|
Step
|
Activity
|
Completed by
|
|
Inquiry
|
Inquiries are received via online web application.
|
Realtor/Borrower
|
|
Inquiry
|
Personal Assistant contacts you to review your needs and desires as
well as to complete any missing information on loan application. |
Personal Assistant
|
|
Inquiry
|
Credit report and request for value (if refinance) is ordered.
Qualified inquiries are forwarded to an underwriter where an underwriting
assessment is made or it is determined further information is required.
|
Personal Assistant
|
|
Inquiry
|
Loan conditions are determined and provided to you and your Realtor
with completed application and disclosures via e-mail within 24 hours.
|
Personal Assistant
|
|
Application
|
Obtain signatures on residential loan application/ disclosures,
Appraisal Fee and loan conditions. Realtor forwards documents and conditions to
MyMortgageDivision
|
Agent
|
|
Processing
|
Underwriter reviews loan documents, conditions and interest rate.
Loan status sheet and Mortgage Rate Lock Disclosure confirmation (if rate is
locked) are forwarded to you and your Realtor.
|
Underwriter
|
|
Processing
|
Appraisal is ordered by your agent, using the appraisal form
determined by the Automated Underwriting approval. You are notified via e-mail
when value is in.
|
Agent/Personal Assistant
|
|
Processing
|
Title Report, Lien check(s), copy of proposed conveyance document
and Tax information worksheet are ordered by processor from an approved
escrow/title company. You and your agent are notified via e-mail.
|
Personal Assistant
|
|
Processing
|
Upon receipt, Title Report and Appraisal are reviewed by
underwriter.
|
Underwriter
|
|
Processing
|
Mortgage Insurance certificate and condominium disclosures are
obtained (if required).
|
Personal Assistant
|
|
Processing
|
Loan conditions are cleared by the underwriter and the investor (if
required).
|
Personal Assistant
|
|
Processing
|
Loan conditions are cleared by the underwriter and the investor (if
required).
|
Personal Assistant
|
|
Processing
|
Flood check is completed. Flood zone disclosure is issued to
applicant and Flood insurance is ordered if required. Agent is notified via
e-mail if the subject property is in a flood zone.
|
Personal Assistant
|
|
Processing
|
Personal Assistant informs you and your agent via e-mail of loan
approval, closing conditions and interest rate (if it has not been locked).
|
Personal Assistant
|
|
Processing
|
Signing, funding, and recording dates, signing location, and
interest rate/points are confirmed with applicant along with any outstanding
closing conditions. You are notified via e-mail by your agent and their
Personal Assistant.
|
Associate
|
|
Processing
|
Hazard insurance binder is ordered. The hazard Insurance request
will reflect for the binder to be faxed and mailed to the Closing department.
Agent is notified via e-mail.
|
Personal Assistant
|
|
Closing
|
Doc Drawer prepares preliminary figures and closing documents and
then internally proofs loan documents to ensure accuracy.
|
Doc Drawer
|
|
Closing
|
Doc Drawer sends preliminary figures to escrow. Escrow will forward
a tentative HUD-1 settlement statement to the closing department. Doc Drawer
then prepares and forwards loan package to escrow agent for signing.
|
Doc Drawer
|
|
Closing
|
Obtain your signatures and notary on closing documents. Return
documents and closing conditions to MyMortgageDivision no later than the
following day.
|
Escrow Officer
|
|
Closing
|
Upon receipt of signed loan package, Closing department conducts
post-closing audit and ensures documents are signed correctly and all
conditions have been met and orders wire transfer to fund your loan. You and
your agent will be notified by phone and email when your loan funds!
|
Funder
|
|
Closing
|
Title records information at country recorders office and then
notifies escrow. Escrow then informs you and your agent that you are now a new
home owner or your refinanced loan is complete!
|
Title and Escrow Officers
|