Has your loan recently fallen out of escrow and therefore you are now searching for a lender that can close quickly? Do you now have an executed purchase contract in place with a scheduled close date to contend with? Do you have all of your documents in line but just need the right Loan Officer to work with? If you are a borrower and you need your mortgage loan to close quickly, we can help.
First and foremost, we will structure your loan file properly and in a way in which the lender and underwriter like’s (and wants) to see it for the purpose of 1, quickest possible turn times and 2, minimal conditions. We understand your situation, and this isn’t our first rodeo.
Steps to close your next mortgage:
Pre-qualification, a fact-finding conversation with you, the borrower. This is about a 10-15-minute conversation. Per our conversation, your Loan Officer will do the necessary preliminary research via your core Loan Scenario Criteria to ensure a good fit and smooth process before full application and credit pull.
* * Step Two:
Pre-approval: with your preliminary documentation, your LO will process your application and prepare for the pre-underwrite (second set of eyes) department before it reaches the actual underwriting department. Typically, this process is 24-to-72-hour turn-time (sometimes same day). during which time Initial Disclosures have been sent to you for your review and approval. Once we receive your signed disclosures, one of which is the standard “Intent to Proceed” disclosure. Note: These are Initial Disclosures, you are not in any way committing yourself to loan.
* * Step Three:
Approval with conditions. Application has been submitted into underwriting, underwriter produces your approval or what is called a CLA, Conditional Loan Approval. CLA will show all approval conditions, conditions your LO has already anticipated (Loan Officer Non-QM experience), that fit your loan scenario.
These CLA conditions are also called PTD Prior to Doc (closing documents) conditions. We gather all conditions while the appraisal is being scheduled with you. After we receive the appraisal, we should have all CLA conditions in line and ready to re-submit back into underwriting as a full package. 24-72 hours later, we have one of two things, a CTC Clear-to-Close or PTF Prior to Funding conditions. These are very minor admin conditions, during which time, your CD Closing Disclosure has been sent to you for review and approval. Then we have the “3-day rule” (if owner-occupied), during which time the closing date and time have been scheduled with your local title company.