Sarah Green

The loan underwriting is a process undertaken in order to analyze the data provided by the loan applicants. In addition, the credit score is being reviewed prior to the assessment – whether a certain applicant meets the minimum criteria for a loan or not. As a part of the loan underwriting process, all of the data is analyzed, verified and then summarized so the lenders can figure out the status of the applicant.

So, here are the three things that underwriters should look for  when applying for a loan:

Get to Know the Applicant’s Personal Status

It is important to understand the borrower’s personal information before giving them a chance to acquire the loan approval. By knowing who they are and what they do, you can definitely assess the right move for them.

The underwriters will thoroughly review the applicants, including their credit score, monthly gross revenue, and other related matters. Other key characteristics to be considered will be the applicant’s age, residential status, employment status, loan purpose, loan amount, and the numbers of earners in the house.

All of these will help the underwriters analyze and summarize the personal data of the borrower. This will help both parties make the process fast and easy with the proper cooperation.

Get to Know the Applicant’s Bank Statements

The underwriters need to review the applicant’s bank statements. The underwriters need to ask for recent bank statement copies of the borrower at the time of the underwriting process. This will help the underwriters understand how the borrowers manage their money. Also, the bank statements should not be overlooked, as it confirms the following data:

• Applicant’s real full name and address
• Applicant’s salary credits (to see if they are on a regular amount and on a regular basis)
• History of the general transactions (whether they are on a regular payment made to the credit agreement)
• To see if there are any unpaid or a reserved transaction
• Use of an unauthorized credit limit

All of this data on the applicant’s bank statements has the impact on the loan, so this should be taken into account, as well.

Applicant Credit Search

The underwriters must use an electronic identification process by effectively connecting with the reference agencies so the identities of the borrowers will be identified. The underwriters need to compare the key credit score and information of the borrowers such as credit cards, mortgage, loans, as well as bank statement status towards the disclosed data in the application.

Aside from these three essential aspects, the lending company should also take a look at the potential financial frauds to avoid issues along the way.

Many people are too busy at work to take breaks. The workload is overwhelming and you frequently feel stressed. Stress takes up a significant amount of cognitive and emotional bandwidth, which soon enough will result in lack of motivation. Your to-do list is always full of tasks and you often feel tired or drained of energy. The solution? Take a break.

Discover the reasons why you need to take breaks at work.

Small Mistakes

When you find work too much and you cannot avoid making small mistakes, it means its time for you take a break. You cannot avoid blunders from work.

When you feel burned out, mistakes are much easier to make.

When you are already burnt out of work, it is likely for you to slip up more than you would normally do. All employees can get caught into a moment that they feel they are no longer happy at their workplace. Restoring your energy is crucial, the best solution is taking a break.

Tired and Irritable

Do you wake up in the morning and by noon, you just feel like you need a nap? Unfortunately, most workplaces frown upon napping. Make sure to take a few short breaks at work to walk around, stretch out and get some fresh air. “Your calm mind is the ultimate weapon against your challenges. So relax.”
Said Bryant McGill

Lack of Focus

Do you often spend your time looking at your phone? Do you look at your screen and find yourself drifting off? One of the more common issues at work is being able to focus for many hours. Taking a break will clear your mind and allow you to regain your focus. Some studies have shown that the mind solves its stickiest problems while daydreaming. That’s because the relaxation associated with daydream mode “can allow the brain to hook up and return valuable insights

Lack of motivation

When you are not motivated to wake up in the morning to go to work, you will not be performing well. A motivated person tends to feel good and does well at work. Your motivation must be consistent. However, if your motivation has been low for a while and you are not living up to your full potential, you should consider taking a short vacation. Taking a break from work will guarantee you become more productive. Taking any sort of vacations is important once in a while.