Buying a home is one of the largest investments you will make, and who you choose to finance your home is an extremely important decision. The mortgage process involves many steps, people, and moving parts. Who you trust to advise and guide you through the process will determine if you end up with an enjoyable or a nightmare experience. I work in a real estate office loaded with realtors, and there are many true stories about buyers and their nightmare mortgage experience.
Everyone especially on the internet wants your mortgage business, and there are many marketing tactics advertising the best rate, fees, etc. Getting the best deal for your mortgage is certainly important, but getting the best service during the mortgage process is equally as important. There is nothing worse than choosing a lender who doesn’t care about the timelines of your contract, who doesn’t answer nor return your calls, who doesn’t return your emails, who doesn’t give you updates, who doesn’t get your loan to closing on time, or worse who doesn’t close your loan at all.
Each mortgage goes through the same exact process from beginning to end. I learned years ago that the number one thing that I can do for my borrowers is to use my 17 years of experience in the mortgage industry and teach my borrowers how the mortgage process works. I take the arduous mortgage process, and I break it down to easy and traceable steps. I give my borrowers 15 email updates of not only where their loan is in the process, but also what is going to be happening next in the process.
Every morning, I check the status of each of my files. If there is an update, I will email you to keep you informed as the file moves throughout the entire process. NO NEWS IS GOOD NEWS IN MY WORLD
My goal is to make your home loan experience pleasurable by keeping you updated so we can work together to move your file along efficiently. I have also granted you access to my pipeline report which shows you where your file is in the process. You can access my report anytime on my website or with the below link:
Setting up of your loan basically means ordering everything for your file. We have a third party company called Kroll Factual Data who verifies each piece of your file. The loan setup division orders the following for your file:
This update is to let you know that we have a complete mortgage application for your loan. Based on the information received, the file appears to meet or exceed guidelines to be approved for the loan. Your loan has been submitted to the corporate office.
Your immediate action is required to continue. To proceed with the processing of your loan, please click the link below to give your consent to proceed, and pay for your appraisal:Pay Appraisal
Everyday I will check the status of your file. If there is an update, I will email you to keep you informed as the file moves throughout the entire mortgage process. The mortgage process is broken into 4 steps:
The next step is that the appraisal, title and survey will be ordered.
Our goal is to make your home loan experience pleasurable by keeping you updated so we can work together to move your file along efficiently.
My next update will be sending your realtor the contact information for the appraiser assigned to the file. This takes a few days to be put into they system, but I will check for it everyday.
This email is to let you know the contact information for the appraiser assigned to the file is:
Appraisers name, phone, and email address
Your realtor will contact the appraiser so that they can make arrangements to gain access to the home.
The next update will come when I receive the appraisal back from the appraiser usually within 10 days.
Our goal is to make your home loan experience pleasurable. In an effort to educate you and answer some of your questions before they arise we have compiled a short list of the things that you will want to continue doing just like you have been in the past.
DO continue making your mortgage or rent payments.
DO stay current on all existing accounts.
DO keep working at your current employment.
Listed below are a few things that we have learned that can be troublesome when getting your home loan. In order to make that process smooth, please don’t do any of the following:
Every email you receive from the processor will state the below which is a standard for all loans. The “do not charge anything on your credit cards” doesn’t apply to using your debit card for your normal purchases, but just reminds you NOT to make a large purchase between now and closing because that could affect your loan.
***Please try not to charge anything on your credit cards and do not apply for or open any credit accounts prior to closing. We will check credit again just prior to closing. This could affect your loan approval if your monthly payments go up above what your loan approval debt to income was based on.
This update is to let you know that the processor has finished their end of the file, and your file has been submitted to underwriting.
My next update will come when we have credit approval.
Approving your loan basically means verifying that your loan meets and fits into the mortgage guidelines for the product that you have chosen. The underwriter verifies that your loan adheres to the guidelines of the national government entities such as Fannie Mae, Freddie Mac, and HUD. The underwriter also verifies that your loan adheres to the overlays of the bank that we have chosen for your loan.
Today is a great day! Your loan has been approved by the underwriter, YEAH.
The next step is that you will be receiving an email from the processor with the details of your approval and a list of what is required from the underwriter.
Can you confirm if you will be at closing or if you need me to prepare a power of attorney if you will not be able to attend the closing?
