Pre-Qualification refers to the process of initial evaluation of potential client's credit worthiness. It saves lenders and clients time and resources by reviewing client's credit to decide whether clients should move forward with
a loan application.
Application
Once client is pre-qualified, an application process will take place. Clients needs to fill out a 1003 and sign disclosures within 3 business days.
Processing
Supporting documents are needed such as bank statements, W2s, tax returns, driver license, etc. A loan processor will be assigned to collect all the required documents and submit them to the underwriter.
Underwriter
An underwriter will review all the disclosures and supporting documents. He or she will decide if additional supporting documents or further disclosures are needed prior to approval.
Approval
One the underwriter has cleared all outstanding conditions, an approval letter will be provided. The loan is ready to sign off.
Final Sign Off
A closer will be assigned to prepare the final documents and review all the fees. A notary is required when borrowers are ready to sign the final documents.