Are you a borrower at Carrington Mortgage? Well, if you are then you certainly know the about the Carrington Mortgage My Loan application. It is a particular program designated for every borrower of the Carrington mortgage loan. It comes as short program explaining the mortgage process and confirming your understanding about the loan you have applied. As a short program, it takes only few minutes. Yet, it is a final program that comes as required step in the application and approval process of the loan. It only requires few clicks to complete the program.
In this Carrington Mortgage My Loan application, you will be informed with the details of the loan you apply for. Here is the short explanation. This is a mortgage loan secured by your home and other real estates. You, as the borrower receive financing provided by the lender so you can acquire your new home or refinance the existing loan. Simply said, it is a contract between lender and borrower. The lender plays the role to provide the financing. Meanwhile, the borrower’s responsibility is to repay the debt completed with the interest rate.
In this application, there are basically some different people that are involved in the process. For instance, the loan officer may contact you to follow through your application and do assessment as consideration of whether or not your loan is accepted. Appraiser is the professional evaluating the current market value of your home. The appraiser is usually not the mortgage company’s employee. You will be given with your appraisal’s copy.
Another involved party in your Carrington Mortgage My Loan application is underwriter who has the role to check your loan application file. It is necessary to make sure that all the standards and required paperwork have been met. Usually, this person works together with loan officer. There is also the loan processor who has the responsibility to ensure that all the conditions for loan’s approval are met. This person is often known as coordinator. The closing agent on the other hand is individual who holds responsibility to organize and conduct settlement. With multiple parties involved in your mortgage loan application, it is important to make sure that you know their responsibilities well. And, make a good relation with those parties.
In this application, there is also information regarding loan approval and underwriting stated. According to the Federal and States rule, every mortgage loan should be completed with verified borrower information. You and other borrower should have the intent and financial ability to repay the mortgage. This information should be verified at the time the mortgage loan is made. Usually, the information is related to the income and employment, assets, credit history, home value, loan size, down payment and also other factors that affect your mortgage loan eligibility.
The application also states information regarding the fact that your loan may be sold to another investor. However, it doesn’t change any of the obligations that you should make to pay your debt. But about your loan being sold can also be a matter of secrecy. It means that you may know and now know that your loan has been sold.