Check if there are benefits
Senior Mortgage Banker discusses all of the options with Client and determines that a true benefit exists in a refinance.
Client gathers financial documentation and submits to Senior Mortgage Banker for the pre-qualification and loan approval.
Likelihood of qualification
Senior Mortgage Banker gathers all of the financial documentation and does a preliminary analysis to determine likelihood of qualification.
Once Pre-Qualification has been established, the documentation is submitted to the most beneficial lender for the client.
Client's file is received
Client’s file is received by lender and Underwritten through Fannie Mae’s Electronic Underwriting System.
Based on market trends, the interest rate is either floated or locked at client’s request.
Escrow is opened and Title is ordered.
Schedule with the client
Appraisal is ordered and the lender schedules with the client.
Client’s file receives a loan approval with outstanding conditions.
Client’s file is put in line for processing and is delivered to a Senior Processor.
Loan is put in line
Once outstanding conditions are met, Client’s loan is put in line for loan documents.
Signing the documents
Client signs loan documents with a notary and loan moves to funding stage.
Clear to close
Once funding conditions are met and there’s a ‘clear to close’, the Client’s 3-day right of rescission begins.
Title is recorded
Once 3-day right of rescission expires, loan funds and title is recorded.
Client receives loan package from escrow and funds if the loan was cash-out.