Once We Have Submitted Your Loan Paperwork To Our Processing Team. These Are The Next Steps:
Our processor will review your information and submit your file to underwriting **in progress now.
Underwriters are the folks that review every word on every page. They will have a few questions and processing will send us a list of those questions. Make sure your down payment money is in your checking or savings account at this point where you can wire the money to the title company. You’ll need to either write a cashier’s check the day of closing or wire the money to the title company. Just use the estimate “cash to close” that we provided, that is the closest we can estimate right now.
Gathering additional items from you and sending back additional disclosures should also be expected: After we lock your loan and send the appraisal to you, our processor will send you disclosures to sign and return. Your processor may receive questions or “conditions” from the underwriter’s review. **It’s important to get this information back to us within 24-48 hours. The government requires banks to be very thorough so the paperwork can get a bit nuts at this point, we are doing our best to serve you and help.
We’ll submit all this new pages/information for a clear to close (reviewed by the underwriter again) At the same time we order you legal documents. We’ll send you the Initial Closing Disclosure (ICD, the page with the cash to close on it). It will be 99% accurate and the title company and our attorneys are working behind the scenes to make every penny accurate.
Clear to close is issued once every word on every page is perfect. (this is the exciting time as we’re close to getting your keys for your new home)
Once the final Closing Disclosure is complete, we’ll send this to you. This provides the exact HOA, property taxes, insurance, etc. and gives us the exact amount needed for closing, the CASH TO CLOSE.
Now you’re ready to eClose or sign the loan documents at closing, performed at the title company depending on your loan product. After all parties have signed, “we fund”. The loan and the home are legally yours. Your realtor will give you the keys. Yippee!
CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.