The lending mystery revealed

Webmaster:
Nannette Rodin DiMascio DiMascio
Realty One Group
Las Vegas, NV
(702) 498-2445
www.nanpro.net

The loan process: An esoteric mystery known only to those "in the business."

Let's go over the steps of this process, which is complicated, but not mysterious!

1. Meet with loan officer for interview.
- Loan officer pulls credit report

2. Loan Application is completed

3. To Loan Processor
- Verifications are ordered

4. To Underwriter for credit approval

5. File is underwritten and returned to processor
to issue tentative approval.

6. Borrower signs offer to purchase based on
conditions.

7. Appraisal fee is collected. Preliminary title
     report received, escrow instructions,
     earnest money receipt, case#, appraisal and
     hazard insurance are ordered.

8. File packaged for final submission to
underwriter.

9. Processor orders loan documents. Closing
     prepares documents. Docs forwarded to
     escrow, who calculates funds needed to close
     and schedules signing appointment.

10. Escrow officer provides an estimated HUD-1
      prior to signing appointment. A HUD-1 is an
      itemization of all of the actual costs for the
      buyer and the seller.

11. Buyers sign the loan documents and
paperwork. Sellers sign their paperwork.

11. Documents returned to lender for funding.
      This takes two to three days.
      Title company records. Borrower receives
      keys. Seller receives a check either by
      picking it up, bank transfer or mail.

It is most important to find a competent lender.
Click here to find out why.

Lending Related Articles:

The Lending Maze

The Loan Process

What Documents do I Need?

Choosing a Competent Lender

Learn about Unnecessary Fees

When should I Pay Points on a Loan?

The Different Types of Loans

Closing Costs Explained