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Move byline approval

and this is an overview of the mortgage process and movement mortgage we call it the six seven one six is six business hours of initial underwriting seven business days for processing and one day closing and of course i'm gonna dive a little bit deeper so you actually know what that means now first is lo sets expectations i may say hey look we may need documents at like three different times throughout this process i know i know uh pre-approval initial submission that's when you actually go under contract because let's say you got pre-approved and takes you two or three months to actually find a house that you love and get an offer uh finalized the documents that you submit at pre-approval may no longer be the most recent documents so for that reason we're going to need updated documents now the third time we may need documents is after your six business hours of upfront underwriting so that's basically where we give the file to an underwriter they review it and they may say you know what i'll give you this loan based on certain conditions we call that conditionally approved or conditional approval now based on those conditions or documents that they need from you sometimes not always but sometimes there's new information on those documents when you give it to an underwriter that may raise some more questions hey the hours have changed your pay has changed or there's a big deposit big withdrawal whatever it may be that may raise some questions remember they may be giving you five hundred six hundred thousand dollars they have to be very careful that's their job now the next step is the lo takes the application so first i set expectations then i take an application now you may think oh wait i filled out an application on pre-approval you already have the application and yes and no so in the mortgage world there's a couple key pieces of information that we need to have a live application one key part being the property address what's going to be collateral for this loan and that's why in the front end you get pre-approved because there's no property right we get everything but the property now when you have a property under contract that's kind of where our timeline starts we'll gather documents for the initial submission and then i'll send you what we call a loan estimate which is a very regulated form has to look a certain way has to go out within a certain amount of time so you are fully aware of all the costs all the fees that you will be charged as well as the monthly payment now we're going to meet a couple of very cool people one is the underwriter which is ultimately the person that says yes or no to the loan we have the processor which helps gathers all the documents for the underwriter that way we're...