As a crucial member of the processing team, Processing Team Lead Anna Weeks processes loan applications from the time of receipt to underwriting. If you're submitting a loan application to Visio, your application will go through Anna or her team. Time can be crucial in the investment industry, so Visio aims to close loans in an average of 21 business days. However, there are actions borrowers can take to help move their loans along smoothly. Here are Anna's tips on how you can minimize the risk of extending your loan time in processing:
Gather your documents and have them accessible to you.Talk with your loan processing officer to understand which documents are needed, and make sure that you have them available to help your processor speed your application along.
Don't leave the country within a month of processing a loan.Often, investors leave the country immediately after they apply for a loan. This can cause tremendous delays in approving their loan because their processors cannot reach them.
Make sure that your property is rent-ready and accessible.If the appraiser comes to appraise the property and can't access it, that will slow down the loan process.
Familiarize yourself with the mortgage basics.In this industry, not only does understanding the mortgage process and lingo help you communicate with your processor, but it will also help you make the right decisions on your investments.
Read your emails carefully, follow instructions, and trust your processor.Sometimes, investors gloss over certain instructions, which can complicate the process. Remember, your processor is there to help you and make sure everything with your loan goes smoothly.
Andy Nguyen was born and raised in Houston, Texas. As a 5th-year senior at the University of Texas at Austin, Andy studies Economics and Finance and hopes to pursue a career in consulting. As a consultant, Andy hopes to bring strategic impact and deliver with results backed with vast, insightful data. After a successful career, Andy aspires to open his own restaurant and serve delicious, beautifully crafted Vietnamese dishes.
Dheeraj Nadella is a junior at the University of Texas at Austin. He studies Mechanical Engineering and Business and hopes to pursue a career in engineering. As an engineer, Dheeraj aims to learn the technicalities of a business from an engineering standpoint in order to one day pursue a career in entrepreneurship and run his own business. After a successful career, Dheeraj aspires to travel around the world and pursue non-profit opportunities.
Yashasvi Madan is a third-year undergraduate student at the University of Texas at Austin. She studies Computer Science and Business and hopes to pursue a career in software development. As a software engineer, she hopes to develop sophisticated technical solutions to improve the living conditions in developing countries like India. After a successful career, she aspires to start her own chain of animal shelters.