Most would-be homeowners dread the cumbersome mortgage loan process that is necessary for realizing their dream of buying a home. But, the mortgage loan process doesn’t necessarily need to be difficult. As soon as you fill AWM Lending’s short mortgage application form, our Loan Originator will work closely with you till the time of closing of your loan.
Here is a summary of the loan process to give you an idea of what to expect.
Borrower
•Fill out the short mortgage application (unless your agent advice you to fill the complete form)
•Contact Loan Originator
•Initial documentation (bank statements, pay stubs, tax returns etc.)
•Homeowner’s insurance
•Signing of final loan documents given by the Closing Agent
•Provide mortgage closing funds
Mortgage Loan Originator
•Informs about various mortgage options to the borrower
•Quotes interest rates and fees corresponding to the mortgage options
•Assists in completing the application forms
•Requests for documents necessary to complete the formalities
•Providies estimates of loans and other disclosures to the borrower
•Orders appraisals
•Locks in interest rates
Underwriter
•An underwriter’s primary role is to review the documents submitted by the borrower and establish his/her credit worthiness
•Issuing final loan decision
Processor
•A processor confirms the terms and conditions of the loan with the borrower
•Collects all the additional documents
•Re-submits the file after collecting all the additional documents to the underwriter for approval
Appraisal Reviewer
•Reviews the value of the property for appraisal
•Issues the appraisals to the borrower
Closer
•Prepares closing document package
•Sends the package to the closing agent
•Wires loan funds
Closing Agent
•Schedules the closing of mortgage
•Informs the borrower about the funds that are required for closing the loan
•Informs and presents the borrower with the final documents that need to be signed for closing
•Witnesses the sign of the borrower on all necessary documents
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