Getting Started

The mortgage loan process has a lot of moving parts and there are many key players in getting you to the closing table on time. As part of our commitment to keep you well informed we have put together a quick snapshot of what you can expect during your loan process from start to finish. We will keep you posted, but feel free to check in at any time.

LOAN APPLICATION

We will collect all of your personal documents and compile everything into a loan application which varies between 25-35 pages depending on the loan program. We do not need the original “signed” loan application, so feel free to email, fax or drop off once it has been signed. You can also scratch through any errors and pencil in necessary corrections.

VERIFICATION

While in this status, the processor will verify your dates of employment (current and previous), verify rental history (if applicable), order a flood certificate, order tax transcripts, open title work and order appraisal (if applicable). After all of these items have been completed, your loan will be sent to the underwriter for initial loan approval.

Should you be doing anything at this time?

There is not much for you to do right now, but if you are still gathering items for your mortgage banker, (such as paystubs, bank statements, tax returns), this would be the time get everything together.

SUBMITTED TO UNDERWRITING

We have gathered all initial documentation & verifications on your loan. The loan has been sent up to the investor and an underwriter will be assigned for review. This process takes a few days. As soon as we have initial loan decision, you will be notified.

What is the underwriter’s job?

The Underwriter reviews all of the documentation that you, the borrower, and we the Mortgage Banker have provided. It is their job to determine if you, as the borrower, represent and acceptable factors to proceed with the loan.

What else could the underwriter ask for?

Here are some common conditions that the underwriter could ask for before he/she issues final loan approval: Additional documents to prove your income, such as an updated paystub; documentation on a large deposit in your checking account to prove that the funds are your own; proof of homeowners insurance, etc.

The mortgage loan process has a lot of moving parts and there are many key players in getting you to the closing table on time. As part of our commitment to keep you well informed we have put together a quick snapshot of what you can expect during your loan process from start to finish. We will keep you posted but feel free to check in at any time.

RE-SUBMITTED UNDERWRITING

The Underwriting conditions have been gathered and sent to the underwriter for review. This process takes a few days. If the Underwriter deems all conditions as “acceptable”, he/she will issue a final loan approval (or clear to close). If the underwriter notices any other items that he/she needs, a new Approval will be issued.

CLEAR TO CLOSE

We have received final loan approval and now your closing date and time will be scheduled with the closing attorney. Closing is the final step in the mortgage process and is when all of the funds are distributed to the receiving parties, and all of the paperwork is finalized and signed. The closing attorney will contact you to schedule a date, time and inform you of any funds needed at closing (if applicable).

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