- Loan Application
- Loan officer collects all necessary documentation for initial approval of loan
- Loan Audit
- Quality Control Officer will inspect file for any errors that may have occurred during initial loan application
- Initial Processing
- Loan is assigned to processor and may request further documentation in order to complete file for Underwriting Department
- Underwriting
- Loan is then sent to underwriting department to receive full underwrite of file for initial approval
- This step of process normally takes roughly 2-3 weeks, due to length of time dedicated to each file and volume of loans
- Initial approval must be obtained in order for Ryan Homes to start construction of home.
- Loan Approval
- At the point, the closing processor will collect any documentation that is needed for final approval, which are not time sensitive (i.e. pay stubs, bank statements, etc)
- Pre-Drywall Meeting with Ryan Homes
- Call Loan Officer to discuss locking interest rate
- Contact homeowner’s insurance agency to obtain a copy of the new policy.
- Closing processor will request new bank statements, paystubs, and any remaining documents that are still needed for final approval of loan.
- Underwriting Department
- Loan sent to underwriting for final approval, but underwriting may ask for further documentation for final approval.
- Loan is Cleared to Close
- Loan is submitted for Pre-Close File Quality Review
- Closing processor will collect paystubs, dated within 30 days of closing and any closing documents that are needed.
- NVR Settlements Services will send preliminary Settlement Statement (HUD-1), as well as instructions for closing.
- Closing
- Arrive at the set closing destination with:
- Photo ID
- Certified Check written to: NVR Settlement Services
- Customer Survey
- Each customer will receive a survey 30 days after closing, in order to evaluate their experiences with NVR Inc.
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