New home purchase process
A new manufactured home is described as an untitled home which is sold by a licensed retailer to a consumer for use on private ground or in a community.
Step 1: The applicant completes and submits an application.
Step 2: The application is received and verified with the applicant.
Step 3: The completed application is submitted to underwriting.
Step 4: An underwriting decision is rendered after review of the file.
Step 5: An approval letter is issued or a decline is relayed to the applicant.
Step 6: An applicant’s conditions are requested, received and reviewed.
Step 7: A retailer invoice and installed options worksheet is requested and collected from the retailer.
Step 8: The Market Suggested Retail Value third party valuation is ordered through Datacomp Appraisal Services.
Step 9: A home valuation report is received and reviewed by our underwriting department.
Step 10: A copy of the home valuation report is sent to applicant(s) from our underwriting department.
Step 11: Monthly escrow (or impound) amounts are determined using tax certification and home owners insurance.
Step 12: Contracts are generated and sent to the retailer, applicants or settlement company.
Step 13: Applicant can sign the closing documents on the 7th business day after Home Valuation is approved.
Step 14: Documents are signed by both buyer(s) and seller(s) and returned to Credit Human.
Step 15: Final loan package is audited to verify all titling information is accurate and documents are complete.
Step 16: Final phone interview with applicant conducted with auditor to verify home completion.
Step 17: The loan is finalized and funds dispersed to the seller or settlement company. (Wire service available)