Now that you have completed the Reverse Mortgage counseling, you are on your way to applying for your loan. Before our meeting, I will provide you a comprehensive list specific to the information and documentation for your loan which you will bring to the application meeting. If there are any items missing, I will follow up with you to gather those items at a later date.
Your application will be electronically submitted, including the supporting documentation, to our Intake Department. They will be responsible for reviewing the file for accuracy and ordering the appraisal, title, flood certification and credit report. Once those services have been ordered your file will then be forwarded to my processor.
If you are refinancing, you should expect a call within a few days of application from an appraiser requesting an appointment. In order to avoid delays, please schedule the appointment with the appraiser at a time that is convenient for you and as quickly as possible. Please note that your loan will not be submitted to underwriting for a credit decision until the appraisal and title is received.
If you are purchasing a home, the appraiser will contact the listing realtor or builder to schedule the appointment. It is not necessary for you to be there. For purchase loans, processing will review the file upon receipt from intake and will submit to underwriting for a credit decision within 24 to 48 hours. We do not need to wait for the appraisal or title report in the case of a purchase.
A copy of the completed appraisal report will be supplied to you upon review and receipt and the appraised value will also be disclosed at that time. Should the need for repairs on the property arise, we will discuss how to remedy those.
Should you have any questions or concerns, you can always contact me for assistance.
Once application is made, I am often asked by my clients, “How long is the process?” or “What happens next?” As previously stated, after the Intake Department receives your loan and orders the appraisal, title, credit report and flood certification your loan moves on to my Loan Processor.
If you are refinancing, your loan will be reviewed for accuracy and any missing documentation. Credit reports and flood certifications are returned within 24 hours of ordering. However, appraisals and title reports take a little longer. Once all of these items are received, your loan will go to our underwriting department for a credit decision. Typical turn around from the time of submission is 48 to 72 hours. Once the loan is conditionally approved, I will notify you verbally. You may receive a call from me or from my processor requesting additional documentation to clear your loan for closing.
If you are purchasing, my Loan Processor will review your file within 24 hours of receipt from our Intake Department. She will submit your file to our underwriting department for a “credit only” loan approval. I will notify you of the “credit only” approval and advise you if additional documentation will be needed. Once we receive the appraisal, title and additional documentation from you, we will submit your loan back to underwriting for a conditional loan approval or ideally a clear to close. Purchase loans are typically reviewed within 24 to 48 hours.
In either circumstance, once all conditions have been cleared by underwriting, your loan will go to our closing department in preparation for closing.
If you are refinancing and once your loan has been cleared for closing, I will contact you to schedule a closing date, time and location. At that time, I will ask that you confirm the payment plan you have selected as well as any money you wish to receive at closing.
If you are purchasing a home, the closing date, time and location will be per-determined by the seller or sellers attorney or builder. I will provide you an estimate of how much money you will need to wire to the title company for closing and where and when to send your funds.
If you are refinancing, you are required to have 3 business days to cancel the loan (Right of Rescission) before any money is disbursed. Right of Rescission may NOT be waived. After the 3 day waiting period has expired, on day 4, funds will be wired to pay off any debt on your home (i.e. mortgage) and any money you may have requested at closing will be sent to you via a wire or check.
If you are purchasing a home, funding will occur on the same day as closing. Any overage of money wired by you to the title company will be refunded to you immediately at the closing.
Please allow for a minimum of 30 days for your loan to be set up with the servicing department. Upon completion, you will receive a welcome package from the servicing department and instructions on how to request additional funds from your loan if you refinanced. If you purchased, you will still receive a welcome package. If you have ANY questions or concerns when you receive the welcome package, or at any time after the close of your loan, please don’t hesitate to contact me.