Understanding the process
Loan Application
All loans must use a standardized application called Form 1003 (download here>>). It quantifies important information from each borrower based on identification, employment, income, and credit history. In addition, documents will be required to support applicant's information usually going back 2 years. Most loans take 30 days, can be shorten or extended based on if an appraisal is required and type of borrower.
Loan Application Process
Loan Application Completed
Step 1
A complete loan application is required from each borrower
Documents Uploaded
Step 2
See below Loan Check List for complete list of required documents.
Credit Score
Step 3
Authorization to run a credit report is required by the borrower.
Automatic Underwriting System
Step 4
Automated underwriting uses computer algorithms to make "initial" underwriting loan decisions.
Lender Conditional Approval
Step 5
Lender's use inhouse underwriters to approve applicants loan using proprietary conditions for approval
Clear to Close
Step 6
Once all Lenders conditions have been met, the loan is Clear to Close.
Loan Funding
Step 7
After closing documents are ordered, signed the loan will fund shortly.
Online Loan Application
In the link below, you can apply online to begin your loan application. It is best to download a Loan Checklist to prepare yourself for what items you will need to upload during the online loan application. Loan Check List Form >>