{"id":499,"date":"2012-06-19T13:18:00","date_gmt":"2012-06-19T20:18:00","guid":{"rendered":"http:\/\/privatemoneysource.com\/broker-blog\/?p=499"},"modified":"2012-06-19T13:18:00","modified_gmt":"2012-06-19T20:18:00","slug":"the-doc-list","status":"publish","type":"post","link":"https:\/\/privatemoneysource.com\/broker-blog\/?p=499","title":{"rendered":"The Doc List"},"content":{"rendered":"<p><em>Clay Sparkman<\/em><strong><br \/>\n<\/strong><br \/>\nOn several occasions, I\u2019ve discussed the importance of a good loan summary. A good loan summary is fairly crucial, as you approach us with a new loan request, as it speeds up the approval process (or denial) to a surprisingly significant degree.<br \/>\nGiven that, it seems logical to discuss how to speed up the rest of the process.<br \/>\nOnce a loan scenario is approved, we start our underwriting process which begins with the collection of the following documents.<\/p>\n<ul>\n<li>Residential loan application (1003) or equivalent (MUST      BE SIGNED BY BORROWER)<\/li>\n<li>Signed and completed Fairfield Disclosure Forms<\/li>\n<li>Credit report (tri-merge) (if loan is submitted by      broker; if borrower submits directly, Fairfield will<\/li>\n<li>Trio of subject property<\/li>\n<li>Comps, an appraisal, or some other objective measure of      value<\/li>\n<li>Photo(s) (if not included in an appraisal)<\/li>\n<li>Cover sheet describing\/summarizing parameters of loan<\/li>\n<li>Preliminary Title Report(s) for all properties<\/li>\n<\/ul>\n<p>Each loan is unique. In addition to these documents, we may request additional information depending on the type of loan. For a more extensive listing of these documents, please visit our website at <a href=\"http:\/\/www.privatemoneysource.com\/packaging.php\">http:\/\/www.privatemoneysource.com\/packaging.php<\/a><br \/>\nThe timing of the delivery of these items is critical. We can\u2019t underwrite a loan unless we have all the information related to each specific scenario, so the speed in which we can work is largely up to the borrower.<br \/>\nOnce each applicable item on the doc list is received, reviewed, and approved, we schedule an inspection to verify that the property matches what has been represented on paper. The property inspection is the final stage of the underwriting process.<br \/>\nThere is a story behind each loan, and we want to know all the details. When brokers and borrowers know what items we need in advance and understand our process, we can reduce our underwriting time and ultimately close more loans.<br \/>\nIf you have a loan that might fit with these parameters, please      e-mail me at     clay@privatemoneysource.com or submit by entering a      brief summary at <a href=\"http:\/\/www.privatemoneysource.com\/loanproposal.php\">http:\/\/www.privatemoneysource.com\/loanproposal.php<\/a>.      Otherwise, if you would like to get a     better feel for our   company    and the types of programs we do, please     browse our web   site at <a href=\"http:\/\/www.privatemoneysource.com\/\">http:\/\/www.privatemoneysource.com<\/a>.<br \/>\n\u2013 Clay (clay@privatemoneysource.com, 503-476-2909)<br \/>\n<em>Clay is Vice President of Fairfield Financial, a primary source                             for private money since 1964.\u00a0 Fairfield is       currently           targeting       loans    in    OR, WA, AK, CA, CO,       ID, FL, GA,   ID,   MT,       NV, NY, OK   and     TX, but is able  to    source loans nationwide. To    submit  a     loan to    Fairfield    for         consideration: <\/em><a href=\"http:\/\/www.privatemoneysource.com\/loanproposal.php\">http:\/\/www.privatemoneysource.com\/loanproposal.php<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Clay Sparkman On several occasions, I\u2019ve discussed the importance of a good loan summary. A good loan summary is fairly crucial, as you approach us with a new loan request, as it speeds up the approval process (or denial) to a surprisingly significant degree. Given that, it seems logical to discuss how to speed up [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_s2mail":""},"categories":[26],"tags":[42,43,46,54,55,58],"_links":{"self":[{"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=\/wp\/v2\/posts\/499"}],"collection":[{"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=499"}],"version-history":[{"count":0,"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=\/wp\/v2\/posts\/499\/revisions"}],"wp:attachment":[{"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}