My next update will come from the processor with the dreaded list of what the underwriter is requesting for your file. Please cc me when you send the documents back to the processor so we can help move your file along as fast as possible.
This update is to forward you the email from the processor on the items that are required for your loan. Can you confirm that you received the email so that I know you are working on the items?
Please return the items to the processor so they can get the items back to the underwriter to clear.
Processing your loan application basically means verifying the information you provided with your application and processing the documents associated with the property such as the flood zone, appraisal, title work, and survey.
Attached is the appraisal for your home. You will get the official copy from the processor, and you will need to confirm with the processor that you received the appraisal. Please cc me in your email to the processor where you confirm the receipt of the appraisal.
If you have received a new bank statement since we made loan application, please send me all pages so I can update your assets in your file. You will need to source and explain any deposits into your account. Do keep documentation of any deposits into your bank accounts that are not direct deposit from your payroll. I will need a copy of any non payroll items deposited as well as a dated, signed, letter of explanation from you on the deposit details.
Lastly, you have not already done so; this is a good time to finalize the numbers with your insurance agent. Once you have finalized with your agent, please notify me their name and number so that we can verify that a binder is in place prior to closing. Insurance should be arranged at least 10 days before closing.
This update is to let you know that a closer has been assigned to the file.
The next step is that the closing disclosure will be sent to the closing agent and they will work with our closing division to prepare your closing disclosure which has all of the fees associated with the transaction.
The next step is that the closing disclosure was sent to the closing agent and they will work with our closing division to prepare your closing disclosure which has all of the fees associated with the transaction.This update is to let you know that the closing disclosure will be sent to your email address from our closing division once the closing agent finishes the document. You need to check your email ASAP and complete the verification process and confirm receipt ASAP s that you will be able to close on time. Please send a copy to your Realtor so they can review it with you.
Below is what you will receive in your email.
Below you will find instructions on downloading the Closing Disclosures (CD) related to your mortgage loan. Please follow the instructions to open, download, review, accept, print and save the documents. Your loan representative can help answer the questions you may have (use contact info below).
PLEASE FOLLOW THE INSTRUCTIONS BELOW TO VIEW, PRINT, SIGN and SAVE YOUR DOCUMENTS:
1. Click this link: https://______________________________ (YOU MAY NEED TO COPY AND PASTE THE LINK IN YOUR BROWSER).
2. Read the Electronic Signature Disclosure and Consent form (It is recommended that you print a copy of the disclosure and consent form for your own records.)
3. If you accept the terms of this Disclosure and Consent form, click "Agree and Continue".
4. Download, review, accept, print and save the documents for your own records.
5. Sign all documents and return those to your loan officer.
My next update will be when the closing disclosure was sent to your email.
This update is to let you know that the closing disclosure has been sent to your email address.You need to check your email ASAP and complete the verification process and confirm receipt ASAP so that you will be able to close on time.
You might receive this email after business hours and you will have until midnight to confirm the receipt of the email. You legally have to confirm your closing disclosure 3 business days before your scheduled closing date. (Sundays and Holidays do not count)
My next update is that your file will now go back to the underwriter where they will finish up your file.
This update is to let you know that all of the approval items have been received and the file has been submitted to the underwriter for signoff on the documents and final approval.
Since we are 5 days out from closing now, the underwriter will do a final verification of employment, update your credit to make sure there is not any additional credit applied for since application, and they will update the assets to make sure there are enough funds for closing. The underwriter could always call for additional items so stay close to your email incase the processor asks you for anything.
My next update will come when we are clear to close from the underwriter.
This update it is my pleasure to inform you that your loan is clear to close, YEAH!
My next update will be when your closing package has been sent to the closing agent.
This update is to let you know that the closing package has been sent to the closing agent. Your realtor will give you the details of the date, time, and location of your closing where you sign all of the closing documents.
Please bring a valid form of identification (ex: drivers license) to the closing.
The closing is the final step involved in your mortgage. Your realtor should have given you the details of the date, time, and location of your closing where you sign all of the closing documents. After you sign the documents, they are sent to our closing division where they are reviewed for signing accuracy which can take 15-30 minutes. After they are reviewed by the closing division, a funding number is issued which gives your closing agent permission to release the funds to the seller.