Scott Buehler, Loan Officer, NMLS ID #1794818 (2024)

FAQs

What questions Cannot be asked by the loan officer? ›

Whether you are single, married, divorced, or widowed, is off-limits for lenders. They also cannot inquire about your family status, including whether you have children, are planning to have children, or are pregnant. "Are you part of a single-parent or two-parent household?"

Once all conditions have been met, the underwriter will give final approval for the loan. This means that the lender is ready to close the loan and fund the purchase of your new home.

Final loan approval means that your credit history, bank accounts, and income have all been thoroughly checked and you can move forward with your home purchase. It's the moment when you can breathe a sigh of relief, knowing that the finish line is right in front of you.

How long does it take to get final approval after conditional approval? The good news is that once your loan has been conditionally approved, you're basically in the home stretch. That being said, your lender will likely need another 1–2 weeks to finalize your home loan and move forward with your closing date.

Becoming a loan officer in California is not as hard as it sounds when you follow the right steps and remain focused on your goals. You will soon embark on a rewarding journey that marks the start of an exciting career. Depending on your dedication, you can meet the prelicensing requirements within a few months.

For the majority of lending decisions most lenders use your FICO score. Calculated by the data analytics company Fair Isaac Corporation, it's based on data from credit reports about your payment history, credit mix, length of credit history and other criteria.

Yes. Many lenders use third-party “loan audit” companies to validate your income, debt and assets again before you sign closing papers. If they discover major changes to your credit, income or cash to close, your loan could be denied.

How often does an underwriter deny a loan? A mortgage underwriter typically denies about 1 in 10 mortgage loan applications. A mortgage loan application can be denied for many reasons, including a borrower's low credit score, recent employment change or high debt-to-income ratio.

Called the five Cs of credit, they include capacity, capital, conditions, character, and collateral. There is no regulatory standard that requires the use of the five Cs of credit, but the majority of lenders review most of this information prior to allowing a borrower to take on debt.

If one or more late payments or collections show up on a credit report after you've already been approved, your credit score could drop below the minimum required for your loan, and your loan could be denied.

Do underwriters pull credit again? ›

Do Lenders Check Your Credit Again Before Closing? Yes, lenders typically run your credit a second time before closing, so it's wise to exercise caution with your credit during escrow. One of your chief goals during escrow should be to ensure nothing changes in your credit that could derail your closing.

This can happen if you don't meet certain loan conditions. For example, if you take on new debt unexpectedly, if the underwriter can't verify your financial documents, or if you can't meet the conditions on time, then your loan application might be denied.

Even if you're conditionally approved, you could be denied a mortgage — if you're unable to satisfy the conditions set forth by the lender.

However, a creditor may ask about costs related to children and dependents. Likewise, creditors also are barred from factoring certain considerations into their decisions. Your race, color, religion, national origin, sex, marital status or whether you receive public assistance.

Government regulations prevent lenders from denying loans based on race, color, religion, national origin, sex, marital status, age, or because you receive public assistance. However, under the Home Mortgage Disclosure Act, every loan application asks your sex, race and ethnicity, says Stevens.