The mortgage loan process
Days 5 through 25: Processing

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The loan processor reviews your credit report and verifies your debt and payment histories as VOEs and VODs are returned. If there are any late payments, collections or judgments shown on the credit report, you will be required to provide a written explanation.

The loan processor also reviews the appraisal and checks to see if there are any property issues that may require additional comment by the appraiser. Any required repairs on the property are reported by the real estate agent and borrower/seller.