Your Loan Is Approved With Top Mortgage Banker in Dallas TexasA mortgage file is submitted to underwriting after the Processor has completed the processing phase of the mortgage. The initial underwrite of the mortgage loan process typically takes 48 to 72 hours.

The Processor will notify you via email and/or the Floify secure document portal if any additional documents will be required after the initial underwriting approval is issued.

Initial Underwriting Approval

An Underwriter ultimately decides what is required for a total loan approval. The Underwriter will review the file and send the Processor a list of "conditions" that need to be met prior to issuing the "clear to close".

The number and severity of the conditions depend on a variety of factors (such as program type and complexity of the file). Most of the time the conditions are minimal and administrative in nature.

Mortgage Loan Process Outline

Click hither for an overview of each step.

  • Loan Packaging & Lender's Disclosures (i-2 days)
  • Loan Setup (2-three days)
  • Processing / Credit Approval (two-3 days)
  • Initial Underwriting Approving (2-3 days) <– YOU ARE HERE
  • Sign the Initial Closing Disclosure (CD) (Firsthand)
  • Final Underwriting Approval (1-ii days)
  • Docs to Title / Final CD Issued (1-2 days)
  • Closing & Funding (TBD)
  • After Closing

Afterwards Initial Underwriting Blessing

After the initial underwriting approval is issued the Underwriter will send a list of "conditions" to the Processor. Conditions are items needed in society to go the concluding loan approving and close the loan.

There are a number of deportment that are about to take place afterward the initial blessing. The timing for each varies but know that they're happening very soon. You will demand to be ready to:

  • Submit Atmospheric condition
  • e-Sign the initial Endmost Disclosure (CD)
  • Provide Contract Addendum and Amendments (if applicable)
  • Credit Report Update
  • Another Verification of Employment

Submit Weather condition

The Processor will update your Floify document portal to request additional documents from you should any atmospheric condition require your attention. Please provide any outstanding paperwork as soon as possible since we will be unable to move frontward without them.

e-Sign the Initial Closing Disclosure (CD)

The Initial Closing Disclosure (CD) document will exist emailed to yous after the initial underwriting blessing. Bank check out the  Closing Disclosure (CD) page for details on the Initial CD and Last CD.

The timing of when yous receive the CD email will depend on whether certain third political party items have been received.You will be required to sign the CD immediately upon receipt. This is extremely important as there is a mandatory waiting flow that has to occur before closing and the clock doesn't offset until EVERYONE signs the initial CD.

Provide Contract Addendum and Amendments (if applicable)

Please let us know ASAP if there are whatever new addendum or amendments to the contract. Examples include updates to seller concessions, a reduction in sales price, whatsoever charter-backs, etc.). Also, allow usa know if at that place are any repairs or issues with the abode that may not be completed before closing.

Credit Study Update

Inside a few days of closing lenders may update your credit report to reflect the most recent credit balances and view any new credit inquiries. Hopefully, y'all've followed the exercise'due south and don'ts of a home loan and won't have any issues.

The Processor will update the mortgage file with the new monthly balances. Underwriting will need to verify that y'all still qualify with the updated payments from the credit study.

The updated credit report will prove any new credit inquiries since the initial credit report was pulled. New credit inquiries volition require you to transport in a letter explaining the purpose of each inquiry.  Boosted documentation will be required if any new credit was open up.

Another Verification of Employment

Inside 24 to 48 hours of endmost, we will contact your employer to verify that you are nonetheless employed. (And so don't turn in your two-week notice the day before closing). At that place's no action required from you.

Submit for "Articulate to Close"

Your Processor will submit the file back underwriting for the final loan approving once all weather take been procured. The Underwriter typically reviews conditions within 24 to 48 hours.

Bold the submitted paperwork satisfies all the conditions (which is true the vast majority of the time) the Underwriter will issue the "Clear to Clear" or "CTC."

Please note: at that place is a small-scale adventure that more paperwork may exist required from you if the submitted weather condition heighten additional questions.

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Next: sign the initial Closing Disclosure (CD)