Standard Loan Processing Steps :

Step - 1

Loan Originator takes application, pulls Credit, chooses Lender / Investor and sends the Processor a notification on the new loans assignment.

Step - 2

Processor will review the file as per Lender/Investor guidelines, prepares LE, runs AUS and sends need list and disclosures for Correspondent loans. On Wholesale Loans, Disclosures will be requested from the Lender.

Step - 3

Upon receipt of Signed Disclosures and Documents, Processor will verify Income, Assets etc, arranges the documents as per Lender's stacking order and submit the file to the Lender for Conditional approval.

Step - 4

Processor will order all required 3rd parties - Appraisal, VOE, Prelim Title, Prelim CD, HOI, Payoff letter etc. Processor will check the Lender's turn time and will do regular follow ups.

Step - 5

After Conditional approval, Processor will collect all the required documents / information's and sends the file to Lender for Final approval review.

Step - 6

After obtaining the Final approval, Processor will coordinate with all parties to schedule Closing and help with balancing fees.

Step - 7

Processor will make sure that Lender has all the funding conditions to Fund.