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1. The borrower completes a loan application
2. The loan consultant obtains pre-approvals for different mortgage loans.
3. The borrower is presented with different mortgage loan offers.
4. The borrower chooses a mortgage loan.
5. The borrowers submit any and all documentation needed to process the loan.
6. Within three days the borrower receives loan disclosures, which must be signed and returned to the loan consultant.
7. The loan consultant contacts an appraisal company in order to have the borrowers home appraised.
8. The appraisal company schedules a time and date to with the borrower to appraise the home
9. The loan consultant orders the payoff statements for all mortgages to be paid with the refinance loan.
10. The loan consultant orders a title search for the subject property.
11. The loan consultant receives the appraisal report and title report.
12. The loan consultant creates the loan file and submits the file into the processing department.
13. The processing department will review the loan file and obtain any incomplete documentation and information.
14. The processing department submits the loan file to underwriting department.
15. The assigned underwriter will review the loan file and request any stipulations (further information/documentation) that he or she needs to provide a final approval.
16. The processing department and the loan consultant will be provided with a stipulation sheet (a list of information/documentation needed) from the underwriting department.
17. Your loan consultant will request from you, any additional documentation/information needed by the underwriter that is requested on the stipulation sheet.
18. Your loan consultant receives the documentation/information from the borrower and forwards it to the underwriting department.
19. The underwriter provides the final approval.
20. A closing date is scheduled.
21. The final loan documentation is created and sent to the party closing the loan. (The party closing the loan can be a title company, attorney or notary public and is state specific.)
22. The borrower provides state issued identification, signs the loan documentation and is provided with copies of all documentation signed at closing.
23. The three-day rescission period begins. It is during this time that the borrower can evoke his or her right to rescind (cancel) your mortgage loan. If the borrower does not rescind, the current mortgage company is provided with the payoff amount, the new title is recorded and the borrower is provided with any funds that are to be received as a result of the refinance.
24. The mortgage refinance is now complete.
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