How exciting!! There are so many things to work on for the specific home that you will be happy that you already done the majority of your paperwork for the loan.
We will now update your file to be a “real deal”.
We will update your loan application to reflect the terms of the accepted purchase contract. We will get your actual fees from the Title company and prepare your disclosures for you to sign, either via Esigning or in person.
We will order your appraisal.
Because it may have been a while since we got your original paperwork, we may need to update things a bit. We will need a home owner insurance quote from you as well. We will re-verify employment.
Now we wait for you to complete your inspections and for the appraisal. Then, the file will be sent back to underwriting for them to review the appraisal and all the updated information. At this point they will run a “Fraud Guard” report. The report can run about 25 pages or more and reviews everything and everyone involved to ensure no party engaged in the sale has been involved in fraudulent activity in the past.
- *The borrower and their background
- *The property and real estate professionals
At this time any one of those reports may spur a request for additional documentation from the borrower.
After the underwriting final approval we are in the home stretch……but there are a several more steps.
1. Our file goes thru the final compliancy check.
2. You will need to sign your Closing Disclosure…this is very important. It has you verify the fees charged and you then have to wait 3 days before you can sign your Loan Package.
3. We will do a “soft pull” of your credit to insure that no new debt has been obtained.