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Electronic Underwriting 

Technology, including electronic underwriting, is changing the mortgage business in very fundamental ways and Carteret Mortgage  has embraced these changes. Think about this-

10 years ago, I was writing mortgages by hand and the process usually took 60 days. 5 years ago, I was taking applications on a laptop and the process took 30 days, Today, I can take your application across the internet, approve the loan with electronic underwriting within 5 minutes of submission and email the application to you for your signature. By the end of the year your electronic signature will be accepted and we will actually have a "paperless" transaction.  employs the latest in electronic underwriting programs which significantly reduces the documentation requirements, time, and costs associated with loan approval. Some examples:

                                      Traditional underwriting documentation                                      Electronic underwriting documentation

Bank statements                        3 months to verify all funds movement                                       1 month

Pay stub                                     30 days                                                                                          1 pay stub

Tax returns                                 2 years W2 or full tax return if self employed                              usually 1 W2

Verification of employment      Written by your employer                                                              Verbal by Lender

Time to conditional approval    30 days                                                                                          24-48 hours

Frankly, I could continue the list for longer than you would want to read but please understand the change in mortgage approval process is substantial. No longer will the processor document every detail about your life and then submit to an underwriter for review taking up to 30 days. With electronic underwriting, we document only the basic income and assets, submit to electronic underwriting, and then request ONLY the documentation required. Loan approval is usually within 24 hours of submission. We order the appraisal then close. Also, please note I do not order the appraisal until you have an electronic underwriting approved loan. It serves no purpose for me to spend your money for an appraisal if I can not make the loan. 

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your consumer and mortgage debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.


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