The Loan Process

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Step 1

Pre-qualification / Pre-approval

Pre-qualification occurs before the loan process formally begins. The lender gathers financial information from the borrower and makes a conditional determination about their qualifications for a loan. This is be based upon a review of the borrower’s income, assets, debts, and credit history.

Get started with pre-qualification

Step 2

The Application

The application is the beginning of the formal loan process. The loan processor submits a complete mortgage application, along with the borrower’s supporting documentation to underwriting.The applicant completes a mortgage application with the Mortgage Professional and supplies all of the required information and documentation for processing. Various down payments and “closing costs” are discussed at this time and the borrower will receive a Loan Estimate (LE), that itemize the rates, loan fees, and associated costs for obtaining the loan.

Step 3

Processing

Once the application has been submitted, the processing of the mortgage begins. The Processor orders the Appraisal and Title Report. The information on the application, such as bank deposits and payment histories, are then verified. Any credit derogatories, such as late payments, collections and/or judgments require a written explanation. The processor examines the Appraisal and Title Report checking for property issues that may require further investigation. The entire mortgage package is then put together for submission to the lender.

Step 4

Underwriting

Once the processor has put together a complete package with all verifications and documentation, the file is sent to the lender. The underwriter is responsible for determining whether the package is deemed an acceptable loan. If more information is needed, the loan is put into “suspense” and the borrower is contacted to supply more information and/or documentation. If the loan is acceptable as submitted, the loan is put into an “approved” status.

Step 5

Closing

When the loan is approved, the file is transferred to the closing and funding department. The funding department notifies the broker and closing attorney of the approval and verifies broker and closing fees.

At the closing the borrower should:

Wire the funds for your down payment and closing costs if required. Personal checks are normally not accepted and if they are they will delay the closing until the check clears your bank.
Review the final loan documents. Make sure that the interest rate and loan terms are what you agreed upon. Also, verify that the names and addresses on the loan documents are accurate.
Sign the loan documents.
Bring identification and proof of insurance.

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