How to Lock
Start with the basic form
We ask you to fill out a long, arduous form. We're kidding, it's concise and it's the critical first step. There's very little if any sensitive data on it, by design. We do not want your complete social security number! We can get that later. You can leave large portions of the form blank if you wish - we won't be offended!
After you submit the form
When you submit your form, we review it. Quickly. And we respond, quickly. Generally we respond with something like "your data is here, do you mind if we talk about it via email or telephone". We'll know if your loan looks feasible. Unfortunately some loans just don't work. The biggest issue is equity in that some homeowners do not have sufficient equity to refinance.
Can I lock my rate right away?
Not unless we know who you are and your transaction is very clear ... we need to verify your loan is viable and can close within the lock period. What is meant by viable? We need to look at your employment, income, and asset data. We need to look at your credit history (that's when we ask for your social security number) and the all important "credit scores" which for better or for worse, is what drives mortgage decisions. We need to generate an electronic loan approval and determine the availability of an appraiser. If all this takes place and checks out, then yes, you can lock. But there are no shortcuts, we really do need to follow a procedure and keep everything as transparent as possible.
We trust you but we need to verify your data
We've been doing this successfully for more than 20 years, thus we have a proven method. If we construct poorly packaged loan files everyone suffers - loan underwriters get exasperated, borrowers get frustrated, loan pipelines get clogged. Thus our goal is to make the process as simple as possible, but at the same time, follow all of the methods that were in place prior to the internet. We trust you, but we need to verify you and the data you give us. The good thing is, this usually happens within one day and the documentation we'll need from you is straightforward.
Why Loanlane, Why Not Just Contact My Bank?
That's a valid question. For some folks, their bank doesn't exist anymore. For other folks, it's difficult to get through to their bank, or to get a telephone call or an email returned. Or to get the "real story" and not what the bank's loan officer is instructed to say as you dial in on a sometimes recorded line. Try contacting a bank after 5:00 PM. Or on Sunday morning.
Then try contacting us ... you won't have any trouble. We respond to 100% of our email. We do not have a call center, we do not have people that read from a script. We do not start conversations with forced phrases such as "thank you for calling Loanlane how may we provide you with excellent service today".
You will never be passed off to a loan processor or customer support rep. We thoroughly understand credit reports, tax returns, partnership returns, subordinations, appraisals, loan documents, and anything else that might be in a loan file.
Isn't this cumbersome, shouldn't it be easier?
We will endeavor to make it as easy as possible, drawing on 20 years of experience. But we still need to ask for certain things in order to make the loan acceptible to both the lender and you. One thing we strive for is "no surprises". It's critical that you know how the loan process works, and what it costs. Another goal we strive for is making final loan less expensive than the one you applied for ... again, no surprises.
Equal Housing
Lender. Copyright 2009 Mark Leaver. All rights reserved.
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real estate broker, license 01006840. Rates appearing on the Loanlane web site are subject to change and are intended for California owner occupied single family residences only. First position liens only. The information contained herein is believed to be reliable.
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are subject to change. Mortgage rates are subject to change without notice. Mortgage rates posted on this web site apply to applicants with a minimum FICO score of 720 or a loan-to-value ratio less than 60%, and require documented income to comply with underwriting requirements. Stock quotes, if displayed, are delayed 20 minutes. Stock quote data and market index information is provided for information purposes only, and is not intended for trading purposes. Loanlane is not liable for any errors or delays in the content, or for any actions taken in reliance thereon.
