Buyer chooses Lender (Bank, Mortgage Bank, Mortgage Broker, or Credit Union). Buyer chooses Real Estate Agent and begins the search for a home. Buyer requests a Pre-Approval letter from Lender for his/her/their new mortgage loan. Lender runs credit report. Lender and Borrower discuss and agree on a specific loan program. Lender issues Pre-Approval letter to Borrower.

1-5 Days: APPLICATION

Buyer becomes Borrower. Borrower completes mortgage loan application with info including employment & income data from the past two years + financial info on assets and liabilities + any other data that could affect the mortgage loan decision. Lender pre-underwrites file.

3-6 Days: OPENING the FILE

Lender orders property appraisal from Appraiser. Borrower pays appraisal fee. Lender Processor mails verification of employment + verification of deposits + any other supporting documentation needed.

5-20 Days: PROCESSING

Documents reviewed as received. Documents include: credit reports, verifications of assets accounts, income and appraisal. Debt and payment histories reviewed and verified. Statement of Information required for title Insurance to eliminate any liens or judgments that are Payoff balances. Mortgage loan file is packaged and submitted to underwriter for approval.

15-21 Days: UNDERWRITING

Underwriter reviews file. Borrower must respond to any questions immediately. Borrower may be required to provide additional documentation.

17-23 Days: PRE-CLOSING

Borrower notified of mortgage loan approval. Lender must receive any mortgage loan “conditions” prior to mortgage loan closing. Loan Docs completed and sent to Title Company. When Loan Docs are ready for Borrower signature(s), the Escrow Officer calls the Borrower(s) to advise amount of money needed to close mortgage loan and arrange for Borrower to sign Loan Docs. Closing scheduled. Borrower orders homeowners insurance in amount to cover replacement cost of new mortgage loan amount. Escrow requires name of homeowner’s insurance, phone number and policy number to show evidence of insurance.

24-35 Days: CLOSING

Lender sends check for new mortgage loan amount to Title Company. Borrower presents Certified Check for balance of down payment and/or closing costs (if applicable). Title Company records deed of trust at County Recorder’s Office the following business day. Title Company, after receiving “confirmation” of recording, pays off existing deeds of trust + forwards pay-off figures and title charges to Escrow. Escrow Officer disburses funds to Brokers, agents, Accommodation Pay-Offs, etc. Closing Process officially ends. Borrower moves into new home.