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Michael Bardales

The Evolution of a Loan..

Friday, March 25, 2011 - Article by: Michael Bardales - The Home Loan Group - Message

We talked about Pre Quals and Pre Approvals - Now let's chat a little bit about what happens when you are ready to go through the loan process.

Here is my explaination on the Evolution of a Loan......

1. Rate Lock -We would be able to lock the rate once we have received signatures on all Loan Disclosures. Loan Consultants will speak to you in details to ensure you have the proper information for your rate lock decision..

2. Appraisal - The appraisal is required prior to loan submission. It is highly recommended to order the appraisal within the first 2 days after signing the Loan Disclosures.

3. Loan Packaging - The Loan Processor packages the Loan File for submission to the Underwriting Department and ensure we have all proper information needed for submission.

4. Underwriting - Underwriting verifies all information provided by the Client, Loan Consultant, Realtor, Escrow, Title and all 3rd parties that may be involved in the loan process. Loan Consultants will notify you of all current timelines for underwriting.

5. Conditional Loan Approval - Once underwriter have reviewed the file they will issue a list of conditions needed to issue loan documents and conditions needed to fund the Home Loan. Loan Consultant will contact the clients, realtor and all 3rd parties in regards to the conditions needed to be cleared for the loan.

6. Issuing Loan Documents - Once the Loan Consultant has provided all conditions to the underwriting department they will issue a "Clear to Close" on the loan file. The file then will be sent over to our "Document Drawer" who will contact the Escrow Company for detailed on all fees, pay off information and communicate how they will send over the loan documents to the Title Company.

7. Loan Signing - Once the Loan Documents have been set to the Title Company, we will then set up an appointment to sign the loan documents at the Title Company or a location of your choice. We will ensure you understand all documents you sign and can be present at the signing.

8. Loan Closing - Once the cancelation period has ended you loan transaction, we will contact the title for funding. We will send a wire to the title company to pay off the seller or current lender. Once the funds have been received the title company will record the loan with the local county the next business day.

Contact me should you have any questions.....

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