PRE-QUALIFICATION
Borrower Discuss home affordability and mortgage options with Mortgage Lender . Mortgage Lender Helps find the best Mortgage product to meet Borrower ’ s financial needs
APPLICATION
Borrower Works with Mortgage Lender to complete the application • Provides initial documentation necessary for underwriting ( tax returns , pay stubs , bank statements , etc .)
Mortgage Lender • Provides loan options to Borrower • Quotes interest rates / fees • Completes loan application • Requests documents needed for underwriting the loan • Provides Loan Estimate / other disclosures to Borrower • Orders appraisal • Submits loan package to operations center for decision • Locks in interest rate
INITIAL UNDERWRITING
Underwriter • Reviews initial documentation for credit qualifications • Determines if additional documentation is needed • Issues conditional approval subject to any additional documentation needed • Submits to Processor
PROCESSING
Borrower • Provides additional documentation requested by Processor • Provides homeowners information
Processor • Confirms terms and conditions with Borrower • Collects all additional information • Re-submits file for final underwriting decision once all documentation is collected
Appraisal Reviewer • Reviews appraisal for value of property • Issues appraisal to Borrower
UNDERWRITER
Underwriter • Ensures all conditions from initial underwriting are met • Issues final loan decision
LOAN CLOSING
Loan Closer • Prepares and sends loan closing document package to Closing Attorney • Wires loan funds to Closing Attorney
Closing Agent • Schedules loan closing • Informs Borrower of funds needed to close , final documents needed to be signed and witnesses signature on all required documents
Borrower • Signs final loan documents presented by Closing Attorney • Provides funds needed to close
Mortgage Lender • Attends closing to answer questions and review closing documents