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2.)  What affects the loan approval process?

Loan approval is determined based on several different factors including down payment, debt to income ratio, employment history, and credit history. The issue which lenders place the most importance on is your credit history due to the fact that analysis has shown that those who have had credit challenges in the past are much more likely to have problems in the future. The three main credit bureaus, TransUnion , Equifax, and TRW actually calculate credit scores based on factors such as delinquent payments, percentage of outstanding revolving balances, and length of time accounts have been established. These scores will have a great impact on a banks decision to lend.

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3.)  After I apply for a loan, what should I expect?

Once your loan application is received, you will receive an email notification from Integrity Lending that your loan is in process. You will be assigned to a loan consultant in your area who specializes in the loan type that you have requested. Within 3 business days you should receive a loan package for your review and signature. Your package will also include a list of required documents that you will need to collect such as your last 2 years W2 forms as well as your most recent paystubs and bank statements. Once you return your complete loan package to your loan consultant, your application will be submitted to a bank or mortgage lender for direct approval.

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4.)  How long until my loan gets approved?

Once your loan application package is received by your loan consultant, most applicants receive an approval within 3-5 days. The more complete your application package, the faster the response. The complexity of your individual application package will affect approval time. For example, if you receive bonus or overtime income which needs to be included in the income calculation, a verification of employment (VOE) will be forwarded to your employer which in turn delays your approval. Additional verifications may also be required which can slow approval time.

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5.)  What does it cost to submit a loan application?

Unlike other mortgage brokers, we do not charge upfront fees to submit a loan application.  While we do incur costs for ordering your credit report, we won't ask you to pay until and unless you move forward and fund your loan with us.

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6.)  How does my loan get submitted for the Cyber-Mortgage Auction?

Once your loan application package and credit report check have been received by your loan consultant, they will review your loan application to ensure that all required information has been included. They will then download your entire loan summary including your credit scores to the national online auction network. Lenders will receive a description of your loan request and an overview of your credit and employment history as well a list of your assets and debts without seeing personal information such as name, address, or social security number. If a lender is interested in offering you a loan based on the information provided, they will contact your loan consultant electronically with the terms of the offer. Loan terms include interest rate, lender fees, and adjustment details if applicable. Your loan consultant will then review the various offers and notify you with the most aggressive bids.

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7.)  Does Integrity Lending share client information with other companies?

Integrity Lending is committed to preserving your privacy. Once your application is in received, all information is held strictly confidential. Therefore, we don't share your personal data with anyone, other than the loan professionals involved in securing your financing, such as loan consultants, processors, and lender representatives.

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