Quick Close Mortgage
First and foremost, we will structure your loan file properly and in a way in which the lender and underwriter like's (and wants) to see it for the purposes of 1. Quickest turn times and 2. Minimal conditions. We understand your situation, and this isn't our first rodeo.
Has your loan recently fallen out of escrow and therefore you are now searching for a lender that can close quickly? Do you now have an executed purchase contract in place with a scheduled close date to contend with? Do you have all your documents in line but just need the right Loan Officer to work with? If you're a borrower and you need your mortgage loan to close quickly, we can help.
Loan Officer Program Knowledge and Escrow Process Experience
Pre-qualification, a fact-finding conversation with you, the borrower. This is about a 10-15 minute conversation. Per our conversation, your Loan Officer will do the necessary preliminary research via your core Loan Scenario Criteria to ensure a good fit and smooth process before full application and credit pull.
Pre-approval: with your preliminary documentation, your Loan Officer will process your application and prepare for the pre-underwrite (second set of eyes) department before it reaches the actual underwriting department. Typically, this process is 24 to 72 hour turn-time (sometimes same day). During which time Initial Disclosures have been sent to you for your review and e-signature. Once we receive your signed disclosures, one of which is the standard "Intent to Proceed" disclosure. Note: These are Initial Disclosures; you are not in any way committing yourself to a loan.
Approval with conditions. The application has been submitted to underwriting, underwriter produces your approval or what is called a CLA, "Conditional Loan Approval". CLA will show all approval conditions, conditions your Loan Officer has already anticipated Loan Officer Non-QM (Non-Qualified Mortgage) origination experience, which fit your loan scenario.
These CLA conditions are also called PTD, "Prior-to-Doc" (closing documents) conditions. We gather all conditions while the appraisal is scheduled with you. After we receive the appraisal, we should have all CLA conditions in line and ready to submit back into underwriting as a full package. 24-to-72 hours later, we have one of two things, a CTC, "Clear-to-Close", or a PTF, "Prior-to-Funding" conditions.
These are very minor admin conditions, during which time, your CD Closing Disclosure has been sent to you for review and approval. Then we have the "3 day rule" (if owner-occupied), during which time the closing date and time have been scheduled with your local title company.