Richard W. Clark

Real Estate Consultant
(206) 369-8123
Fax: (425) 275-5245
email: rwclark@johnlscott.com

The Loan Process for a standard 30 day close

1 Prequalification Loan Officer day 1

2 Sign loan application and disclosures Loan Officer day 2

3 Collect initial documentation Loan Officer day2 -3

4 Find appropriate lender and lock in rate Loan Officer day 4-5

5 Run DU and submit to lender online Loan Officer day 5

6 Submit file to processing Loan Officer day 6

7 Audit file and track Processor day 6

8 Order title, appraisal, insurance, escrow and voe/d/r. Processor day 6

9 Submit to lender Processor day 7

10 Initial underwriting Lender day8 -12

11 Receive conditional approval and collect conditions Processor and Loan Officer day 13-21

12 Clear conditions Underwriter/Lender day 22-23

13 Send doc request when receive final approval Processor day 24

14 Draw docs for borrower to sign Lender day 25

15 Review estimated HUD after docs are at escrow Processor and Loan Officer day 26

16 Borrowers Sign Escrow day 27

17 Send docs back to lender Escrow day 28

18 Send funding conditions to lender Processor day 29

19 Confirm funding with lender or escrow Processor day 30

Mortgage Broker Responsibilities

Loan Officer:

Maintain client, agent, and other external communication

Secure lender rate and program for client

Collect any client/agent conditions

Ensure processor has all contact information necessary

Processor:

Maintain relationship with lender, escrow, insurance, and title company

Collect title, appraisal, escrow, employer, and mortgage/rent conditions

Keep loan officer well informed on all aspects of loan transaction

Track and audit file from beginning to end