Once the Mortgage Counselor has taken your application it will be immediately registered in the system. If you elected to lock-in the rate and points, the risk management department will execute a hedge trade to protect the interest rate and points from the effect of market risk for the lock period. Your loan application will then be assigned to a Case Manager who, along with the Mortgage Counselor, will maintain primary responsibility for seeing your loan to closing.
Immediately upon receipt of your file, the case manager will order an appraisal on the subject property and a credit report on the borrowers. Within three business days you will be sent a complete set of Mortgage disclosure documents by your Case Manager. These documents will include a Good Faith Estimate of settlement charges, a Federal Truth-in-Lending Disclosure, a Mortgage Program Disclosure and other information and documents pertinent to your transaction. You should carefully review these documents for accuracy, contact the Case Manager directly to answer any questions, and return these executed documents along with any additional documents requested to us as soon as practically possible.
Within the first week after you apply for a mortgage two other events should occur. First, an appraiser hired by us should have made an appointment with you or your Real estate Agent to perform a physical inspection of the property. Second, you should engage the services of a licensed title agent to perform the settlement and escrow process. If you have any difficulty with either of theses two items please call your Case Manager or Mortgage Counselor for advice and assistance, thats why were here.
Once the appraisal , credit report, and executed disclosure and documentation package is received, your Case Manager will prepare your loan for submission to underwriting.