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Processing
During processing, your loan file is examined to ensure that all information is complete and accurate, and meets investor requirements. Verifications, appraisals, credit reports, and other necessary
documents will be ordered at this time. The goal during processing is to gather accurate facts that can later be used for
making decisions about your loan.. Once the loan file is complete, the processor will turn the loan file over to an underwriter.
Underwriting
Underwriting involves the evaluation of your Ioan application file. All the loan documents will be verified and reviewed for completeness ,and accuracy. The underwriter will compare the factual information contained in your loan application to the guidelines of a variety of lenders and based upon this information will determine which lender will best suit your needs and submit your application to this lender.
Closing
This is the final step in obtaining your mortgage loan, at closing, documents are prepared, assembled, signed, and recorded. Your mortgage is now created and the funds are dispersed. The title of property passes from seller to buyer and you make a legal obligation to repay the debt secured by the mortgage. The total time frame from application to completion may vary between different lenders and types of loans
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