Loan Process

Steps:

  • Discuss with loan agent and see which loan programs and what rate is best for you.

  • Get a FREE Rate Quote and a formal Good Faith Estimate (GFE) from loan agent

  • Fill and Sign Standard Loan Application & Disclosure package 

    • Mandatory Information needed include:  Legal name, SSN, Date of Birth, Subject Property Address, 2yr job history, 2yr address history, Asset info, All Real Estate Properties Currently Owned (value, rent, mortgage, tax & insurance Info) , Citizenship, legal questions)

  • Collect and provide documents according to Loan Document Checklist and sent to loan agent. Loan agent submit all documents to lender.

  • Lender will sent appraisal do apparel report.

  • Wait for Lender's initial underwriting approval (also called Conditional Approval). It may take 3-5days or longer depends on lender's turn around time.

  • Prepare supplementary documents according to the requirements of lender's Conditional Approval and loan processor submit those to lender again

  • After all conditions been met, lender sent out final approval.

  • Then loan processor can order final loan documents, which is the formal loan agreements (Contracts) between Borrower and lender.

  • Sign the loan documents at escrow/ title, review estimated closing cost statements

  • Sent the final closing funds to title. For purchase loan, need cashier check.

  • Lender might ask small supplementary documents before funding the loan

  • Loan get funded and new loan document to be recorded at county.

  • Close the escrow

Party Involved:

  • Loan agent or so called Mortgage broker: work with borrower directly and help them structure the loan and get rate info.

  • Loan processor: People handling paperwork's and application process for loan agent or mortgage broker and work with lender for details

  • Appraiser: Sent by appraisal management company and do appraisal for specific lender.

  • Underwriter: work for lender who review loan package submitted by loan agent for borrower.

  • Loan coordinator: work for lender as an interior coordinator between UW and loan agent for loan processing status

  • Lender's reprehensive or AE (Account Executive): Sales person of lender who can help agent pricing, analysis loan transactions. Who also provides training to mortgage broker and loan agents.