Once we receive the signed application, disclosures and the documents we requested from you, we’ll verify that the income, assets and debts listed on the application match those reflected on the documents you provide us with and the credit report obtained.
All of the closing costs are paid at time of closing with the exception of the appraisal – which is paid up front and credited at time of closing. It is at this point that we will ask you for a deposit to cover this cost and reimbursement for the credit report.
Putting it all together
Once all documents including the appraisal have been received and reviewed for accuracy your loan will be sent to the underwriting department. The underwriter is the person assigned by the lender to give the application a seal of approval. Our team has systems in place so the underwriting of your loan runs as smoothly and quickly as possible. It is not uncommon for the underwriter to ask for a couple more pieces of information (such as letters of explanation for little details they cannot picture, or a more recent document than the one in the file).