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| 860-225-5731 / 712-5553 |
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| Info@MortgagesInCt.com |
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The Myths The Application The Processing The Underwriting The Closing
The first thing in processing is to order an appraisal. You will usually be expected to pay the appraiser at the door before he or she enters the property. The appraiser is an independent professional charged with arriving at an opinion of value of the property. Appraisers are licensed by the State. Residential appraisals generally run from $300 for a single family residence up to $450 for a four unit property.
When all of your documentation is received it then goes to a processor who verifies and validates all of the information to be true and correct. Verification requests may be sent to your employers, mortgage holder/landlord and lending institutions. This is done by fax when possible. It is usually during this time frame that the appraisal and the title policy are ordered. When all the information is collected the processor then verifies that basic lender loan requirements have been met, then the file is packaged in a manner the lender specifies. The completed package (including the appraisal and title report) is then sent to the underwriting department either in house or to a lender-specified location. The processing of your loan usually takes about a week but it is often delayed when third parties do not respond to the validation requests or appraisals are delayed. If your loan qualifies for DU (Desk top Underwriting) or Loan Prospector, these are computer automated systems, the documentation requirements are often cut in half and the process can be completed in one to three days depending on the volume of loans the processor has.
Call 860-225-5731/712-5553
