The Loan Process

Sample Steps in The Mortgage Loan Process*

* Please note that DHI Title is not a lender, and that the loan process may vary depending on a number of factors, including the lender you choose and the loan type. The following information is for educational purposes only. Below is an overview of steps that can take place in a typical mortgage loan process. Your lender will let you know the steps that they require, which may include different steps and/or some that are not listed below.
 

1. Prequalification/Interview/Applications: The borrower meets with a lender who, through the course of the interview, gathers pertinent information and identifies any additional documentation that will be needed by the lender to obtain loan approval.
2. Processing/Verifications: The lender will obtain all documents required, which may include but are not limited to: credit report, appraisal on property, verifications of employment, mortgage or rent obligations, funds to close, landlord ratings, preliminary title report, etc.
3. Loan Submission: The loan package is assembled and submitted to the selected underwriter for approval.
4. Documentation: Additional supporting documentation is obtained as required. Lender follows up on any issues or problems that need resolution and requests any additional information or documentation required.
5. Loan Approval: Official notification of loan approval is made.
6. Documents are Drawn: Loan documents are completed and sent to the title company. The borrowers come in for final signatures.
7. Funding: Lender reviews the loan package for completeness and accuracy. Funds are then transferred.
8. Recording of Documents: The title company records the Deed and Deed of Trust at the County Recorder’s Office and the escrow process is officially closed.
9. DHI Title is not a lender. Process details can vary depending on the lender you choose.