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Step 1:
The Loan Application

You will supply information about employment, earnings, savings, and so forth. It’s important to make sure your application is complete and accurate. Missing or incorrect information can delay the loan.

You’ll be asked to provide supporting documentation, such as W-2’s, recent pay stubs, and perhaps even copies of your income tax return. We will also check your credit report.

The Loan Application
Loan Processing

Step 2:
Loan Processing

You will supply information about employment, earnings, savings, and so forth. It’s important to make sure your application is complete and accurate. Missing or incorrect information can delay the loan.

You’ll be asked to provide supporting documentation, such as W-2’s, recent pay stubs, and perhaps even copies of your income tax return. We will also check your credit report.

Step 3:
Underwriting

When the processor has all the paperwork in order, she or he turns the file over to the underwriter. The underwriter’s job is essentially to check the work of the processor. The underwriter will compare the facts in the applicant’s file to the guidelines of the loan type being offered, and make sure that all the conditions are met favorably. As long as you can meet all the guidelines of the loan, your loan will be approved.

Sometimes there is still some missing information at this point that will delay your loan approval. For instance, if an appraisal of the property is required, the appraisal may not have been completed yet. In cases like this, the underwriter will approve the loan, conditional upon meeting certain criteria. Then the loan will be sent back to the processor, who will work to meet the conditions.

Underwriting
Loan Approved

Step 4:
Closing and Funding

Once the loan is approved by the underwriting department, it goes to closing. Closing is the process where the lender’s office communicates with the title company to get all the paperwork in order for settlement.

Once the paperwork is complete, the funds are made available for the loan. Funds are wired electronically to the title company.

At the Settlement Table

The paperwork is done. The conditions of the loan have been met at every stage of the way. The funds are available. Before you get to the settlement table you will receive a Settlement Statement also known as a “HUD1” that details all the final costs/numbers for your transaction.

You should review this document and make sure you understand it before proceeding to settlement.

After Settlement

Shortly after closing Waterstone Mortgage will transfer your loan to a reputable national loan servicer who will then take over the servicing of your loan. It is commonplace for mortgages to be transferred from one bank to another. Keep in mind that the terms of your loan will never change. Since mortgages are recorded at the courthouse you will unfortunately see an increase in junk mail after closing. Please disregard letters unless they are from Waterstone Mortgage.

If you have questions about this process, please let us know.

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