Understanding How Origination Services Work

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  August 30, 2018

Origination services refer to a series of steps that individuals are supposed to follow when getting a home loan, mortgage, or any other kind of personal loan. During the process, the borrower is supposed to provide different kinds of financial documentation, and information to the mortgage lender such as payment history, tax returns, bank balance, and another kind of financial information. This information is used by mortgage lenders to figure out the kind of loan, and the interest rate which the borrower is eligible for. The origination process is, in most cases, lengthy and comes with several steps. There is a loan origination fee charged to cover for the process and is in most cases 1% of the total loan amount. This information is mostly used by lenders, particularly the credit report of the borrowers to determine whether they are eligible for a loan.

The prequalification process

The first step is usually pre-qualification. The borrower will meet with the loan officer to get the basic data as well as information in regards to the income and the property that will cover the loan. It is at this time the lender will determine the kind of loan that an individual will qualify for. there are normally 3 common type of loans. With the fixed-rate loan, there is a continuous rate of interest for the whole life time of the loan. On the other hand, the adjustable-rate mortgages usually have a rate of interest that keeps fluctuating in regards to an index that is almost similar to the Treasury securities. The other type is a hybrid loan that has an aspect of interest rate that is both fixed and adjustable. There are borrowers who will be eligible for the government loan like the one given by the Federal Housing Authority. Such kind of a loan is, generally considered to be non-conventional, and is usually structured in a manner that makes it easier for homeowners to get loans to purchase a home. The loans have a low qualifying ratio, and the down payment is either small or nonexistent. During this step, the borrower gets list information that is necessary in completing the loan application. Some of the documents required include the sale and purchase contract and bank statement.

Loan application

It is during this stage the borrower gets a list of information that is necessary for the completion of the loan application. The various loan options will be discussed with the loan officer, and these options will help the borrower to know the options that are most suited for them. All the paperwork that is legally needed will be completed by the loan officer.

Loan filing

At this stage, the process is no longer in the hands of the borrower. The paperwork is submitted, and also signed before being run through the automatic underwriting program. There are files that are usually sent to an underwriter to be approved manually. After approval, closing will be scheduled by the loan office.

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