An Introduction to Michael Vrlaku, Mortgage Loan Officer at PNC Bank

My name is Michael Vrlaku and I’m a Mortgage Loan officer with PNC Bank (https://www.instagram.com/michaelvrlaku/?hl=en). My license number is 179115. Although we lend in all 50 states, my team and I work in an office on Madison Avenue here in Manhattan.

Just to give you a little background: I currently have 15 years of experience in residential lending where I’ve had the pleasure of assisting thousands of clients with their home financing needs. I actually handle only residential mortgages and home equity financing that we lend directly to individuals on 1-4 family units, including condos and coops.This can be for primary occupancy, investment homes or vacation homes again anywhere in the united states.

Residential lending is highly regulated and can be very involved. My team’s goal is to help navigate all potential hurdles and have the loan application process move as quickly and smoothly as possible.

Here I’ll share how we strategically breakdown the mortgage process in a few stages. First, we have the pre-application stage where we prepare everything by gathering all of our borrower’s information and preliminary documentation. Then my team gives everything an upfront thorough review to see if there are any potential issues, or if there are any additional documents that we anticipate the underwriter is going to need for approval.

I spend a little extra time upfront to ensure everything is ready for a quick approval and I look to avoid multiple underwriting reviews.. This helps to ensure that my team delivers a consistent result which is to ultimately meet our mortgage commitment deadlines and closing dates.

Our second stage: so now we have everything we need to start our loan application. Now I’d update all the rates and present my clients with different options. I personally find that too many homebuyers simply move forward without the proper understanding of all their options.

So I do spend some time preparing different rates and programs along with an easy to understand table to help compare the positives and negatives of each option. Once we’ve reviewed all the options, my clients will make an informed decision on how they would like to start the process, which includes whether they decide on locking a specific rate and program or if they prefer floating.

Our third stage is the application. A lot of my job goes into the preparation. This I think more than anything else separates a good loan officer and someone who just quickly wants to make some commission by selling you a loan.

So now that we are in application, a few separate processes begin simultaneously in the third stage. We prepare and send the loan application to underwriting. We order the appraisal and title. And in NY especially for all of our coops and condos, we start either working on the approvals for the buildings or seeing if there is anything needing to be updated for projects that are already approved with PNC.

Our fourth stage is our loan approval. Normally when underwriting reviews our loans they provide us with the approval and a mortgage commitment. When you receive this commitment and provide it to your attorneys and real estate broker, you’re essentially meeting your mortgage contingency requirement that is written in the contract. That is if you have a mortgage contingency.

And for condos and coops we would provide this commitment along with some other documents for you to submit for your board application. We then review the mortgage commitment with our clients and discuss any additional conditions, which there usually are at least one or two minor conditions. It's important that they are minor conditions because nobody wants to see a commitment that includes serious conditions that could impact the ability to close.

Last stage is final approval. So now we’ve cleared the remaining conditions and we have final approval. It's at this time that the bank assigns a closing team to coordinate with all parties such as all attorneys, title and settlement agents. This is when they collaborate to finalize the figures on whats called the closing disclosure. We must send this document out to our clients and have them review and sign at least 3 days prior to closing.

So one of my final jobs on each application is to ensure that my clients understand all the final figures and have no questions or concerns going into closing. At least not with the mortgage So then you go to closing, sign a lot of paperwork, provide your check or wire transfer for any additional down payment and closing costs – and you walk away the new owner.

I don’t stop being my client’s lender once the loan closes. I’m always here for any questions, or to help in anyway whether its something large or small. I check in from time to time, and always monitor my clients’ loans. Overall that’s how the loan application process works with the Vrlaku team here at PNC.
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