The lender verbally obtains pertinent information to provide an opinion of qualification for contract (offer) negotiations.
Written application completed and lender requests / obtain all pertinent documentation.
Order credit report, order appraisal on the property, verifications of employment and assets verification of closing funds, and homeowners insurance.
The loan package of all supporting documents is assembled and submitted to the underwriter for approval.
Lender reviews supporting documents and checks on any problems. Requests for any additional items are made.
Parties are notified of loan approval and conditions
Documents are Drawn
Loan documents are produced and set to the Title Company to secure Borrower’s signatures.
The lender completes a final review of the loan package. Funds are transferred by bank wire to the Title Company. Title Company records the Deed and Deed of Trust with The County Recorder’s Office.
Dispersal of Funds
Congratulations ! ! Escrow is now closed ! !