Loan Process

Surprisingly, many people really don’t understand what goes on between the prequalify  and the funding table. Here is a short explanation of the process that your Loan Officer manages during each transaction.

1. The Loan Officer (LO) originates the loan; he or she interviews the client, chooses the proper product that hopefully meets the client’s needs, gathers all the documentation necessary and then manages the process from start to finish
 

2. The Processor packages the file and organizes the proper documentation. For example: the appraisal, verifications of rent, employment, assets, etc. Also, orders the prelim, or if need be; they communicate with the LO to get further documentation that they may need from the buyer. After all the documents are obtained, the Processor forwards the file to the Underwriter.
 

3. The Underwriter is highly trained as to the guidelines allowed by the banks and investors, they are tasked with reviewing each deal, and essentially assuring the investors that all the information has been provided, that the borrower is who they say they are and that they look like they’ll be able to repay the loan. The Underwriter is the magnifying glass and they are the final word.
 

4. Once all the conditions the underwriter has asked for have been met, the doc department prepares the documents and forwards them to Title.
 

5. Title gets the docs signed, makes sure all the legal rules are met, authenticates everything and forwards the docs back to the funding department for review.
 

6. The Funding department receives the signed docs, verifies that everything is signed correctly and funds the loan to Title.
 

7. Title distributes the monies to the seller, the realtor, the loan officer, the tax department, and the warrantee company.
 

8. Process complete! You can move in to your new HOME!

 The LO really manages all these steps, making sure that everyone does their job to meet a particular goal and or timeframe.