In this episode, the admin team at LendCity shares insights into the mortgage application process and documentation requirements while providing helpful tips for a smooth mortgage experience.
Key Timestamps:
[0:00] Team Introduction
- Admin team backgrounds
- Transition to mortgage industry
- Learning experiences
[4:30] Application Process
- Initial contact procedure
- Document collection
- Application review
[8:45] Documentation Requirements
- Employment verification
- Proper formatting needs
- ID requirements
[12:30] Income Verification
- Pay stub requirements
- Year-to-date calculations
- Employment confirmation
[16:45] Property Documentation
- Lease agreements
- Property tax bills
- Portfolio management
[21:15] Asset Requirements
- Importance of disclosure
- Creative financing options
- Closing cost considerations
[25:30] Appraisal Tips
- Property presentation
- Value considerations
- Documentation suggestions
Key Strategy Points:
1. Documentation Standards
- Official letterhead requirements
- Non-editable formats
- Document expiration timelines
2. Property Documentation
- Lease verification
- Tax assessment requirements
- Portfolio management details
3. Asset Management
- Full disclosure benefits
- Program qualification options
- Closing cost planning
Contact Information:
LendCity
Important Tips:
- Keep documents current within 30 days
- Ensure clear, complete documentation
- Maintain organized property records
- Present properties well for appraisals
