Trisha Mangiaracina: Mortgage Processor Defined
Trisha Mangiaracina is a mortgage processor for The Gustan Cho Team at Gustan Cho Associates. The mortgage loan application and mortgage loan approval process is a process that has multiple stages.
- The first stage is the pre-approval stage which hands down is the most important stage in the mortgage process .
- The main reason why mortgage loans get last minute mortgage loan denials is due to sloppy mortgage pre-qualifications done by the mortgage loan originator.
- The mortgage processor is the most important person in the mortgage team.
- The mortgage processor is the person who makes sure that the mortgage loan file is complete with no missing documents and that all the documents that are provided by the borrower is legible, complete, and have no missing pages.
- Unfortunately, not all mortgage loan processors are created equally.
- A professional AAA mortgage processor will prep a file so complete that it might take a mortgage underwriter less than an hour to issue a conditional mortgage loan approval with very little mortgage conditions .
Who Is Trisha Mangiaracina?
Trisha Mangiaracina, a senior veteran mortgage professional who is an example of a mortgage industry professional who sets the standards of how to be the best of the very best mortgage professional. As a real estate investor and mortgage loan officer, I have met hundreds of mortgage processors and have never ever met such a professional mortgage processor like Trisha Mangiaracina. Trish is a three dimensional mortgage processor who is an expert in her field, knows all aspects of the mortgage approval process, and goes well beyond the call of duty. Trisha does have one major fault: She cares way too much about clients like family where she takes every mortgage applicant under her watch personally. All of Trisha’s borrowers become her lifelong friends.
Mortgage Loan Process
There are several stages in the mortgage process.
- Once the mortgage borrower submits an executed real estate purchase contract and mortgage loan documents 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 clock start ticking.
- 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.
- The extent on how thorough a mortgage processor reviews the documents provided is up to the individual mortgage processor.
- With our Trisha Mangiaracina, she realizes that any incomplete documents or missing documents could mean a delay in the mortgage process so she will analyze and review every single page of each documents provided and double check that the loan officer did not overlook anything.
- For example, one of the main reasons why mortgage loans get denied by mortgage underwriters is because of overdrafts in bank statements. Trisha Mangiaracina will not just submit 60 days bank statements but will thoroughly review every page for irregular deposits and bank overdrafts.
- Many mortgage loan processors will assume that the loan officer already reviewed the bank statements and just submit the bank statements to underwriting. But not Trish.
- She will go over the bank statement with a fine tooth comb and make sure that she has every page of the bank statements and/or bank print outs.
- This applies to all other documents including tax returns, rental verification, bankruptcy paperwork, short sale paperwork, asset accounts, divorce decrees, partnership agreements, and title paperwork. An incompletely processed mortgage loan file submitted to underwriting means delays, delays, and then delays because the underwriter will kick it back.
- Trisha Mangiaracina of The Gustan Cho Team takes every condition that the underwriter conditions on a conditional loan approval personally and does everything possible to avoid this.
- Trisha Mangiaracina likes her 100% on time closing ratio and takes her job extremely seriously.
- Trish Mangiaracina of The Gustan Cho Team realizes that a mortgage approval affect many lives and that her borrower’s are counting on her and letting down a borrower is not an option in her DNA’s.
Mortgage Loan Underwriting And 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.
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 processor in this planet, Trisha Mangiaracina. Many mortgage loan originators feel that their own mortgage loan processor is the best of the best and I respect that. However, Trisha Mangiaracina is a veteran mortgage processor who truly takes her job personally and who truly cares about the mortgage loan applicants who she has assigned to her. Trisha Mangiaracina 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 realizes many home 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? There are too many reasons to list on this article but the bottom line is she treats everyone better than she wants to be treated.
Trisha Mangiaracina: The Top Rock Star Of The Mortgage Business
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. Trisha does not believe in a 40 hour work week. For most mortgage loan processors and underwriters, as long as the 5:00 pm corner rolls by, the day is over for them and the time clock stops. Not with Trish. Every client of mine have witnessed Trisha Mangiaracina contact them as early as 5:30 am and as late as midnight as well as weekends and holidays. Trisha Mangiaracina is an individual who takes her job extremely 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, Trisha will take the leadership role and contact the county where the foreclosure was initiated and will get the paperwork. Trish will argue with the underwriters in the event if the conditions the underwriter is requesting seems unreasonable and ridiculous and due to how much respect these underwriters have for Trisha Mangiaracina, the underwriters take Trisha’s request for a review very seriously. 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 also 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 makes sure the wire gets sent by our funding department 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: You Are Appreciated
Thank you, Trisha Mangiaracina, 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 my team, our branch, and 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 my rock star and my hero, Trisha. You are the best mortgage processor in this planet and nobody comes close to being a second. You are respected and appreciated and your experience is priceless. Keep up the phenomenal work, Trisha. You are an inspiration to all mortgage industry professionals, fellow mortgage processors, mortgage underwriters, and management.
Trisha, you are a true inspiration.