Guys, This is the first blog for me. After long consideration and thinking about what to write in a blog, i came to the understanding that best thing to write in a blog is the best thing you know. Being a IT Geek and having decade of IT experience under me, either i can write about IT or second best thing i can write about is my projects. Am writing series of posts which explains my understading about Loan Origination and Underwriting concept in Commercial Real Estate Market. I will also like to explain some concept of Structured Finance in MBS, CMBS and little bit about Securitization in Future.
A. What is loan origination ?
So lets talk about Loan Origination and Underwriting. What is loan origination ? Loan origination is the process thru which lender creates a Mortgage/Loan which is backed by some kind of Asset(like House, Multiplex etc.) Underwriting is the process of estabilishing loans terms and conditions. Underwriting also evaluates risk attached with the loan.
B. Step in Loan Origination
During underwriting, mortgage/loan/deal goes thru number of steps which are as follows
1) Loan Query
2) Verbal Quote
3) Written Quote
4) Application Issued and Signed
5) Credit Approved
6) Commited By Lender and Borrower
7) Laon Funded
8) Securitized/Sold(partially)
9) Securitized/Sold/Paid
Also deal can have status like :
1) Watch List
2) Foreclouser/REO
3) On Hold
4)Dead By Competition, Dead by Lender not Interested
5)Dead - Due Diligence Signed - Borrower
6)Dead - Due Diligence Signed - Lender
I will explain more about loan underwriting steps in next blog..till then bye.
1 comment:
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