The loan packaging stage in the Home Loan Process is intense because of all the paperwork. You, the borrower, must submit updated paperwork, return the lender’s disclosures, and shop for Homeowners Insurance. All within 48 hours! Once the loan packing is completed the file will move to the Loan Setup stage.
The majority of the Mortgage Loan Process is subjected to third-party turn times and they certainly don’t operate as fast as us. As a result, being responsive early will promote a smooth and on-time closing. You have 48 hours to complete the loan packaging and:
- Pick a Lender
- Explore Loan Options
- Provide Supporting Loan Documents
- Sign the Lender’s Disclosures
Documents We Send You
We will send you a variety different types of a documents via email during the loan packing stage. .
1. Credit Inquiry Letter
The credit inquires letter will outline your recent credit inquiries and will ask for an explanation of each. An “I don’t know” answer will not be sufficient. Each inquiry must be addressed with a comment as to whether new credit was open or not as a result of the inquiry. This is to ensure that all liabilities are accounted for, even recently open credit accounts that don’t appear on a credit report.
2. Lenders Disclosures
The lenders disclosures will have two parts. The first part consists of 25 to 30 electronically sign-able pages. The second part will probably be 6 pages that required “wet” signatures. This means you will need to print these documents, sign them, and return them via fax, email, upload, mail, etc..
Within 48 hours of the loan structure’s near completion, the HomeBridge Disclosure team will email you the electronic loan package. We say “nearly finalized” because the loan structure doesn’t have to be perfect. Certainly we need the program type, income, liabilities, etc. to be accurate but you don’t necessarily need to Lock an Interest Rate. The timing for locking the rate can depend on a number of factors, such as the market, loan purpose, etc., and, as a result, the rate may not be locked during the loan packaging process.
The home loan disclosures will contain a variety of documents but the main ones that warrant attention are the Loan Estimate and the Loan Application.
Loan Estimate (a.k.a. the “LE”) – The Loan Estimate (LE) outlines the rate, the costs, and the terms of the loan. Please know that the majority of the costs shown are still estimates and are subject to change. FYI: the Loan Estimate (LE) looks like the Closing Disclosure (CD) statement that you will sign at closing.
Loan Application – The loan application is the four-page document that contains the information you provided to us for the Pre-Approval. Please review it for accuracy and call us immediately if there is incorrect or missing information. The conditional approval issued depends on the application’s information, so make sure it’s completely correct.
Miscellaneous Disclosures – Many of the documents in the loan disclosures are permission slips that allow us to act on your behalf. Third parties, like the IRS, your Insurance Agent, etc. need your consent to share your information with us. The rest of the documents outline the process and set expectations for all parties to be honest and transparent.
3. Counseling Letter (if applicable)
Some Loan Programs require home buyer counseling before closing. This is a generic document that will outline details of where someone can locate a home counselor should they choose to do so.
4. Gift Letter (if applicable)
A gift letter will be required if gift funds are being provided. In other words, documentation must be provided for money gifted from someone that is not party to the loan.
You will receive a secure link so you can agree to accept the documents electronically. This secure portal allows us to send you documents for electronic signatures throughout the process, so we need you to register and setup an account to access the secured e-docs. Please contact us directly with any questions or problems. Note: please keep your login credentials as they will be used again later in the process when we send you the Initial Closing Disclosure to e-sign just before closing.
E-Doc Portal Help
FYI, this portal system is not user friendly and we do apologize. Check out the Help Video or download the PDF eConsent and Electronic Document Delivery Instructions on account creation (Pages 2-4). Once your account is created you can click Log In to access your disclosures at any time.
Do NOT Upload Other Docs
Please note that the E-Doc Portal is only for the Lender’s Disclosures, NOT your Supporting Documents (like pay stubs, tax returns, etc.). The only thing that needs to uploaded in the E-Doc Portal are the disclosures. Please continue to use the Floify Document Portal for uploading all other paperwork.
Next Step: Setup
To complete the loan packaging process, please sign and return the lender disclosure and other supporting documents within 24 hours so we can submit your file to Loan Setup. The Setup Department will be ordering third party items. Here’s what we require from you: You need to provide your Homeowners Insurance information, Pay for the Appraisal, and be aware that your employer will be contacted for a Verification of Employment (VOE).
As always, please contact us if you have any questions.