Mortgage Loan Application Process; Mortgage Loan Processor
This BLOG About Mortgage Loan Processor Trisha Mangiaracina Was Written By Gustan Cho NMLS 873293
This BLOG about Unique Mortgage Loan Processor Trisha Mangiaracina was written due to the little recognition she gets for the very hard work she does for The Gustan Cho Team at Gustan Cho Associates. The Gustan Cho Team handles many files and over 75% of our borrowers are folks who have gotten a last minute mortgage loan denial or are going through a stressful mortgage process and needs to get their loans transferred to Gustan Cho Associates. The mortgage processor is one of the most important people in the mortgage loan team because in order for a loan to close on time and get a timely approval by the mortgage underwriter, the mortgage loan processor needs to make sure that the borrower’s file has been processed immaculately with no missing documents and pages. The mortgage loan application process is a process that has multiple stages and the person in charge of this is the Mortgage Loan Processor.
- The first stage is for the mortgage loan borrower to complete and sign an official mortgage application and submit documentations such as two years tax returns, two years W2s, two month’s bank statements, asset documents such as 401k, IRA statements, investment accounts, release paperwork in the event if the borrowers have had a prior divorce, bankruptcy, foreclosure, or short sale, and other credit and financial documentation.
- The mortgage loan originator then reviews all the information and runs a credit check and make sure the borrower qualifies with respect to income and credit as well as debt to income ratios.
- The signed completed application then goes to the processing department and is assigned a mortgage processor.
- The mortgage loan processor’s job is to make sure the mortgage loan application is complete and all of the documents submitted is complete and check for errors and get the mortgage loan application package ready for the mortgage loan underwriter to start reviewing it.
Role Of Mortgage Underwriter
The key is to get the processing complete and without any errors to make the file completely comprehensible to the mortgage loan underwriter.
- If an mortgage underwriter seems confused with a particular item on a mortgage file that is being underwritten, it gets kicked back to processing and/or the file will be in suspense until the clarification or documentation is corrected and resubmitted.
- The problem with this is the fact that the file gets kicked back to square one and this ultimately causes a delay which can be a week or more. This is the main reason why mortgage loan approvals and closings get delayed.
- The mortgage loan processor is one of the most, if not the most important professional in the whole mortgage approval process.
Trisha Mangiaracina: Processor At The Gustan Cho Team
Throughout the years, I have worked with dozens of mortgage loan processors and have the utmost respect to all mortgage loan processors. However, I am extremely blessed to be working with the best mortgage loan processor in this planet, Trisha Mangiaracina of The Gustan Cho Team at Gustan Cho Associates.
- Trisha Mangiaracina is the lead mortgage processor with over fifteen years of experience as a mortgage processor and mortgage loan officer.
- Many mortgage loan originators feel that their own mortgage loan processor is the best of the best and I respect that.
- Trish Mangiaracina is a veteran mortgage loan processor who truly takes her job personally and who truly cares about the mortgage loan applicants who she has assigned to her.
- Trish realizes one mistake by her processing department will mean a delay in getting a mortgage loan approval which can ultimately lead a delay in closing.
- Trish Mangiaracina realizes many sellers can be unreasonable and that the buyer’s earnest money can be at risk once the mortgage loan borrower’s mortgage contingency period expires.
- Why does Trisha Mangiaracina stand out from other professional mortgage loan processors?
- Too many reasons to list them on this BLOG but I will cover a few key elements why Trisha Mangiaracina of The Gustan Cho Team is hands down the best mortgage processor.
Trisha Mangiaracina; Mortgage Processor Who Takes On The Leadership Role And Makes The Deal Happen
Every client of mine know who Trisha Mangiaracina is and have most likely have gotten emails and conditions requests from her after hours and on weekends.
- Trish gets paid for only a 40 hour work week and she does not get any overtime or concession/commission per file.
- For Trisha, as long as the 5:00 pm corner rolls by, her time clock stops.
- Trisha Mangiaracina of The Gustan Cho Team does not get paid until the 9:00 am time clock rolls around.
- Every client of mine have witnessed Trish contact them as early as 5:30 am and as late as midnight.
- Trish is an individual who takes her job seriously and who cares for every client that she gets assigned to.
- She even calls me late evenings and weekends if I screwed up and did not get certain documentations from my clients.
- She catches errors that I have overlooked such as an overdraft on a clients bank accounts and catches it prior to submitting to underwriting.
- Trish also catches little gaps on the two year work history that an underwriter will catch and kick it back to me where it will delay the mortgage approval process.
- Documents such as foreclosure recording papers that mortgage loan borrowers do not submit or have a hard time locating.
- Trish will take the leadership role and contact the county where the foreclosure was initiated and will get the paperwork.
- Trish Mangiaracina of The Gustan Cho Team will argue with the underwriters in the event if the conditions the underwriter is requesting seems unreasonable and ridiculous.
- Trish will also quarterback the closing and make sure that she gets a clear to close way prior to the tentative closing date and will deal with attorneys from both sides as well as the title companies.
- Trisha Mangiaracina contacts the insurance company of my mortgage loan borrower and make sure that my client has sufficient coverage to close and also will remind my borrowers that they should make sure they schedule a final inspection.
- At closing, Trisha makes sure that the HUDs are correctly completed and makes sure that the lender signs off on the HUD in a timely manner and that the title company gets the lenders package in a timely manner so both sides do not have to be camped out at the title company for hours.
- And last, but not least, Trisha Mangiaracina makes sure the wire gets sent by our wholesale mortgage lender to the title company so that the funds gets dispersed and the borrower is officially a homeowner and gets the keys to move in.
Trisha Mangiaracina: A Rock Star Of The Mortgage Industry
Thank you, Trisha, for being my brains and being part of my life. Please remember that you are always appreciated and every closing that we do, you amaze me more and more. You are irreplaceable and I am blessed to have you on my team and all of our clients appreciate what you do. You are the reason why I am successful and get daily referrals from happy realtors, attorneys, clients, and other professionals. Thank you for keeping our 100% closing record. You are the best mortgage loan processor in this planet. You are respected and appreciated and your experience is priceless. Keep up the phenomenal work, Trish. You are an inspiration.
Trisha Mangiaracina will no doubt be one of the bosses at a national mortgage company and I am so blessed for Trisha Mangiaracina to be assigned to take charge of all of our mortgage loan files for my team of mortgage loan originators. We are so blessed to having Trish. Trisha Mangiaracina takes charge and is a natural born leader. Trish goes beyond the call of duty and takes every single file with extreme care and passion. Trisha is not just respected by her borrowers but is loved by them and all of her borrowers become her lifelong friend. Thank you Trisha, for being the best of the very best and we all really appreciate you.
Gustan Cho NMLS ID # 873293