FINANCE

If you're like most Buyers, a home is the most expensive purchase you'll ever make, and you'll probably need some form of financing.

There are many lending institutions that offer a variety of mortgage products. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get the mortgage that best meets your needs at the best price.

We would be happy to help you to secure the best possible rate for your home purchase/refinance.

Please Contact:     Dynamic Processing 

                                                                        Diane Phạm    (714) 728-3973  Cell
                                                                                                 (714) 596-4750  Office
                                                                                                 DynamicProcessing@sbcglobal.net
 
 
  
 
MORTGAGE LOAN PROCESS (Mortgage Underwriters)
  • Mortgage Application
            The mortgage application process is where you fill out the application, sign various forms that authorize the lender to process your loan, and deliver your documentation requirements (Bank statements, W-2s, paystubs, etc.) It usually takes an hour or so if you go to the office to do this; whereas, it will take a week or more if mailing them. The next process can not begin until these documents are completed and or received.
  • Mortgage Processing
            When all of your documentation is received it then goes the a loan processor who verifies and validates all of the information to be true and correct. Verification requests may be sent to your employers, mortgage holder/landlord and lending institutions. This is done by fax if possible. It is usually during this time frame that the appraisal and the title policy are ordered.
            When all the information is collected the processor then verifies that basic loan requirements have been met. The file is then packaged in a manner the lender specifies. The completed package (including the appraisal and the title report) is then send to the underwriting department either in house or to lender-specified location.
            The process of your loan usually takes about one or two weeks but it can often be delayed when third parties do not respond to validation requests or appraisal delayed. If your loan qualifies for DU (Desktop Underwriting) or Loan Prospector, these are computer automated systems, the documentation requirements are often cut in half and the process can be completed in three to five days depending on the volume of loans the processor has.
  • Mortgage Underwriting
              The underwriter reviews your loan package to make sure it conforms to all the guidelines required for that product. The underwriter also reviews the appraisal and title report and may do additional validation of employment, mortgage payments, and credit. And, anything he/she feels is necessary to document your loan. He/she has ultimate power and decision authority over the approval of your loan. The time required to do this is driven by the volume in the market. It only takes three to five days under normal conditions.
  • Automated Mortgage Underwriting

            Most lenders today use Automated Underwriting (by computer). The advantage is less documentation and it speeds up the process. The computer actually makes the approval decision and the underwriter only reviews the supporting documentation and the appraisal. However, if any documentation is missing, inaccurate, or does not agree with the 1003 (application), the loan will be kicked out of the system until documentation requirements are met or the loan is turned  down or resubmitted. This can cause delays but they are usually resolved quickly. Automated Underwriting can be completed in just a matter of hours. But ... if the market is flooded, expect it to take longer.

     
  • Condition To Close
            When the underwriter is done reviewing your loan he/she will send "conditions to close" to your loan officer. These are normally just requirements for further documentation to support your file. When these needs have been satisfied the underwriter will give a final approval and "clear to close".
  • Clear To Close
            When the loan officer gets the clear to close he/she then schedules and coordinates with all the parties the time and location to sign the final documents to close the loan. This normally only takes an hour to schedule.
  • Draw Documents
            When everything is scheduled the lender then draw the document package and send it to the closing company (escrow). This can be done by overnight delivery, fax, or electronically. It can takes one or two days. You meet, sign the papers, and pick up the keys after the loan is funded.