Origination: The LO will chat with you to find out where you are in the process: What is your price range, where are you planning to look, when do you want to move, are you working with a Real Estate agent? Once rapport has been established between the LO and the borrower the application is entered. This causes loan disclosures and a request for documents to be sent to you. Once you have executed and returned the disclosures, and all income and assets documents are provided they are matched to the application and the transaction moves into the second phase, which is Processing. The processor works with the loan officer to handle the documentation and tasks. They will coordinate with the departments inside the lender's office to have the appraisal ordered and a bank attorney or closing agent to be selected. Before sending the application to the underwriter they will verify that all of the documents reflecting income, employment status and deposits match the information in the application, and a many other loan-related tasks. Once the loan processor assembles the loan package, they submit it to the underwriting department, beginning the third stage of the loan process: Underwriting is the process of poring through the buyer’s submitted information and making sure it matches with the requirements of the loan product. The underwriter will focus on matching the applicant’s income, assets, credit information, property title, and home appraisal to the guidelines. During this process the underwriter may seek clarification or the further explanation of some of the information. These queries are referred to as "conditions". Once the conditions have been satisfied by you as the borrower the loan can be moved towards the closing department.
ORIGINATION: PRE-QUALIFICATION, PRE-APPROVAL,
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