Third Step - Submission

Submit Loan Package

At this point, your application is complete, credit reports have been checked, your debt to income ratios support the property you are purchasing, and you have a purchase contract to submit with your application.  Your Loan Officer has guided you through the loan selection process with the help of “automated underwriting” software.  You have selected the best loan product and locked in your loan rate, if desired.  Your Loan Officer is ready, upon your approval, to submit the loan package.

Opening The File

At this time the Loan Officer opens escrow, orders a property appraisal, preliminary title reports, and mails out requests for verifications, if necessary, for employment (VOE) and bank deposits (VOD) and any other documents needed for processing of the loan. All information supplied by the borrower is reviewed at this time and a list of items not yet received is compiled.

        Preliminary Title Report

A preliminary title report will be is ordered by your Loan Officer, which means that a title search will be underway. Normally this takes about 3 to 5 days. It can take longer however, if there are any judgments or liens on public record against the property.

         Verifications

The Loan Officer will verify the information disclosed on your initial loan application (i.e. income, assets and liabilities, employment, and bank deposits).

        Appraisal

The Loan Officer will order a property appraisal from a licensed real estate appraiser on the property in which you are purchasing. The appraisal is done to determine the value on the property being purchase and your loan amount.