Initial Underwriting

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.

Loan Process – Processing

Loan Packaging (1-2 business days)

Setup (2-3 business days)

  • The Setup Team orders third party items (ex: Appraisal, Title, Insurance, etc.)
  • Third Party Docs Pending – waiting time is variable

Processing / Credit Approval (2-3 business days)

  • Processor reviews file and may request additional docs for credit approval
  • Docs reviewed and Borrower is credit approved – third party items still pending

Initial Underwriting Approval (2-3 business days)

  • Appraisal and third-party items have arrived and file is submitted to underwriting
  • Both borrower and property are approved – additional documentation requested

Final Underwriting Approval (1-2 business days)

  • Documents are provided to Underwriter to satisfy outstanding conditions
  • The Clear to Close (CTC) is issued and file is moved to the Closing Department

Closing Disclosure Prepared (1 business day)

  • Instructions are sent to title to prepare the final Closing Disclosure (CD)
  • Our Closing Team and the Title Company prepare closing docs

Closing & Funding

  • All parties sign the closing documents at the title company and Tile faxes for funding
  • Funding occurs the same day for purchases (and 3 days later for refinances)

After Closing

  • Setup auto drafts after your 1st Payment, watch for Junk Mail, etc.
  • Next year be sure to File Your Homestead, Contest Your Property Value, etc.