Loan Process

Connection is made with a Signet Mortgage Loan Officer

Pertinent loan application information is disclosed to the loan officer and important questions are addressed so we can outline appropriate loan options for you.

With your authorization, a credit report is pulled and automated underwriting may be completed.

Application and disclosures are prepared and signed by client at this time a good faith estimate is included that reflects the loan terms available on that date.

Supporting documentation is requested that will include income documentation, asset verification, and other details as determined by your loan officer.  Explanation letters are written to explain specific situations that affect your financial ability to repay a mortgage loan.

Loan package is submitted to the lender/investor with supporting documentation to validate the information provided for the loan application

An underwriting pre-approval is performed by an automated underwriting service or a manual underwriter.

Conditional approval is received which will have items that must be completed before a final approval can be issued.

Documents for signing can be ordered, and documents signed at title or at a convenient location with a mobile notary

Once documents are returned lender will perform a funding reviewed to make sure everything is in perfect order.

Lender sends funds to escrow, title and escrow are completed and transaction closes.  Note in a refinance transaction there is a three day waiting period in between signing loan documents and funding.