Wednesday, August 20, 2014

The Road Map to Closing

Below is a list provided by NVR Mortgage outlining the process for the mortgage application, approval and closing.  Our processor sent this to us and I thought it was helpful to see it all laid out.
  • 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.

Was your process similar to this?

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