Home Loans Process

Mortgage and Lending with Washington Mutual

Home Loans Process

Wondering what happens when you call?  Below is an overview of our loan process so you know what to expect. 

Step 1: The Loan Consultant 
I will determine the best loan program to meet your needs. I will explain the loan process to you and inform you of available pricing options. I will let you know what documentation is required for underwriting and will submit your application to the boarding team. When appropriate, I will work with you to lock your rate if your rate is floating.

Step 2: The Boarding Team
Once your loan is submitted, the boarding team downloads your application and gets to work! The team generates and mails all disclosures to you within three business days of your application and then orders your appraisal, title and flood certification. Then your application package is off to the underwriting team.

Step 3: The Underwriting Team
Once the underwriting team has your application, the team reviews it, makes decisions regarding your application, and issues a loan decision and commitment letter. The team then sends your file along to the processing team.

Step 4: The Processing Team
As soon as the processing team receives your file from underwriting, the team will give you a welcome call. The team will proactively keep you updated on your loan file status and let you know what documents are needed from you prior to loan closing and at loan closing. The team will follow up on your appraisal, flood certification, and title orders and get your file ready for closing. Once complete, the team will introduce you to the closing team.

Step 5: The Closing Team
The closing team will make a welcome call to you. The team will inform you of what documents are needed at closing and will let you know how much (if any) cash money is needed at closing. The team will coordinate and schedule your loan closing with the title company and ensure you receive your HUD settlement statement prior to closing. The team will also secure the funds for the loan closing and wire the funds to the title company.

Step 6: The Loan Servicing Team
Once your loan is closed, our loan servicing team sets up your account on the servicing system. The team processes your monthly payments and monitors your county tax rates to ensure your escrow account is accurate. When applicable, the team will also set up an insurance and tax escrow account, mortgage accelerator or auto-pay for you.

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