Mortgage Team Players
They determine what you can afford and provides mortgage and rate options. They will prepare your pre-approval letter, which will be provided to your agent prior to home shopping.
The loan processor reviews all loan documents to ensure proper submission to the underwriter. The processor will request documents from you at different stages of the process.Your processor works with your loan officer and underwriter to ensure your loan is on track to close.
Upon receipt of your mortgage file, the underwriter will review your income, assets,debt, appraisal and credit to ensure your loan fits the lender’s guidelines.If your loan complies with the lender guidelines, a conditional approval is issued. A Conditional Approval means there are still some outstanding conditions that must be provided or explained before a final approval is provided. Once all of the conditions have been satisfied the underwriter will issue a clear to close meaning you can set a closing date with the title company.As part of the process you will receive a Closing Disclosure that will outline closing costs and confirm closing details. You are required to sign the Closing Disclosure a MINIMUM of 3 days prior to closing.