Processing

By making easy to understand Loan Approvals and refining the loan process we will enable you to get the best loan for your needs without all the confusion or hassles associated with mortgage lending. As an added benefit to our borrowers, we even offer bundled pricing for all third party vendor solutions through LendServ: a National Credit, Title, Flood, Appraisal & Escrow Services Co. all with improved speed, service and special pricing for our customers.

Pre-Qualification

For loan Pre-Quals (24 hrs turn) we only need to see the following documents

1) Completed 1008
2) Completed 1003* (signed by borrower(s))
*if 1003 is not signed, a signed borrowers authorization form is acceptable
3) Tri-Merge Credit Report
4) Completed Loan Goals/Worksheet Form

Full Loan Approval

For full “committed” loan approvals, add 48-72hrs
These provide an additional level of review and are more detailed than a review of the basic items, credit, LTV, income that are necessary for a pre-qualification approval.
For this approval we would also need the following…

All items listed above for pre-qual PLUS

5) GFE & TIL (signed)
6) Prelim title commitment (less than 30 days old)
7) Appraisal
Income/Employment Documentation

Underwriting

As of 05/07/08 due to larger than expected loan volumes full file underwriting times will vary between 4-5 business days conventional and 5-10 business days FHA.

Closings

Once a file has gone through all of its mandatory stages and all requested items from perspective borrower have been submitted and reviewed, a full committed and unconditional approval is obtained, documents for closing will then be available within 48hrs.