Loan Flow

PREQUALIFICATION

  1. Loan officer interviews client
  2. Obtain Credit
  3. Gather documents
  4. Upon a successful review – Inform customer and agent pre-qual amount
  5. Customer goes house hunting

 

PROPERTY INDENTIFIED

  1. Offer is made and accepted – contract is signed
  2. Escrow is opened
  3. Lender reviews contract terms
  4. Upon successful review – Lender prepares an Application / Disclosure package
  5. Borrower signs and provides any requested documentation

 

APPRAISAL

  1. Once a home inspection has successfully passed, an appraisal will be ordered
  2. Appraiser schedules appointment
  3. Appraiser prepares and forwards report to the lender

 

PROCESSING

  1. Loan submitted to Loan Processor
  2. Review is made prior to underwriting
  3. Production Manager requests needed documentation
  4. Loan Processor prepares and submits to underwriting

 

UNDERWRITING

  1. Underwriter evaluates the loan
  2. Upon successful review, issue an approval
  3. Approval may come with certain conditions
  4. Production Manager will work to provide any conditions
  5. Upon successful review of conditions – UW will issue a FULL APPROVAL

 

CLOSING DOCUMENTS

  1. Closing documents prepared
  2. Closing documents forwarded to the escrow agency
  3. Escrow agency prepared the settlement statement / closing disclosure
  4. Upon successful review, Borrower is clear to sign
  5. Funds are wired

 

FUNDING / RECORDING

  1. Once every one signs, escrow officer sends the signed copies electronically to the lender
  2. Upon a successful review, lender authorizes disbursement of loan proceeds
  3. Escrow Agency records the transaction
  4. Borrower is a HOMEOWNER!