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The
Mortgage Loan Process
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1. APPLICATION |
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Loan officer takes your
application and collects necessary documents. File is turned in for
“order-out”. |
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2. ORDER-OUT
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Verification of
employment, deposits, mortgage/rent are ordered. The title report,
appraisal and escrow set-up are requested. |
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3. PROCESSING
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The processor documents
the loan, verifies information and packages the file for submission to
the underwriter. |
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4.UNDERWRITING |
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The underwriter reviews
the loan and approves it subject to any conditions. |
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5. CONDITIONS |
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Any additional information the underwriter wants to see from borrower,
loan officer, and/or real estate agent. The loan officer must act
quickly to collect and satisfy all underwriting conditions prior to
sending loan documents to escrow. |
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6. SIGNING |
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The escrow
company prepares all final papers, balances the loan figures, and
schedules an appointment with borrowers to sign all necessary
documents. |
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7. FUNDING |
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Signed papers
are reviewed the next day by the funding department to verify
completion and accuracy. |
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8. CLOSING |
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Funding
department authorizes the escrow officer to record papers with county
clerk, all funds are disbursed. The transaction is closed!
You
now own your home! |
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9. CHANGE YOUR ADDRESS |
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Link to United States Post Office for
change of address.
https://moversguide.usps.com/?referral=USPS |
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WA DFI LIC.# Pegeen Shean 510-LO-23408 / David Thorne 510-LO-23406
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