Cross Qualification Steps

We have been selected as the seller’s preferred lender and have been asked to review each buyer’s financial qualifications. Our role in the transaction is to confirm that the buyer’s income, asset, and credit requirements have been met. Read Cross Qualification FAQ

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Cross Qualification FAQ

What is a cross qualification? 

Unexpected delays in a transaction can be costly. Our comprehensive cross qualification process protects the seller’s interests by ensuring that the buyer has a strong probability of being able to obtain a loan by verifying their qualifications, including:

  • Down payment sources
  • Income documentation of all borrowers
  • Credit qualifications of all borrowers
  • The purchase is not contingent on the sale of an existing property

How does the process work? 

The cross qualification requirements will be emailed either directly to the buyer or the buyer’s loan officer. The link will include a secure area for uploading required documentation. All parties will be updated as soon as the documentation has been uploaded, which will allow us to begin our review.

How long does the process take? 

Our staff has the ability to review any cross qualification within four hours, Monday through Saturday. Any cross qualifications received on Sunday will be completed the next business day. If any items are missing, a staff member will reach out to the either the buyer’s loan officer or the buyer directly.

Can a preapproval letter from my lender or a phone conversation with our loan officer meet these requirements? 

No. Unfortunately, a phone call or a copy of your loan application, underwriting findings, and credit report by themselves do not meet the cross qualification requirements. In order to provide an accurate assessment to the seller, we will need to review the income and asset documentation used by the buyer’s loan officer to determine loan eligibility and issue a preapproval.

What happens with my information? 

All mortgage banks and loan officers are bound by the exact same federal oversight related to consumer rights and lending laws regardless of their employer. Please feel free to review our privacy policy at https://www.rpm-mtg.com/PDFs/privacy.pdf. We are also based locally in San Diego and available to meet in person.

What if my loan officer cannot provide the required information? 

Ideally, your loan officer has already requested and reviewed these items before your offer to purchase was submitted. Otherwise, the fastest way to meet these requirements is to upload them yourself. If you do not have the required documentation readily available, you may be able to save time by requesting that your loan officer upload them, or forward you these items for you to upload.

HOME FINANCING STEPS

Preapproval

purchase

refinance