Streamline the siop process in loan agreements with airSlate SignNow

How to create outlook signature

[Music] buying a home is perhaps one of the largest financial transactions of your life and I'm here to help you prepare on what to expect I'm going to walk you through a simplified five-step version of the loan process starting with your loan application all the way to the funding of your loan so you can be confident and ready going into Home Ownership step one the loan application is when your loan officer collects the necessary information to obtain approval of your loan The Loan Consultant will ask for things such as your contact information Financial info Social Security numbers and the contract sales price we will also be requesting documents such as pay stubs W2s income tax returns bank statements and copies of various IDs the exact information will vary depending on the type of loan requested and your financing situation once these documents are received by your Loan Consultant IM mortgage will begin the formal processing of your loan it is crucial during this phase to provide both correct information and accurate supporting documentation in a timely manner step two processing is when the mortgage company gathers and verifies the information contained in the loan application once the Loan Consultant receives your requested documents the setup department will send out disclosures for you to sign such as truth and lending fair housing and tax transfer scrips a loan processor will then be assigned to your file and review all documentation including credit reports income and asset documentation verifying your income tax returns and Social Security numbers the processing team will also order the escrow instructions earnest money documentation a preliminary title report a full appraisal verifications of employment and verification of deposit that may be necessary once the appraisal has been completed the processing team will perform an analysis of the appraisal reviewing the estimated value of the subject property and if any repairs may be required at this time you will also be requested to provide escrow with your homeowners insurance contact information for the subject property the loan processing team will continue to monitor your file all the way through loan closing step three underwriting is an in-depth analysis and formal approval of the loan once the processing team has verified and documented all critical items necessary to submit your loan to an underwriter the processing team will forward all of your documents to our underwriting Department here the underwriters will confirm your credit income and asset information necessary to qualify for your loan and review the escrow instructions preliminary title report and the appraisal typically within 48 Hours the underwriting will issue a conditional loan approval and you'll receive confirmation of this from your Loan Consultant additional information and documentation may be required by the underwriter for final loan approval which will then place your file in line to draw the final loan documents your Loan Consultant will request these additional documents from you if necessary step four is the preparation execution and review of loan documents once underwriting signs off on any outstanding conditions and issues final loan approval your loan docs will be ordered and sent to the local Escrow Company that will handle the closing next you will schedule an appointment to sign the loan documents at escrow make sure to bring a cashier's check for money du and bring proper identification for the notary all prior defunding conditions are reviewed and your lender will verify that all documents are correct before verifying Insurance HUD Corrections and final funds from escrow step five closing and funding are the final steps towards home ownership the escrow company will prepare a final HUD one step statement listing all costs fees down payments and Loans related to the purchase and who's responsible for paying them the escro company will send it to your lender for review and approval once approved the funding of the loan will be scheduled and the lender will wire the funds to the title company the title company holds all funds in escrow until all legal documents are recorded typically the next day and then disperses the funds in ance with the HUD one statement this is referred to as closing and that's it you will then be a proud homeowner at IM morgage we have a loan for every home simple as [Music] that