Overview of the
Loan Process
Step 1. Your Loan
Application is Taken
Please allow one or two
hours to review the financial information you have gathered and
the loan options that are available to you. As your personal
consultant, I will explain your choices and assist you in
selecting the loan that best fits your needs, wants and
qualifications.
Step 2. Credit
Report and Appraisal Are Ordered
An appraisal of the property is completed by an independent
appraisal firm, and a report on your credit history is prepared.
At the same time, your loan application is reviewed; employment
and monies on deposit are verified.
Step 3. Your Loan
Package is Assembled
I will be in frequent touch with you while your loan application
is being assembled and packaged for final approval. Each detail
will be thoroughly reviewed so that potential obstacles are
addressed to assure a smooth approval process.
Step 4. Your Loan
is Underwritten
Your loan package is submitted to underwriting for final approval.
When your loan is approved, you will be notified and given any
final conditions.
Step 5. Loan
Documents are Prepared
Your loan documents and funding package are prepared for your
signature. An independent escrow officer will review all documents
with you. After you sign the final documents, your escrow officer
will prepare them for recording.
Overview of the
Title Order
OPEN ORDER-Opened
by the escrow or lender in the order department and assigned an
order number. Taxes, maps, and the chain of title are printed and
sent to the order department.
CHAINING-The
chain of title and the general index run are examined. After
examination, prints of the documents and the starter are ordered.
PRINTING-Prints
of all requested documents are retrieved from microfilm and the
file is returned to searching.
SEARCHING-Here
the file is assembled and checked for completeness. Then the file
is sent to the examination department.
EXAMINATION-The
examiner will then write the report, order any additional document
prints, inspections, and court opinions that may be necessary.
TITLE UNIT-The
title officer will call the day before close of escrow to
"set up" the recording of the file. The title officer
will arrange forth loan funds to be picked up, the documents to be
sent to the county recorder's office (overnight), the file to be
dated and the policy will be written.
At the same time the sub escrow department will figure the
payoffs, call for verbal figures if necessary and prepare for the
funds to be sent out.
DAY OF CLOSING-After
the recording is confirmed, the payoffs are made, the title
charges and payoff figures are faxed to the escrow. Then the
proceeds of the sale are sent to escrow.
POST CLOSING-The
policy is typed and sent to the insured and the file is closed.
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