Step 1 - Conditional Approval
Once we have received your supporting documentation and your application is complete, your file will be reviewed for conditional approval.
Step 2 - Loan Disclosures
At this step you will receive the Loan Estimate (LE) and loan disclosures. The disclosures will be provided to the borrower within 3 days of application and will need to be signed and returned to the lender as soon as possible.
Step 3- Lock in Loan Rate
At this step, we will issue a written agreement guaranteeing the borrower a specified interest rate, provided the loan closes within in the required period of time. To lock a rate the applicant must have a ratified contract and an established settlement date.
Step 5 - Processing & Underwriting
During processing, the processor prepares the file for underwriting. The Underwriter will complete the final
review of documents for loan approval. It is common
for the Underwriter to request additional explanations
or documentation during the process. Once all conditions are received and cleared by the underwriter, your loan will be approved for
Step 6 - Initial Closing Disclosure
The Initial Closing Disclosure (ICD) must be provided to and acknowledged by the borrower no less than 3 precise business days prior to settlement. Per compliance, the loan will not be able to close until the 3rd business day after acknowledgement is received.
Step 4 - Appraisal
An appraisal is a written analysis of the estimated value of a property by a qualified appraiser. This process is performed to make sure that the property is of fair value and supports the agreed upon purchase price.
Step 7 - Closing
The closing is the meeting in which the sale of the property is finalized with the buyer signing the mortgage documents and paying any closing costs.