Below we have outlined the ins and outs, the paths and pitfalls of the loan process. You may see very little of these goings-on, but understanding them can’t hurt. We want our clients to have a thorough understanding of the process so that you feel at ease with doing business with our company.
Most of the items listed below will be going on behind the scenes while you relax and think about your new home or what you will be doing with the cash from your refinance.
Analysis
Ø Your loan application is submitted through your loan officer, who is your company representative during the loan process
Ø Your loan officer assembles the documents in your file and reviews your file with two things in mind:
· Do you qualify for the type of loan you are requesting?
· And making sure it passes smoothly through the underwriting process
Packaging (approx. 1 week)
Ø Your loan officer will put all the collected original documentation in order
Ø Once your loan is put together it will go to our loan processor
Ø The processor will order all information needed by the underwriter. This may include, for instance, verification of your bank balances, employment, and mortgage or rental payment history.
Submission
Ø Your loan is now ready to be submitted to the underwriter
Ø The loan is reviewed by the underwriter
Ø A final loan approval is issued from the underwriter and is sent to our in house processor. This approval is usually subject to meeting certain and well-described conditions.
Response and Action
Ø Your loan officer and processor will work with you to gather the items being requested by the underwriter
Ø The items are then submitted to the underwriter for sign off
Sign off
Ø Once the conditions are signed off by the underwriter, documents are then ordered by our processor
Ø Documents are sent to the title company
Ø You will be contacted to arrange a day and time to sign your loan documents in the presence of a Notary Public
Funding
Ø Once all the loan documents have been signed, the lender will prepare to disburse funds to the title company
Ø Once the funds are received, the title company will disburse funds and record your loan transactions
*****During this process it is very crucial that you DO NOT do the following:*****
§ Quit your employment with your employer
§ Change jobs
§ Apply or obtain loans; car, homes or personal as well as 401 (k) loans
§ Apply for a credit card
§ Reduce any liquid reserve accounts; bank, IRA, 401 (k)
§ Stop making your current mortgage payment
We hope that this information has been helpful to you. Feel free to give us a call if you have any questions or concerns.