Once your application has been completed and all the information has been gathered your appraisal will be ordered. Please try and schedule the appraisal as quickly as possible to prevent any delays in closing your loan that could affect your rate lock.
Your application will be given to our processor who will organize your paperwork and may verify your employment, bank balances, and other information.
Be sure to respond promptly to requests for information while processing is taking place.
Commonly requested items during processing that may not have been collected during the application include:
- The final purchase contract for the house (if applicable).
- If you’re self-employed, the mortgage company may require your personal and business tax returns for the previous two years and your company’s year-to-date Profit and Loss statement.
- Divorce settlement papers, if applicable.
- Updated account statements for listed assets in the application that may have changed in value.
- Information about debts or credit report items that may have been delinquent or not accurate.
- Evidence of your mortgage or rental payments, such as canceled checks.
- An irrevocable gift letter if you are receiving a monetary gift from a relative.
The processor is collecting this information before presenting it to an underwriter. An underwriter reviews all the information in your loan file to determine if the application meets the lender guidelines. The underwriter will issue an approval, a lender will give you a letter of commitment, which is a promise from the lender to make a loan based on specific terms and conditions. There may be some remaining items that the underwriter request. Once those items are received the file will go back to underwriting for the clear to close.
After the file is cleared to close it is passed to the closing department where they can schedule a time for closing. Once schedule your loan officer will call you to review the final numbers before closing.
For refinances mobile notaries allow us to schedule closing at any time in any location. You can do it at the office on your lunch break or in the evening at the kitchen table, whatever is most convenient for you. Purchase are held at a mutually agreed upon time and location.