The Loan Process
|EVENT||WHO DOES IT||DETAILS|
|Apply||Applicant||Complete an application. This will set the process in motion.|
|Loan Originator||Contact by phone||Your first connection with your loan originator will get a dialogue started which will ensure that you get the loan that you want.|
|Credit Check & Prequalification||Loan Originator||We Pre-Qualify you using artificial intelligence software, or underwriting your loan in-house. Our system will assess your credit, income and assets to quickly determine what loan(s) you qualify for.|
|Required Loan Documentation and Paperwork||Loan Originator||Paperwork is still a big part of the loan process. We will email you forms to sign and a document checklist. Return them promptly to ensure timely processing of your request. You can even upload them to our secure site using the Secure File upload link that we have emailed you. In many cases it is possible to electronically sign your application documents.|
|Rate Lock, Title Work & Appraisal||Loan Originator||Once we determine your loan program, your loan consultant will recommend the appropriate time to lock the interest rate. At this time we will request payment for the appraisal and we will order the title work from the title company selected in the purchase contract (Refinance transactions- title company will be suggested for you from our preferred vendor list). Turn times to receive the appraisal and title work is normally 3-7 days.|
|Loan Submission||Loan Processor||Once all the paperwork is assembled by the processor, your package will be forwarded to the underwriting department for approval.|
|Underwriting/Approval Underwriter/Loan||Originator/Loan Processor||An underwriter will review the loan package and send an approval to the processor/loan officer with any conditions necessary for the approval. The turn time for this step is roughly 24-72 hours.
If additional items (conditions) are required by the underwriter, your prompt response is required to facilitate your timely closing. Review and approval of these conditions once provided to the underwriters, will take roughly 24-72 hours.
|Clear Loan Conditions||Loan Originator/Loan Processor||If additional items (conditions) are required by the underwriter, your prompt response is required to facilitate a timely closing. Review and approval of these conditions once provided to the underwriters will take roughly 24-72 hours.|
|Loan Documents Delivered||Loan Closer||Loan documents are prepared and delivered to the title escrow agent. The escrow agent will call you to arrange a signing date and time. This is coordinated by your Loan Officer, your Realtor and the Escrow Agent.
Delivery of your loan documents to the escrow agent normally requires 24-72 hours for preparation and approval of the HUD Settlement. Once the Settlement statement is approved, your loan funds are wired to the escrow agent.
|Loan Funding||Loan Funder/ Escrow Agent||Once the signed loan documents are returned to our Funding Department, they will be reviewed. Graystone Mortgage will allow the escrow agent to fund your loan as long as they have followed our Instructions.|