• The Loan Process

    STEP 1: The Application

    At this time, we make every effort to obtain all pertinent documentation so
    unnecessary problems and delays may be avoided.

    STEP 2: Ordering Documentation

    The documentation needed to close your loan will vary greatly from loan program
    to loan program. We work with over thirty different lenders at Money Street Mortgage and
    each lenders has different “overlays” or guidelines specific to their organization.
    This is where our experience comes into play. Our years of experience dealing
    with different lenders gives us the ability to find the best interest rate for you.

    STEP 3: Awaiting Documentation

    As we receive the supporting documentation, we analyze the information to detect any potential problems that
    may arise and request additional items we need. During this time, we keep the
    applicant and the Realtors informed as to the loan’s progress through weekly status reports.

    STEP 4: Loan Submission

    Once all the necessary documentation is received, the loan officer reviews our current programs
    to insure our clients receive the best rate and terms. The loan processor then assembles the loan
    package and submits it to the underwriter for approval.

    STEP 5: Loan Approval

    Loan approval generally takes anywhere from 24 to 72 hours. All parties are notified of
    the approval and any loan conditions that must be addressed before the loan can close.
    The loan approval is the beginning of the closing process.

    STEP 6: Documents are Drawn

    Within 1 to 3 days after the loan approval, the loan documents (including the note
    and deed of trust) are completed and sent to the title company. The escrow officer
    coordinates with the borrowers to review all figures and arrange for final signatures.

    STEP 7: Funding

    Once all parties have signed the loan documents, they are returned to the lender who
    reviews the package. If all the forms have been properly executed, the check is issued
    to fund the loan.

    STEP 8: Recordation

    When the title company receives the funding check from the lender, they make the lender’s
    security for the loan a matter of public record. They do this by recording the note and deed
    of trust at the county recorder’s office. Escrow is now officially closed!

    The Loan Process