Your loan is being submitted to the Setup Team and they will be ordering all of the third party items and verifications (ex: Appraisal, Title, Insurance, IRS transcripts, employment verification, etc.). Note: your Homeowners Insurance must be finalized with your Insurance Agent otherwise they will not be able to move forward. Please finalize your insurance immediately if you have not done so already.
The Setup Team
Our office’s Setup Team consists of Keiron Green and Jennifer Olivarez and they will be in your file for about 24 hours; however, they are NOT part of our immediate team – we are still you main point of contact.
Appraisal: Payment Needed
Within 48 hours of the file going to Setup, the Setup Team will order your appraisal and then email you a link to pay for the appraisal. Please pay for the appraisal immediately.
The appraisal typically takes about one week from the date that it has been ordered AND paid for. We will forward you a copy of the appraisal upon receipt. [Appraisal FAQs]
Next Step: Processing
The “setup” process typically takes 2-3 business days and once completed the Setup Team will turn your file over Joel Standard, our Sr. Processor. At that time Joel will be your new point of contact for the rest of the process.
Joel will work with the Underwriter, the Closer, and the Title Company to finalize paperwork. He will be asking you for any outstanding documents AND may request additional documentation once underwriting reviews the file. Joel will send you an introductory email once he receives the file from Setup.
Loan Process – Setup
- Borrower provides “Green Light” and Loan Disclosures are sent
- Signed loan package and Supporting Documents are submitted
- Processor reviews file and may request additional docs for credit approval
- Docs reviewed and Borrower is credit approved – third party items still pending
- Appraisal and third-party items have arrived and file is submitted to underwriting
- Both borrower and property are approved – additional documentation requested
- Documents are provided to Underwriter to satisfy outstanding conditions
- The Clear to Close (CTC) is issued and file is moved to the Closing Department
- Instructions are sent to title to prepare the final Closing Disclosure (CD)
- Our Closing Team and the Title Company prepare closing docs
- 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)
- 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.