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Loan Process

The Loan Process

You've selected your lender - we hope it's us. What can you expect next?

We take a full loan application. This can be done with a loan officer either in person, over the telephone or via our secured web site. More and more people are choosing our web site, but we still enjoy meeting our customers in person.

We take your application and underwrite it using our automated underwriting system (AUS).

The AUS spits out details about your application's strengths and weaknesses and specifies what documents will be needed for your loan closing. These are the 'findings.'

Your loan officer will send you a copy of your application for your files, as well as the originals to be signed and sent back to us along with a detailed list of documents required for the loan to close.

Read the list carefully; ask your loan officer any questions that you might have. Getting these documents back to the assigned Loan Processor quickly will ensure that your closing goes smoothly. We'll ask for a non-refundable deposit at this time which will cover the cost of the upcoming appraisal.

The Loan Officer will order your appraisal and the title search. If the closing is not yet scheduled, he/she will ask about your work schedule, etc. If it is a purchase, the Loan Officer will contact your realtor to confirm when the mortgage commitment letter is due.

Once the documents have been returned, the Loan Processor verifies that all required documentation is in hand and then gives it to an Underwriter.

The Underwriter reviews the file and documents and either a: clears the loan to close in which case it goes to the Closing Department, or b: circles items that are missing or needed before a 'clear to close' can be issued.

The Loan Officer will tell you whether your loan is ready to close or not. If not, he/she will ask you to get the final documents that are needed. The Mortgage Commitment letter will be issued if a purchase.

The Closing Department will contact the Settlement Office/Attorney that has been selected to do the closing (this is almost always the office that has done the title work and has gotten the title insurance.

Information will be shared between our office and the closing agent, and a final HUD-1 that list details of the transaction will be prepared for your review. The HUD will tell you whether you need to bring funds to closing (and how much) or whether you will receive funds at closing.

For most closings, we wire funds the day BEFORE to ensure that funds are available to the closing agent in time for your closing.

At the closing your Loan Officer will be present to review and explain the mortgage documents that you will sign.

If a refinance, your loan will fund on the 4^th day after your closing.

And that's the Loan Process!