Loan process
The following steps provide a general overview of the loan process from the time of approval through funding.
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Loan requirement verification
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Borrower submits loan requirements
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Loan requirements reviewed for completeness
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Home valuation
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Collateral reviewed to verify type of valuation report needed
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Valuation report ordered
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Valuation report received and reviewed for acceptance
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Valuation report sent to borrower
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6 business days must elapse prior to signing final paperwork
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Coordinating closing
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Property taxes evaluated for payments due and escrow calculations
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Insurance evaluated for required coverage escrow calculations
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Closing details are coordinated with the specified escrow company
(If being used for settlement) -
Borrower consulted, if necessary, about final loan structure
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Generation of closing documents
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Preparation and printing of documents
Documents are shipped to specified signing location
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Signing of final documents
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Documents are signed and notarized
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Document originals are returned for review
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Review of documents
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Preliminary review of final documents for accuracy
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Remaining outstanding items are gathered for completion
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Documents are submitted for final audit for completion
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Disbursement of funds
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Funds are disbursed by check and/or wire as requested
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To learn more about the loan process and what your customer can expect click here to view loan process from time of application through to funding.