Your loan officer will continue to work with you throughout the entire process, they will submit your loan application to one of our experienced mortgage analysts. Your mortgage analyst will analyze the file for completeness, then verify income, employment, and housing information. They will be in contact with a title company to order the title work on the property, as well as an appraiser to order the appropriate kind of appraisal. Finally, they will check to see that the loan application meets the qualifying guidelines of the investor and loan program selected.
If any information is missing or other documentation is needed, they will contact you. If and when they do, it is important to carefully and quickly follow their instructions so that the loan process is not delayed in any way.
At application or within 3 business days, you will be sent a number of disclosure documents such as a Good Faith Estimate of settlement charges, a Federal Truth-In-Lending Disclosure, and other documents relevant to your transaction. You should carefully review these documents and then return them promptly. Of course, should you have any questions, both your loan officer and mortgage analyst are here to assist you.
When all the documentation is complete and the file meets the qualifying criteria of the loan product, the mortgage analysts at Corridor Mortgage Group submit the loan package to the underwriting department. The underwriter then takes the documentation and conducts their own analysis and verification. Sometimes they will come back with "conditions" (requests for further information or documentation). Those conditions will be communicated to you through the mortgage analyst. Again, it is vital to reply as quickly as possible so that the process is not delayed. In the event your application previously received a Fannie Mae or FreddieMac "automated underwriting approval," the underwriters are basically verifying that any conditions that may have been called for have been met
When all "conditions" are clear, the underwriter issues a "Final Loan Approval". While some of the "at closing conditions" may still remain outstanding, as long as they are fulfilled, you can be assured that your loan will close. It is important to know that if those conditions are not fully met at settlement, your loan closing could be delayed or cancelled.
Finally it's time for the last step in the process, settlement.
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