Shelly
The Loan Process Step 3: Loan Set Up and Processing
Updated: Sep 26, 2018
Loan Set Up
Once we have the contract, your documentation and the signed application and disclosures in your file, we will get the ball rolling.
Your loan will be worked on by our team locally and will never leave our office. During the loan set up we will order the following:
- Appraisal
- Title Commitment and additional documentation from title
- Survey (if needed)
- Homeowner's Insurance
- Case numbers and certifications for government loans
- Employment Verification
Processing
Your file is now reviewed by your processor for completeness.
The processor is responsible for preparing the loan for underwriting, ensuring all verifications have
been completed and all loan documentation meets lender guidelines.
Your processor may call you if he/she has any questions or sees any additional documentation
may be needed. The processor’s goal is to submit the loan in an organized cohesive manner to
ensure a smooth transition to the next step: underwriting.
*The prequalification may be based on unverified information the consumer voluntarily provides to Pilgrim Mortgage LLC. This is not a mortgage loan approval or a commitment to lend. A prequalification does not guarantee loan approval, nor is it an offer or commitment to make a loan to you on certain terms.