01 - Check if there are benefits
Senior Mortgage Banker discusses all of the options with Client and determines that a true benefit exists in a refinance.
02 - Gathering documentation
Client gathers financial documentation and submits to Senior Mortgage Banker for the pre-qualification and loan approval.
03 - Likelihood of qualification
Senior Mortgage Banker gathers all of the financial documentation and does a preliminary analysis to determine the likelihood of qualification.
04 - Lender
Once Pre-Qualification has been established, the documentation is submitted to the most beneficial lender for the client.
05 - Client's file is received
Client’s file is received by lender and Underwritten through Fannie Mae’s Electronic Underwriting System.
06 - Interest rate
Based on market trends, the interest rate is either floated or locked at client’s request.
07 - Title
Escrow is opened and Title is ordered.
08 - Schedule with the client
Appraisal is ordered and the lender schedules with the client.
09 - Loan approval
Client’s file receives a loan approval with outstanding conditions.
10 - Processing
Client’s file is put in line for processing and is delivered to a Senior Processor.
11 - Loan is put in line
Once outstanding conditions are met, Client’s loan is put in line for loan documents.
12 - Signing the documents
Client signs loan documents with a notary and loan moves to funding stage.
13 - Clear to close
Once funding conditions are met and there’s a ‘clear to close’, the Client’s 3-day right of rescission begins.
14 - Title is recorded
Once 3-day right of rescission expires, loan funds and title is recorded.
15 - Cash-out
Client receives loan package from escrow and funds if the loan was a cash-out.
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