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Loan process

The following steps provide a general overview of the loan process from the time of approval through funding.

  1. Loan requirement verification

    • Borrower submits loan requirements

    • Loan requirements reviewed for completeness

  2. Home valuation

    • Collateral reviewed to verify type of valuation report needed

    • Valuation report ordered

    • Valuation report received and reviewed for acceptance

    • Valuation report sent to borrower

    • 6 business days must elapse prior to signing final paperwork

  3. Coordinating closing

    • Property taxes evaluated for payments due and escrow calculations

    • Insurance evaluated for required coverage escrow calculations

    • Closing details are coordinated with the specified escrow company
      (If being used for settlement)

    • Borrower consulted, if necessary, about final loan structure

  4. Generation of closing documents

    • Preparation and printing of documents
      Documents are shipped to specified signing location

  5. Signing of final documents

    • Documents are signed and notarized

    • Document originals are returned for review

  6. Review of documents

    • Preliminary review of final documents for accuracy

    • Remaining outstanding items are gathered for completion

    • Documents are submitted for final audit for completion

  7. Disbursement of funds

    • Funds are disbursed by check and/or wire as requested

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.