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Loan Process
Our system is designed to close loans quickly and efficiently, saving our customers time and money! Loan volumes are high due to historically low interest rates, yet we’re still closing loans in 30 days or less. Here’s how we do it:
WEEK 1
- You submit an Online Application which takes less than 20 minutes to complete. The Online Application is analyzed and approved online by our Automated Underwriting System.
- You lock your rate online. You receive a same day Lock Confirmation by email confirming the loan program, loan amount, rate, points or rebate and guaranteed lender fee.
- We assign your application to a Loan Processor who provides you with a list of required supporting documentation (copies of pay stubs, etc) which you compile and transmit to your Loan Processor by fax or email.
- We order an appraisal from one of our preferred appraisers in your area who has committed to a turnaround of seven days or less.
- We order title information from the title insurance company.
WEEK 2
- We address any issues in your supporting documentation or credit report.
- We underwrite your file in-house and approve your loan subject to review of appraisal and title report.
WEEK 3
- We receive and sign off on your appraisal and title report.
- We email an estimated closing statement to you to review.
- We draw loan documents and send them to your closing agent or attorney (if purchase) or a mobile notary (if refinance).
- You sign your loan documents at your closing agent or attorney's office (if purchase) or your home (if refinance).
WEEK 4
- If Purchase Transaction, LOAN FUNDS
- If Refinance Transaction, three day right of rescission runs and LOAN FUNDS
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