The Setup Department will be ordering third party items. Here’s what we require from you. First of all, you need to provide your homeowners insurance information. Also, pay for the appraisal. Finally, be aware that your employer will be contacted for a Verification of Employment (VOE).
The loan setup process takes 2 to 3 business days. During this time, a loan professional orders third party documents. Examples of third party items are: the appraisal, the title policy, your homeowners insurance, IRS tax transcripts, employment verification(s), etc..
Mortgage Loan Process Outline
Click here for an overview on each step.
- Loan Packaging & Lender’s Disclosures (1-2 days)
- Loan Setup (2-3 days) <– YOU ARE HERE
- Processing / Credit Approval (2-3 days)
- Initial Underwriting Approval (2-3 days)
- Sign the Initial Closing Disclosure (CD) (Immediate)
- Final Underwriting Approval (1-2 days)
- Docs to Title / Final CD Issued (1-2 days)
- Closing & Funding (TBD)
- After Closing
The Mortgage Mark Team is still your primary contact! Most of time you won’t communicate with the loan setup professional. That said, Setup will reach out to you if they have any trouble procuring documentation and need your help.
As an FYI, Setup will contact your employer for a Verification of Employment (VOE). This is done to confirm that you are gainfully employed. This also occurs again right before closing.
The Setup Team will also reach out to your Insurance Agent for an insurance declaration page. Be be sure to finalize your homeowners insurance immediately if you have not done so already.
Please call the Mortgage Mark Team if you have any questions.
Previous: loan packaging & lender’s disclosures