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PRE-QUALIFICATION/CONSULTATION
Application interview/overview of loan programs and costs. Lender obtains all pertinent documents.
ORDER DOCUMENTS
Credit report, appraisal on property, verification of employment, mortgage or rent, and funds to close, preliminary title report.
DOCUMENTATION
Every transaction has over 100 calls alone. Each one of them loaded with critical details. Every “I” must be dotted, every “T” must be crossed. The legal implications for making a mistake are far too costly. There are 38 forms, 17,000 words, and 28 signatures required. There are 10 different people from 10 different industries involved during the 7 stages of your transaction. I recognize what is known about an issue, what more needs to be known, and how to best obtain the relevant and accurate information needed.
LOAN SUBMISSION AND APPROVAL
The loan package is assembled and submitted to the underwriter for approval. Parties are notified of approval and conditions are met.
DOCUMENTS ARE DRAWN
Loan documents are completed and sent to closing agent. Borrowers come in for final signatures. Arrangements can be made in advance to mail loan documents if needed.
FUNDING
Lender reviews the loan package. Funds are transferred by wire or cashiers check to the Closing Agent. Funds are released in some transactions after a three day right of recession.
Closing Agent records the note and deed of trust at the county recorder’s office. The loan is now officially closed!
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