Understanding the Loan Process

Julie Larsen Wyss is always available for all of your home financing needs, including but not limited to: purchases, refinance, cash-out refinance, and home equity lines of credit.

The Application Process
The key to the loan process going smoothly is the initial application interview. At this time, Julie Larsen Wyss obtains all pertinent documentation, orders the initial credit report.

Ordering Documentation
Julie and her associates will requests verifications of employment and funds to close, mortgage or landlord ratings, and any other necessary supporting documentation. She will forward the application and all pertinent information to her Loan Processor. Next, we will collect the purchase contract (if required), preliminary title report, and order the property appraisal.

Good Faith Estimate and Truth-in-Lending Disclosures
Julie is required by the government to supply you with a Good Faith Estimate and Truth-in-Lending Disclosures within 3 days of application.

Submitting the Loan
Once all the necessary documentation is in, Julie’s Loan Processor puts a loan package together and submits it to the underwriter for approval.

Awaiting Documentation
Within a week, Julie begins to receive the supporting documentation, also referred to as the “conditions.” As they come in, the lender checks for any problems that might arise and requests any additional items needed.

Loan Approval
Loan approval generally takes anywhere from 24 hours to 15 days depending on the complexity of the loan application. All parties are notified of the approval and any loan conditions that must be received before the loan can close.

The Drawing of Documents
Within 1 to 3 days after the loan approval, the loan documents (including the note and deed of trust) are completed and sent to the title company. The escrow officer calls the borrowers to come in when the papers are ready for final signature. At this time, the borrowers are provided with final figures regarding how much money they will need to bring in to close the loan.

Funding
Once all parties have signed the loan documents, they are returned to the lender who will review the package. If all the forms have been properly executed, the funds are transferred by wire.

Recording
When the Title Company receives the funding check from the lender, they make the lender's security for the loan a matter of public record. They do this by recording the deed of trust at the county recorder's office. All proceeds are distributed to the involved parties, and escrow is officially closed.