The Lender Process

Here is an inside look to a lenders process!

Contract Accepted
It all starts with an accepted offer! Lender's often require a fully executed contract to start their process. They will analyze the agreement between the 2 parties and sort out the details on your contract. 
Processing
Once the details have been reviewed and analyzed, they start processing the initial loan details. During this time they send out the contract and details to their processing department where they start processing the buyers assets, income, and employment. 
During this time they make sure the check for buyer loan compliance and eligibility to confirm the loan and loan process. Lastly, the processors will schedule the appraisal to determine property valuation. 
Underwriting
Once the buyer's loan has been process and evaluated, the underwriting team starts to request updated documentation. These documents consist of Earnest Money proof, Asset Verifications, Gift Letters, Explanation Letters, and Verification of Employment Status. During this time the underwriting team will determine if the buyer is fully approved. They will assess the file and determine if any additional conditions have to be met. ex: The lender may require the buyer to have payment reserves. 
Loan Approval
Congratulations, your Loan has been approved! Underwriting has been able to clear all conditions and file acceptance has been granted. The appraisal has met value and you are on your way to closing! 
Clear to Close
We have received the clear to close! At this time the lender will review and send out the Loan Estimate and Closing Disclosures. These disclosure will state, to the buyer, the lender fees, title fees, and closing cost that are needed to close the loan. 
Closed, Congrats on your new home! 
The closing disclosures have been received we can now schedule closing and get you moved in right away! 

For more details on your closing process, contact your lender!