How to

Real Estate Agent

Select Home

Loan Officer

Collects
all Pre-approval loan application information from borrower(s) Loan
Applications

Processor

Title

Appraisal

Credit Application

Employment
Verification

Deposit Verification

Set Up Escrow

Flood Determination

Loan Committee

Underwriting

Loan Approval

FHA

Underwriting Loan
Approval

VA

Underwriting

Loan
Approval

Processor

Clear Conditions

Request Document
Preparation

Escrow Officer or
Closer

Set Closing Date

Order Payoff
Statements

Clear Title

Prepare Closing
Statements

Set up Appointments
with Parties to Execute

Documents

Record Documents

Disburse Funds

Definitions

APPRAISAL: An
estimate and opinion of the value of real property based on the analysis
of facts. Facts are derived from comparisons and market conditions, etc.

CONDITIONS:
Restrictions on loan or property which must be corrected or completed
before loan can be closed.

CREDIT RATING:
The rating of an individual as a credit risk, based on past record of debt
repayment history, financial status, etc.

ESCROW: A
deposit of documents, funds and instructions with a neutral third party to
carry out the provisions of an agreement of contract.

PAYOFF: Letter
stating requirements and amounts necessary to clear STATEMENT: underlying
loan.

TITLE INSURANCE:
Insurance policy written to protect a property owner or lender against
loss if title is defective.

TITLE REPORT: A
preliminary report disclosing condition of title on real property issued
prior to Title Insurance Policy.

UNDERWRITING:
Analyzing the risk and matching it to the appropriate loan program, loan
amount, rate and term.