Day 1 Start the Application Process
We will review and discuss mortgage options and share with you a list of loan programs available. We will take into account your expected down payment, available assets, and employment history. Once we have reviewed financial plan options, you will be given a loan application. Then, we will ask permission to pull credit and request additional financial documentation to facilitate your mortgage transaction.
Day 4 Disclosing & Qualification Completed
It is our mission to select the best loan program for your financial goals. Allow us to review your application to customize a loan plan that will fulfill your mortgage needs. Our detailed and comprehensive review of your financial information, prior to submitting, will give you a loan-approval advantage!
Day 5 Credit Package Validation Completed
We take it into our hands to thoroughly prepare your loan file for underwriter review. We reach out to realtors, escrow, and title companies to gather information relative to the sale and approval of the property being purchased. Our detailed and comprehensive review of your financial information, prior to submitting, will give you a loan-approval advantage!
Day 7 Submitted to Underwriting Completed
Our Loan Officers make sure to collect all financial documentation, such as W-2 forms, pay stubs, bank payments, and tax returns to submit to our underwriting team. That doesn’t mean we won’t need additional information, but the bulk of your documents will be submitted to speed up your mortgage application process.
Day 9 Underwriting Official Review Complete
Once the underwriter has completed its review of the file, it will be handed over to the processing desk. The processing desk will review the underwriting decisions and work with the appropriate parties to answer any questions the underwriter may have as additional documentation may be needed to satisfy underwriting guidelines. Once the processor has gathered needed items to finish the underwriters conditions they will upload any additional items to the loan file and resubmit for underwriter sign off.
Day 16 Resubmit For Review Completed
Once an appraisal report, title report, and escrow documentation is received, this information along with your up-to-date financial documentation will be packaged up and stored via a secured digital loan file and prepped for submission by our loan processor.
Day 18 Underwriting Clear to Close Completed
Once the file is submitted:
- The underwriter will complete a review of all items supporting the loan transaction and issue a decision on the loan.
- Conditional approval is usually granted by the underwriter within 24-48 hours of submission.
- All parties are notified of approval.
- The remaining documentation needed to complete the file will be requested and presented to the underwriter for final approval.
Day 19 Internal Audit Completed
While our internal audit isn’t apart of our selling process it brings value and improves our companies operation. Bringing a systematic disciplined approach to evaluate and improve our effectiveness of risk management, control, and governance process.
Day 21 Docs Order Completed
Loan documents are confirmed by our qualified staff verifying the loan program and terms to be offered to the borrower in the final loan document package. The loan documentation desk is skilled in confirming the title and property description are accurately addressed within the final loan documents. After confirming the accuracy of the above terms and conditions, the loan documents are completed and issued for you to review and sign.
Day 23 Docs Review Completed
Final Doc approval has been completed, its time for you and your partner to attend the loan closing (signing) and bring payment in the form of a certified check or arrange for proof of a wire transfer before signing. Make sure to avoid changing anything that could cause issues in your financial status.
Day 24 Funding
Funding is dedicated to perfecting the borrow loan transaction. Our Funders are skilled in confirming the loan documents are completed, signed properly, and ready for recording. When all preparations are complete the Funder wires the loan proceeds upon request by the escrow company to the title company. Funding the loan by wiring the money for the benefit of the borrower is the consummation of the loan transaction.
Day 25 Recording
The borrower’s deed and fees are submitted for the public record to your local county. This last, most important step could be between you and your home if failing to record on time. Otherwise, have fun picking up the keys to your new home!
As a trusted direct lender, Pacific Funding Mortgage Division’s reputation will add value to your loan. For example, once you have received the preliminary approval letter from your loan officer, any realtor will take this approval letter into consideration when accepting an offer over another. Here at PFMD, our reputation is the driving force behind our successes. This success results from providing bonafide mortgage loan pre-approvals to our realtor partners and consistently delivering loans that close on time. Get a head start on your home loan or refinance today and submit your information electronically here!