The Loan Process 

There are several steps in the loan process. Here is a breakdown of each step from pre-qualification to closing and a description of what happens during the process.

Pre-qualification
Loan Application
Loan Processing
Underwriting
Quality Control Audit
Pre-qualification

The first step in getting pre-quaified is completing the loan application and gathering the necessary documentation. The loan originator will review the documentation, pull your credit report and run your loan through automated underwriting to determine which loan programs you qualify for. 

Loan Application

Once the pre-qualification is complete and a property has been identified the loan application can begin. The loan originator will prepare the loan documents specific to the loan program and the property that you are financing. You will have the opportunity to "lock-in" your interest rate during the loan process.

Loan Processing

After the application your loan will be assigned to a Loan Processor that oversees and guides your loan step-by-step until closing. The Processor orders supporting documentation such as the appraisal, survey, employment verifications, etc. in preparation for submitting your loan to underwriting.

Underwriting

The loan processor will submit your application and documentation to an underwriter for review. The underwriter will condition for any items or supporting documentation needed to make a final decision on your loan. Once all items have been received and reviewed by the underwriter a final decision wil be issued.

Quality Control Audit

During the quality control loan audit everything is verified to insure an accuracte and salability loan.Credit is re-pulled, employment and banks are re-verified and an IRS and Social Security audit is preformed to make sure there have not been any changes that would effect the loan appoval. Once the final audit is complete the loan will be cleared to close. 

Colorado Home Loans 

Mountain Financial Mortgage Group, Inc.

19501 E Mainstreet, Suite 200

Parker, CO 80138

www.mfmloans.com

info@mfmloans.com

Office  303-838-7300

NMLS #321427

 

2018@  Mountain Financial Mortgage Group Inc.

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