To do this you must only fill out our application either online or over the phone with your Loan Officer. This also includes having your credit run (only cost at this point) and collecting your financial statements, bank statements and W-2’s. It is also at this point you will discuss with your Loan Officer what type of loan is best for you!
Once you have discussed your option with your loan office, we will issue the final application and disclosures for your signature. Following your signature of all documents, the loan will go into Processing and the loan officer or the processor on your transaction will open Escrow and Title. Most of the application and disclosures can be electronically signed, however there are a few disclosures that must be printed, signed and sent back over.
Following the signature of all disclosures, an appraisal order form is sent out to you and the appraisal is ordered. You must provide a credit card for the appraisal. This, along with the credit report is the only upfront cost to the borrower. The appraisal usually takes roughly 7-10 days and will be in large part contingent on you’re your availability to allow the appraiser into your home. Once the appraisal is finished, you will receive a copy via email from the Appraisal Management Company (AMC). After the underwriter has had a chance to review the appraisal, a review of the appraisal may be needed which could require a few more days to be done.
In the meantime, the Processing department will review the file. Generally within 48 hours. At this time you will be contacted by either the Loan Officer or the Processor for any additional documents needed in order to move the file to Underwriting.
Once the outstanding items are gathered from you the borrower and the escrow company, the file can be moved to Underwriting where an underwriter will examine your application and issue a loan decision.
During this time, it is imperative that you be available to collect any necessary additional documentation and avoid any large purchases or transfers of funds into or out of any of your accounts.
The Processor and/or Loan Officer will review the loan decision issued by underwriting and contact you with outstanding items. Once all the necessary documents are collected; including the appraisal, the file will go back to underwriting for final review.
At any point during this process, the loan can be “Locked”, which means that your interest rate will be locked in at that interest rate. The Loan Estimate (LE) will then go out to you and an electronic signature via our secure website will be required. Following this Lock, there is a one-day minimum waiting period for us to issue Final Disclosures.
After Underwriting clears the loan, we can then issue your Final Closing Disclosure, which is sent electronically. You must then acknowledge receipt of the disclosures via an e-signature and then must wait three days (based on federal regulations) to sign your Final Loan Documents.
Following the three-day waiting period and signature of your Final Loan Documents with the Escrow Company, the loan documents are then returned to us for one last review of any final funding conditions with our Funding Department. If this is a primary residence, you have a 3-Day Right to Rescind period in which you can choose to cancel your transaction. In refinancing an investment or vacation home, there is no 3-Day Right to Rescind period. Once conditions have been met, we “Fund” your loan, which means we send a Money Wire to a Title Company. Depending on the county your home is in, it will either record on the same day or the following day. At this time your refinance is complete.