Initial Consultation

• Explain the process to the client
• Determine their financial goals
• Collect data for underwriting: credit report, income, assets, liabilities, judgements

                       
Issue Pre-Approval Letter

• Borrower approved for a specific sales price based on loan type and product
• Excellent resource for real estate agents

Submission to Automatic Underwriting

• Commitment letter issued if requested
• More detailed and formal commitment to financing
• Conditions still exist, usually including satisfactory appraisal

Ratified Contract

• Contract reviewed for inducements to buyer, closing cost assistance, rent back more than 60 days
• Title search and binder ordered
• Appropriate appraisal ordered

Processing of Loan

• Verification of assets, employment and income
• Flood certification
• Hazard insurance verification

Submission to Underwriter

• Loan package reviewed by underwriter for final approval
• Loan officer will advise underwriter of compensating factors if necessary

Closing Preparation

• Closing instructions issued to title company
• Final HUD-1 requested prior to closing and sent to agents

Settlement!