Processing

ü      Title is ordered

ü      Appraiser is assigned

ü      Loan is assigned to a processors team

ü      Your information is documented and confirmed

ü      Verification of employment form mailed within 24 hours

ü      Verification of deposit form mailed to banks to confirm funds for down payment and closing

 Things you can do at application to speed up processing… 

ü      Provide your most recent 2 years W-2’s

ü      Provide your pay stubs covering the most recent 30

day time period

ü      Provide 3 your most recent consecutive monthly

bank and investments statements

ü      Provide a copy of the cancelled earnest deposit

money check – back and front (purchases only)

For refinancing . . .

ü      Provide of copy of the survey

ü      Provide a copy of the Owners Title Insurance policy

ü      Provide a copy of the front page of homeowners insurance policy

ü      Provide your current account number for your mortgage company

Processing can be very time consuming as it depends on the full cooperation of so many unrelated people and professions. This is when most people begin to feel as if they have dropped into “The Vortex.” It usually takes around two weeks to fully process a loan application.

ü      Your Realtor will order a survey of the property (sometimes optional)

ü      Your attorney/ title company researches the quality of the chain of title

ü      The closing package is prepared, these are documents needed to securitize your loan

ü      Final cost figures are computed

Things you need to do…

ü      Discuss transfer of funds with your Realtor & your loan team

ü      Anticipate the need for certified funds

ü      Sign final documents at the title company