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Loan Process Overview
Your Loan Originator and you will have an in depth, friendly discussion to understand your qualifications and structure your loan. At that time we will provide you with an Application and Loan Estimate (LE) for your review.
Application and Loan Estimate
Upon your satisfactory review of the Loan Estimate, you will sign your loan application and send us copies of the requested documentation we need.
Once all the necessary documentation has been received, your Loan Originator reviews our current programs to ensure you receive the most competitive rates and terms. The Loan Processor then puts the Loan Package together and submits it to the Underwriter for Conditional Loan Approval.
Conditional Loan Approval
The Conditional Loan Approval can be issued as quickly as 4 hours. All transaction parties are notified, the Loan Originator may ask for additional documentation; once received the loan will be re-submitted for a Clear to Close.
Three days before closing you will receive a Closing Disclosure, which clearly explains the terms of the transaction.
Within a few days of the Loan Closing; the Final Loan Documents (including the note and deed of trust) are completed and sent to the Title Company. The Escrow Officer will call you when the papers are ready for final signature.
Closing and Funding
Once all parties have signed the Final Loan Documents, they are returned to the Lender, where the Underwriter and Funder review the Loan Package. If all forms have been properly executed, funds are wired to the appropriate parties.
When the Title Company receives the funding check from the lender, they make the lender’s security for the loan a matter of public record. This is done by recording the note and deed of trust at the county recorder’s office. Escrow is now closed!