Once your mortgage professional has received your completed application and documentation, the processing, underwriting, appraisal, locking and closing procedures start.
Loan processors are highly dedicated and experienced individuals who review all the documents associated with your home loan. They organize all of the paperwork into one file, and make sure that the required documentation is in order. They enforce quality and federal, state and local legal conformance, order documents, track missing and pending items, obtain verifications, and keeps you and your mortgage professional informed.
Underwriting is initiated when the loan processor has verified that all the paperwork has been collected and is complete. The underwriter reviews the application, credit report, and supporting documents to determine whether you qualify for the loan product specified in the application. If any information is missing, the underwriter may conditionally approve the loan with stipulations that the information must be attained and approved before the loan can be funded. The mortgage loan originator or loan processor will let you know if any additional information is needed.
A real estate appraisal will be ordered when the home or property will be used as collateral for a home loan. The professional written analysis of the fair market value of the home/property provides an estimate of the likely price the asset would bring if sold in a competitive real estate market.
Your mortgage professional will discuss in detail locking in your interest rate for your home loan.
When the loan is approved by the underwriter and all final documentation has been secured, the loan is ready to close. A final good faith estimate of settlement costs is provided for your review, ensuring that you have a full understanding of the various settlement costs associated with closing a loan and the amount of money that you will need to provide or will receive when you sign your final loan documents. Procura's closing department prepares the loan documents and sends to the escrow company you selected with your mortgage professional. An escrow officer will contact you and schedule an appointment to sign final loan documents.