Under Contract Timeline
Lender takes full application and pre-approves buyer for a home.
Lender collects all required documentation including accepted contract, and disclosures are mailed out if application was taken over the phone. Title company needs to be decided in order to ensure proper estimate of fees. Lender discusses locking into an interest rate with buyer.
Buyer completes inspections and informs lenders when inspections are completed. If any changes to the contract occur at this time, an amendment/addendum needs to be forwarded to the lender immediately to make appropriate changes to disclosures. Lender submits file to processing.
Lender orders title, order appraisal, and re-discloses to buyer any changes that have occurred to the contract. Appraisal is received approximately 5-7 days afterwards.
File is submitted to underwriting.
Appraiser inspects property and send in appraisal report to lender. Lender gives a copy to the borrower and to processing department. Title work is received back. Buyer secures insurance on the home and sends to title company.
Conditional loan approval is received.
Processing orders and completes all verifications needed for the file.
Underwriter reviews file and sends conditional approval.
Processor clears all conditions from underwriter and gives file back to underwriter for final clear to close.
Underwriter clears file, gives to closing department to issue initial Closing Disclosure (CD).
Closing department sends out closing package and title company balances the CD with closer. Closing is scheduled.
Act of Sale