Refinance loan process
The refinancing of an existing manufactured home loan for the purpose of reducing an interest rate and or changing the term of the loan without advancing new money on the loan.
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 home valuation is ordered to and completed by NADA book out method or comparable based appraisal through Datacomp Appraisal Services, or other approved appraisal company if located in California.
Step 8: A home valuation report received and reviewed by our underwriting department.
Step 9: A copy of the home valuation is sent to applicant(s) from our underwriting department.
Step 10: Monthly escrow (impound) payment and required escrow deposit is determined using current tax certification and home owner’s insurance policy information.
Step 11: Contracts are generated and sent to the customer, notary or settlement company.
Step 12: The applicants can sign on the 7th business day after home valuation is approved.
Step 13: The documents are signed by the applicant and returned to Credit Human.
Step 14: The final loan package is audited to verify all information is accurate and documents are complete.
Step 15: The loan is finalized and funds disbursed to the current lien holder or a settlement company upon final review with auditor.