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: Redecoration
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!