Page 9 - Licona Team Buyer's Guide

The Loan Process

1. Pre-qualification 2. Obtain 3. Documentation 4. Loan Submission
/Interview Supporting • •
Documents Supporting The loan package is
assembled and
documents come in
submitted to the
• Application interview • Credit report; • Lender checks on underwriter for approval
appraisal on any problems
• Lender obtains all property;
pertinent data, verifications of • Requests for any
information, and starts employment, additional items
gathering important mortgage or rent; are made
supporting assets (funds to close
documentation and reserves) and
preliminary title
report

5. Loan Approval 6. Loan Approval 7. Documents 8. Funding
Submission Are Drawn
• Loan is submitted for • Lender • Lender reviews the loan
• Parties are notified of final approval with documents package
approval balance of remaining are completed
approval conditions & sent to • Funds are transferred by
• Requests are made escrow wire
for any remaining • Loan goes through a
underwriting approval quality control check, • Borrower/s
conditions including final verbal come in for final
verifications of signatures
employment as
needed – and
“clear-to-close” is
issued

9. Recording of
Documents
• Title company records
the deed of trust at
the county recorder's
office

• Escrow is now
officially closed