21st Mortgage Corporation is a wholesale lender, which specializes in the field of manufactured home loans. They underwrite, originate as well as service their own loans. A wide range of loans are offered to mortgage brokers, manufactured housing retailers and directly to the consumers nationwide. Financing for the manufactured homes are provided by the company across 42 states in the United States of America. 21st Mortgage Corporation focuses its operations in the Southwest and Southeast. Majority of the loans originate from direct mail solicitation, broker referrals and manufactured home retail organizations.
The company offers the all important underwriting service where the financial status of the borrower is analyzed prior to sanctioning a loan. 21st Mortgage Corporation deals with all services related to Mortgage loans and they do underwriting too. Borrowers are asked to offer documents in support of their creditability; the underwriter analyzes the risk involved. The underwriter does so, on behalf of the lender. The total time required for underwriting may vary from few hours to few weeks.
The processes of electronic underwriting and online credit score verification have eased the underwriting process. The underwriter after analyzing all types of financial information about the borrower gives his final verdict. The prime factors upon which the creditability is decided are
- Sources of income
- Monthly household expenditure
- Debt obligations, if any
- The fund that would be used to close his loan
While deciding the creditability, underwriters from 21st mortgage Corporation consider the income source. The application for single applicants are taken into consideration after their source of income is verified. If there is any other co-applicant then their income would also be verified. They would be analyzing the chances of the steadiness of the applicant’s income during the whole tenure of the loan. Applicant’s source of income can be their job or business (if they are self-employed). Different factors would be analyzed to make sure that the income source is stable.
Next an underwriter would check the applicant’s monthly household expenses and how much they have to repay as debt clearance. They would calculate the income to debt ratio and analyze how much saving the applicant has after clearing their debts and household expenses. This is done to make sure that you are capable of repaying the monthly installments.
After analyzing the current financial situation the underwriter would verify the previous track records for different debts the applicant had taken. They would see if there is any foreclosure or situations when the applicant was not able to repay off their debts. They would also see if there were any major break from your service and whether you had been repaying debts during that period properly.
Underwriting is not the only service that 21st Mortgage Corporation provides, there are several other services related to mortgages. The biggest advantage is that customers can avail a variety of mortgage services under one roof.