The
Loan Process
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PRE-QUALIFICATION/CONSULTATION
Application interview/Overview of loan programs and
costs.
Broker obtains all pertinent documents.
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ORDER
DOCUMENTS
Credit report, Appraisal on property, Verification
of Employment, Mortgage or Rent Ratings, Preliminary Title
Report and Verification of Funds to Close.
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DOCUMENTATION
Supporting documents come in. Broker checks on any
problems. Requests for any additional items are made.
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LOAN SUBMISSION
The loan package is assembled and submitted to the
lender for final approval.
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CONDITIONS
Parties are notified of any conditions required by
the investor. |
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LOAN APPROVAL
Parties
are notified of final loan approval. |
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DOCUMENTS ARE
DRAWN
Borrowers come in for final signatures, with broker,
and bring cashier’s check for funds necessary to
close, after estimated closing statement has been reviewed
by broker. |
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FUNDING
Lender reviews the loan package.
Funds are transferred to Escrow by wire transfer.
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RECORDING OF DOCUMENTS
Title Company records the deed that transfers ownership,
and the trust deed that secures the new lien at the county
recorder’s office. Escrow is now officially closed!
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