Loan Process
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The loan officer and borrower meet to discuss the loan and sign the initial documents. |
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The borrower meets with a third party counselor to ensure a clear understanding of the product. The borrower will receive a Certificate of Counseling. |
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Upon receipt of the Certificate of Counseling, the lender orders the required documents, such as appraisal and credit report. |
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The processor sends the complete loan package to an underwriter for review, correction and approval. |
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The borrower signs the final loan documents in the presence of the closing agent. |
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The lender reviews the final documents during the 3 day rescission period, and then writes the funds to the closing agent. |
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The loan is complete. The lender services and administers post-closing duties, such as repair escrow. |