Loan Process – Setup

Home Buying Process Overview with Best Realtor in Plano

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

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.