1. Getting Started - Get a consultation
By getting a consultation, you can see what kind of programs you qualify for or what would best suit your financial situation. Our loan officers can prepare a basic rate quote for you and also discuss the impact of having a monthly mortgage payment. We're always more than happy to review your financial situation with you and help you decide on the best terms of financing. Let our experienced loan officers review your financial documents and provide insight into how your application should be structured to expedite the loan process and minimize the possibility of problems.
2. Submit the Application - Prepare and Sign the Application Package
When you're ready, our loan officers can prepare and send the initial application and disclosures for you to sign. Remember, this is only an application and, at this point, you're not locked into a loan. The terms and fees may be subject to change, but we will always confirm with you before proceeding.
3. Processing - Complete, Verify, and Package
Once the forms have been signed and the basic documents required for an application are prepared, your file is assigned to be processed. An in-house loan processor will review and verify all the information you provided. During this stage, they may request additional documents or disclosures to be signed and even order additional verifications (appraisal, tax returns, verifications of employment, etc.). Communication is key during this stage, so please let us know if there are any delays, emergencies, or sudden travel plans.
What Do Processors Check For?
Verify and Document Identity
This is done via checking documents provided by you such as a Drivers' License, Passport, and/or other official legal documents as well as third-party services we use to check background.
Verify and Document Residency
A history of bills or other documents showing your presence at a specified address over the years will be compared against other documents you provide.
Confirm and Verify Accounts (Balance, Payments, History)
We will confirm, verify, and review the accounts listed on your credit report (if applicable) as well as additional documentation provided. Closed or disputed accounts may need additional action and documentation.
Negative Credit Items (Bankruptcies, Foreclosures, Defaults, Late Payments)
If there are any negative items on your credit report, we will assess them against our programs' requirements to determine qualification and if any additional documentation or action is needed to address them.
Your employer and your position with the company will be verified.
Confirm History of Income
Our processors will collect information to document this for the underwriters to make a decision.
Validate Bank/Assets Statements
Your bank or other assets statements will be confirmed with the financial institution.
Review Bank/Assets Statements
Your bank or other assets statements will be reviewed for large deposits or unique transactions. Transactions considered unusual may need to be sourced by additional documentation.
Document and Confirm Income/Expenses
Our processors will collect documentation confirming quoted monthly expenses for any additional properties as well as any rental income you may be receiving.
Afterwards, we'll perform qualifying calculations with the expenses and/or income from additional properties and let you know the effect this has, if any, on your loan application.
4. Underwriting - Review, Qualify, and Approve
If your file is complete and seems approvable, we'll send it to underwriting. An underwriter determines whether your loan application is complete, whether you can be approved for the loan you're applying for, and if your risk profile is within the standards our company accepts. Sometimes, additional documentation or contingencies (Underwriting Conditions) may apply - these need to be satisfied in order for the loan to be approved and moved to closing.
5. Closing - The Final Steps
If your file gets approved, the loan can be moved into the final stage - closing. This consists of 3 main parts:
A. Preparing and signing final docs
Once your loan is approved, we will send a Closing Disclosure for you to sign. There's a mandatory 3 day waiting period after we receive this signed back until we can start signing final loan documents, otherwise known as Closing Documents.
What is TRID?
During this time, we will first prepare the Closing Documents for you to sign. This package includes various forms and disclosures, most important of which are the Note and Deed of Trust.
The Closing Documents
B. Pre-Funding Review
Closing Documents - The package of documents you sign will come back for us to review and make sure every document has been completed correctly.
Loan Application - Information and documents prepared in your application will be re-reviewed to make sure we have a complete and up-to-date package.
C. Funding and Recording
At this point, you can wire your funds into escrow on or prior to the scheduled funding day. Our funders will wire our funds into escrow as well. Escrow will perform the final stages of closing which includes the transfer of funds, if any, and recording of any documents. Recording documents makes them official.