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mortgage loan processing
Application Submission
Verify that the loan application is complete and signed.
Collect necessary documentation from the borrower (e.g., W-2s, pay stubs, tax returns).
Conduct a preliminary credit check to assess borrower creditworthiness.
Initial Processing
Input borrower information into the loan processing system.
Review documentation for completeness and accuracy.
Order credit report, title report, and property appraisal.
Underwriting
Submit the loan file to underwriting for review.
Ensure all underwriting conditions are met and documented.
Communicate with the borrower regarding any additional information needed.
Loan Approval
Prepare the loan approval letter.
Verify borrower’s employment and income again if necessary.
Confirm that all conditions have been satisfied before final approval.
Closing Preparation
Coordinate with the title company to prepare closing documents.
Review closing disclosure with the borrower, ensuring all fees are transparent.
Schedule the closing date and time with all parties involved.
Post-Closing
Ensure all closing documents are signed and collected.
Submit the loan for funding and ensure it is disbursed appropriately.
Record the mortgage with the local government authority.
Loan Servicing
Set up loan servicing account for the borrower.
Provide the borrower with information on payment methods and due dates.
Monitor the loan for any delinquencies or issues post-closing.
This checklist can help ensure that all necessary steps are taken throughout the mortgage loan processing journey.
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