THE LOAN APPROVAL PROCESS

Step 1: The Application
The key to the loan process going smoothly is the initial interview. At this time, we make every effort to obtain all pertinent documentation so unnecessary problems and delays may be avoided.

Step 2: Ordering Documentation
Within 24 hours of application, we request a credit report, an appraisal of the property, verifications of employment and funds to close, mortgage or landlord ratings, and any other supporting documentation.

Step 3: Awaiting Documentation
As we receive the supporting documentation, we check for any problems that might arise and request any additional items we need. During this time, we keep the applicant and the Realtors informed as to the loan's progress through continuous contact.

Step 4: Loan Submission
Once all the necessary documentation is in, the loan processor reviews the file to make sure it meets the loan guidelines required by the program and prepares the loan package for submission to the underwriter.

Step 5: Loan Approval
Loan approval generally takes anywhere form 24 to 72 hours. All parties are notified of the approval and any loan conditions that must be received before the loan can close. The loan approval is the beginning of the closing process.

Step 6: Documents are Drawn
Within 1 to 3 days after the loan approval, the loan documents (including the note and deed of trust) are completed and sent to the title company. A final settlement sheet is prepared and the buyer's are told how much money is required to close the loan.

Step 7: Closing and Funding
All the parties gather at the closing to sign all of the paperwork to complete the real estate purchase and the loan closing. Once all papers have been signed and all loan conditions have been met, the title company releases the lender's check to fund the loan and finalize the transaction.

Step 8: Recordation
Shortly after the closing, the title company makes the transaction a matter of public record to further assure the lender's security for the loan. They do this by recording the deed of trust and any assignments at the county clerk and recorder's office.