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The loan is submitted to processing (typically within 24 hours of the receipt of all required information) |
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The title will be ordered through the attorney and your appraisal will be ordered (as soon as the loan is submitted to processing) |
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The first set of disclosures will be mailed to you confirming the application is still accurate (within 3 business days of loan submission). |
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The appraisal company will call the appropriate party to schedule appointment (within 1-2 business days of the order being placed). FHA/A requires that all utilities must be on and functioning at the time the appraisal is performed. If not, a final inspection will be required. |
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Once the file has been processed, it will be submitted to the underwriting department for review (underwriting turn times continually vary based on current volume) |
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The underwriting process occurs verifying credit, employment, income, assets, appraisal review, etc. (from the time the loan is submitted until we clear your file for closing) |
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If you are refinancing and retaining your second mortgage, we will need to order a subordination agreement. This process could take anywhere from 3-15 business days, depending on the documentation required by the subordination company. (As soon as we have all necessary documentation, which could include appraisal and/or title.) |
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You need to call your hazard insurance company and have them begin the process of issuing a home owner's insurance policy. You will also need to provide us with their contact information at least 15 days prior to your closing. All outstanding conditions are reviewed and approved for your loan to move to the clear to close status. |
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We receive the appraisal (generally within 1 week of the property being viewed) |
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If your APR has changed by more than .125% from your initial disclosures, a new set of disclosures will be sent to you for your records. |
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From the time of application, you will be provided with regular updates on loan status. |
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When your loan has been approved, you will be sent a notification that will list any conditions that are outstanding and that are required to be addressed. We must have all outstanding conditions returned to us within 7-14 days of your closing date in order to prevent a delay in your closing. |
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Closing department sends documents via email to closing attorney (generally within 24-48 hours of receiving the file). For REO (foreclosure) purchases, most closing attorney's require the loan package from us at least 3-5 business days prior to your actual closing date. |
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IMPORTANT!!!! Do not make any changes to your employment, income, and/or credit status (increasing the balances on credit cards, home equities, etc.) until after the loan is closed. This could jeopardize your chances of getting approved. |
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