You've been looking at houses for months and months, and you have finally found it--the house that's just right. Now, you're anxious to buy your new home, move in, and get settled. But you still have an important task ahead of you--getting a mortgage loan.

1. The APPLICATION process has several purposes:
  • Assist the applicant(s) in selecting the appropriate loan programs
  • Gather basic information from the Applicant/Borrower needed to underwrite the loan
  • Inform the applicant/borrower of all details of the mortgage loan program, including a full disclosure of costs
  • Pre-qualify applicant/borrower for ability to repay the loan
2. Loan PROCESSING includes collecting and verifying detailed information on the applicant/borrower and the property being purchased or refinanced.
  • Obtain credit report from Credit Bureau and perform ratio analysis
  • Obtain and verify (if required) income from pay stubs PW2s
  • Order title search on the property from title company/attorney
  • Order appraisal on the property from the appraisal company
  • Send disclosure forms to the applicant/borrower
  • Follow up with title company, appraiser, customer on a consistent basis
  • Once all information is obtained, submit customer file to the Underwriter
3. Loan UNDERWRITING is a process that determines loan eligibility.
  • The lender verifies and validates that the information provided by the applicant/borrower is correct. Once the lender makes the decision to approve the loan, a commitment letter is sent to the customer.
4. Loan CLOSING is the final stage once the loan is approved.
  • Documents are signed by the applicant/borrower with an Attorney/Title Company. Funds are disbursed.
5. Loan SERVICING provided by your Lender includes all transactions that occur from the time your loan is closed until it is repaid in full.