Complete Best
Basics: Best refinance rate by Best Refinancing
In the Mortgage servicing business it is important to understand how mortgages work as well as what our role is within that process. To successfully service these loans we will need to answer the question “what is a mortgage?” The following module is designed to answer that exact question. Contrary to popular belief, mortgages are not necessarily complicated, however the loans do have some aspects and terminology that you should be familiar with.
“The greatest danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it.”
-Michaelangelo
Upon obtaining this knowledge we will be able to better assist our customers, as well as apply the knowledge we have gained to our personal benefit as well.
Objectives
By the end of this module, using all available resources, participants should be able to:
Summarize the mortgage process through the life of a loan
Identify the role of Default Servicing within Chase Home Finance
Recognize key mortgage documents
Distinguish individual lines of business
The Mortgage Process
Owning a Home
Owning a home is the ideal dream for most Americans. Early in American history, the value of private property ownership began. Most of us take this privilege for granted, but we must remember that property ownership is unheard of in some parts of the world. America decided early on that we should encourage and reward those whose desire is to obtain home ownership.
Today, homeownership is just as valuable as before. Community and government officials are more focused than ever on the continuance of building and developing our country. As we listen to our political leaders address the importance of building and improving our communities, they are aware that we all desire that special place in which we can feel safe. When neighbors have an interest in the value of their homes and property, they are more likely to help each other, which helps the community.
The next several pages speak to how the loan process works and how Chase services those who aspire to achieve and sustain homeownership.
Originations
The origination of a mortgage loan process is quite different from other types of loans because of the variety of laws and policies that govern the mortgage industry. Some of the These are four distinct steps in the origination process.
The first stage of the origination is to attract and obtain customers who need funds for mortgages. In completing the Application Stage, the originator acts as a consultant to the customer. Three different types of considerations are made when a customer is applying for a mortgage Best loan mortgage refinance. Each of these will be discussed later on.
- Type of Property
- Type of Loan
- Available Financing
Processing a credit card application often means that a credit bureau is obtained. With a mortgage loan, the processor has to obtain an appraisal and review all application materials for accuracy and completeness. This can be a very extensive task, as you will see when we review the mortgage documents.
This area determines whether to approve the loan or not to approve it. The approval process is called “underwriting.” This is accomplished by reviewing the Four C’s:
Character – Does the borrower have a good credit history of debt repayment?
Capacity- Does the borrower have stable and adequate income to meet housing expenses?
Capitol- Does the borrower have sufficient cash available to cover a down payment and closing costs?
Collateral- Does the property value cover the amount requested for the loan?
This is the final stage of the origination process. It involves three things:
- Preparing and assembling the closing documents
- Disbursing Funds
- Recording certain essential documents
Chase becomes the servicer of a loan by a variety of ways. We may receive the servicing rights because the loan was originated by a Chase office, an independent mortgage broker or another mortgage company could sell the loan to Chase for servicing.
The important thing to remember is that we acquire our customers in several ways which can influence their expectations of the level of service they expect to receive. First, let’s take a look out how we obtain our customers.
There are two ways in which Chase adds loans to their portfolio – originations (discussed earlier) and acquisitions. We acquire loans from other mortgage loan servicers. You will deal with many customers who have questions regarding their recently acquired loan.
Acquisitions: The buying and selling of a mortgage loan can take place from the time the loan is approved until after closing. The secondary market refers to the buying and selling of loans as negotiated between investors and servicers like Chase.
The buying and selling of mortgage loans helps drive down the cost, allows for a wide variety of financing alternatives, and provides investment opportunities for people and organizations looking for a low-risk instrument.
An Investor is any person or institution that purchases a mortgage loan as an investment tool – much like stocks or bonds. An investor is the holder of a mortgage and our role in Chase is to service the loan and report to the investor.
Chase must abide by strict rules to protect the interest of the investor. We are hired by the investor and must follow the law and their servicing guidelines to meet our obligations.
About the Author
Best refinancing is the owner of best loan mortgage refinance, resources to help you refinance your home loan. Help for refinancing help(at)best-refinancing.com. Best refinancing also has a best home loan refinance.
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