An important role of a Mortgage Broker is to arrange for your loan to be funded by an independent investor or lender ("lender"). Some brokers close loans in their own names, while others close loans in the name of the "Lender" funding the loan. In any event, the mortgage broker is not an employee or representative on the "Lender". Your Mortgage Broker and "Lender" are independent parties. While the "Lender's" role is to provide the funds for your loan, you should look to the Broker for information and assistance concerning the loan process and any associated fees and costs. This is why borrowers today look to someone who understands home financing and can guide borrowers through the process step by step; an expert who knows the area, the homes, the available lenders; someone who takes pride in turning dreams into reality.

Timeline for Loan Approval and Processing:

Full Documentation/Stated Fixed 30 year Loans

1. Application/Pre-Approval Process
      a) Application Received and processed.
      b) Credit Report will be retrieved and analyzed by Loan Consultant.
      c) Good Faith Estimate to be presented within 3 days of pulling credit report
     d) Loan Consultant will recommend the specific type of Loan to be used based on credit, percentage down and percentage to be financed.
         i) Stated Income OR Full Documentation Loan (See attached "Mortgage Checklist" tab for needed information to continue loan process). Your Loan Consultant will direct you of the exact information needed.
      e) Loan Consultant will order the Title for your new home.
   
   
2. Income Verifications
      a) Loan Consultant will calculate established Income and verify for loan submission.
   
   
3. Automatic Approval
      a) Loan Consultant will discuss options for Hazard Insurance and if you would like insurance and taxes escrowed in loan
   
   
4. Actual submission to "Lender"
      a) Physically submit file to Lender; Underwriting will review within (72) hours of receipt.
   
   
5. Typically, the "Lender" returns "Conditions" regarding the loan and at this time, the Loan Consultant may request additional information required by the "Lender".
   
   
6. Closing/Funding
      a) Once the "Lender" communicates to the Loan Consultant that the "Loan is cleared to close", the "Lender" then sends the Title Company the actual Fee Sheets. At this time, the Title Company is responsible for submitting these back to the "Lender". The "Lender" then emails the preliminary closing documents to the Title Company.
      b) Your Loan Consultant then discusses with the Title Company any "Disclosures" still needed by the Title Company and reviews the HUDS for accuracy and content.
      c) Once reviewed by the Loan Consultant and the Title Company, the HUDS are physically sent to the "Lender" for final review. The "Lender" then reviews the complete file within 24-48 hours and sends "Funding and Conditions" to AEM/Title Company. The Title Company will then contact you directly to set the Closing date and time.
      d) After your Closing, your loan will Fund within (2) Business days. Your loan is then recorded two days post Funding.