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Sales Strategy: Page 12

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The Loan Process

  1. Pre-qualification/Interview
    Application interview
    Lender obtains all pertinent documentation.
  2. Order Documents
    The lender will order any documents as deemed necessary such as a credit report, preliminary title report, an appraisal on the property, verifications of employment, mortgage, rent, and funds to close escrow.
  3. Loan Submissions
    The loan package is assembled and submitted to the underwriter for approval.
  4. Documentation
    Supporting documents come in.
    Lender checks on any problems and requests for any additional items are made.
  5. Loan Approval
    Parties are notified of approval and prior to funding documentation conditions.
  6. Documents are drawn
    Loan documents are complete and sent to title. Borrowers come in for final signatures.
  7. Funding
    Lender reviews the loan package.
    Funds are transferred by wire or cashier check.
  8. Recording of Documents
    Title company records deed of trust at the county recorder’s office.