protocol of a loan a to z

A HOME PURCHASE FROM A TO Z PRE-APPROVAL FOR APPROPRIATE LOAN PROGRAM/GUIDELINES REVIEWED UP-FRONT VERIFICATION OF ALL CREDENTIALS OF BORROWER REMINDER TO CLIENTS NOT TO CHANGE THEIR FINANCIAL SITUATION/DEBTS DISCUSSION BETW REALTOR AND LOAN OFFICER OF CLOSING COSTS/PREPAIDS SHOP FOR HOME THAT FITS PRE-APPROVAL CRITERIA (CHECK FLOOD ZONE TOO) RATIFIED CONTRACT BORROWER HAS CHOICE OF TITLE COMPANY (UNLESS CONTRACT OTHERWISE SPECIFIES CLOSER)/INSURANCE/INSPECTORS PREFERRED PROFESSIONALS SUGGESTED; SHAHEEN/SHAFFER/INSPECTORS/INS/ETC RATE LOCKED FOR 60 DAYS MINIMUM CLIENT GATHERS ALL DOCUMENTS REQUIRED BY PRELIM UNDERWRITING APPROVAL FULL APPLICATION SIGNED/APPRAISAL/CREDIT FEES COLLECTED (CHECK OR VISA $400 - 450) GOOD FAITH ESTIMATE REVIEWED AND SIGNED. BORROWER KNOWS APPROXIMATE MONTHLY PAYMENT AND AMOUNT MONEY NEEDED TO CLOSE. FILE TURNED IN TO PROCESSING DEPT/VERIFICATIONS ORDERED HOME INSPECTION ORDERED IF APPLICABLE TERMITE/MOISTURE INSPECTION ORDERED APPRAISAL ORDERED TITLE WORK ORDERED HOMEOWNER’S INSURANCE (SHOPPED BY CLIENT) ORDERED FILE TURNED IN TO UNDERWRITING/INCOME AND CREDENTIALS RE-VERIFIED HERE TERMITE AND MOISTURE DAMAGE REPAIRS DONE IF NECESSARY APPRAISED VALUE COMES IN/ANY NECESSARY REPAIRS COMMUNICATED UNDERWRITING MUST APPROVE APPRAISED VALUE AND COMPARABLES TITLE WORK AND INSURANCE COME IN/REVIEWED FOR APPROPRIATE COVERAGE SELLER COMMUNICATES THAT ANY AND ALL REPAIRS ARE COMPLETE FINAL INSPECTION/PHOTOS OF PROPERTY BY APPRAISER IF NECESSARY LOAN GETS FINAL CONDITIONS/MAY RE-VERIFY BORROWERS EMPLOYMENT/CASH TO CLOSE AVAILABLE/ALSO VERIF OF NO NEW LOANS OR NEW DEBTS SINCE APPLICATION FINAL CONDITIONS MET AND CLEARED (24 – 48 HOURS) CLEAR TERMITE AND MOISTURE LETTER NEEDED AT CLOSER ATTORNEYS (TITLE CO) PREPARE PRELIM HUD/FINALIZE CLOSING TIME LENDER SENDS LOAN CLOSING PACKAGE TO CLOSERS FOR HUD REVIEW CLOSER SENDS FINAL HUD BACK TO LENDER FOR REVIEW LENDER APPROVES FINAL HUD FUNDS FROM LENDER ARE WIRED TO CLOSER BORROWER IS NOTIFIED OF EXACT FUNDS NECESSARY TO CLOSE BORROWER USUALLY DOES WALKTHRU OF PROPERTY BEFORE CLOSING BORROWERS SIGN CLOSING DOCS AND GET THEIR KEYS NEXT MORNING CLOSERS RECORD DOCS AT COURTHOUSE AND LOAN IS BOOKED PROCEEDS/COMMISSIONS/MONIES ARE DISPERSED