The Loan Process


The Loan Process   WHO   DAY 
Application   Loan Originator   Day 1
Run Credit   Loan Originator   Day 1
Lock the Loan    Loan Originator   Day 1 
Create GFE    Loan Originator   Day 1
Send Disclosures   Loan Originator   Day 1
Send Need List   Loan Originator   Day 1
Get Disclosures Back From Borrower    Loan Originator   Day 4
Open Title /  Escrow   Processor   Day 4
Review Borrower Documents for Income / Asset  Accuracy   Processor   Day 5
Update 1003 from Documents / Disclosures   Processor   Day 5
Order Appraisal After 3 days    Processor   Day 6
Run DU    Processor   Day 7
Request Additional Documents from Borrower / Updates    Processor Loan Originator  Day 7
Order Pay Off Demand    Processor   Day 7 
Order 4506T   Processor   Day 8
Receive Pre-lim – Review   Processor   Day 9
Order Real Quest    Processor   Day 9
Give to Underwritng for Review    Processor   Day 12
Get Conditions list from Underwriting   Underwriter   Day 14 
Request Additional Documents from Borrower / Updates    Loan Originator    Day 14 
Receive Appraisal   Processor Loan Originator  Day15
Send Appraisal & Receipt to Borrower   Processor Loan Originator  Day 15 
Give Insurance to Escrow   Processor   Day 15 
Check Value Against DU and Loan Program   Processor   Day 16 
Update DU – Value – Etc… Add Appraisal to the File   Processor   Day 16 
Get Receipt for Appraisal Back and Any Missing Documents   Loan Originator    Day 17 
Verify Pay -Off Demand – Update Calyx & DU    Processor   Day 17 
Request Estimated HUD   Processor   Day 17
Create Final 1003    Processor   Day 18 
Review HUD w. Borrower – Accept or Change HUD   Loan Originator    Day 18 
Draw Loan Documents   Processor   Day 18 
Send Loan Documents to Escrow   Processor   Day 18 
Documents go out with Notary for Signing from Escrow   Escrow   Day 18 
Borrower signs Docs    Borrower   Day 19
Documents Back to / From Escrow –   Notary   Day 20
Get Signed Docs Back from Escrow   Processor   Day 22
Submit File for Final Underwriting   Processor   Day 22
Remaining Conditions   Unsderwriter   Day 23
Fix Remaining Conditions   Processor Loan Originator  Day 23
Fund Loan   Funder   Day 25