There are two parts to getting a home loan approved: the credit (i.e. you) and the collateral (i.e. the home). At this point you have have been credit approved since we have reviewed enough of your documentation to ensure that you are “financiable”. (We know that’s not a real word). What this does NOT mean is that you’re done with paperwork. We repeat, you are credit approved BUT you are not done with paperwork!
Now that we have the “meat” of your paperwork we will be submitting your file to our Processor, Joel Standard. Joel will be reviewing your file and will most likely need additional paperwork from you once he and/or the underwriter has reviewed the file. Once he has a complete file he can submit your file for the Initial Underwriting Approval.
As mentioned, the other component of the full approval is the collateral, or the home. The appraisal acts as the lenders eyes and not only provides a market value for the home, it also provides information about the condition of the home and the surrounding area. Check out our Appraisal FAQs for more information.
Current Step: Processing & Credit Approval
Joel is now reviewing your Supporting Documents and all third party items to ensure all the underwriting guidelines have been addressed. Joel will reach out to you if he has any questions or needs any additional documentation.
Next Step: Initial Underwriting Approval
Joel will be submitting your file to underwriting for the Initial Underwriting Approval and he will email you when that happens. Once the Underwriter issues the conditional approval Joel will reach out to you for any additional documentation that may be required.
After Underwriting reviews the file, Joel will have the Closing Department send you the initial Closing Disclosure (CD) which requires immediate action from you. He will be in contact with you before this and will provide an updated timeline on when to expect the CD. Please contact Joel if you have any questions in the interim.