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Navigating the Mortgage Process

Step Three: Submitting the Loan Application to Processing

No open houses this weekend to compete with the Super Bowl. With the Pats out of it, who will you be rooting for? Instead we'll build on Tuesday's post and continue to explore the mortgage process:

With all the changes taking place in the mortgage industry, we asked our colleague Craig Tashjian of Fairway Independent Mortgage to share his expertise. This is the third in a series to demystify this key step and share what you can do to increase your chances of a stress-free, successful transaction. Take it away, Craig!

To re-cap there are five key steps in a successful loan process. In step one the importance of a thorough and proper pre-approval application was discussed. Step two was preparing the full application and the additional paperwork needed at the time you find a property and sign an agreement to purchase.

Step three is submitting the application into processing.  Your Loan Officer will now take the completed application and the fully documented financial package and submit the file to his or her Processor.  At this time the Processor will review the package submitted by the Loan Officer to make sure it's complete.  If there is anything missing or that needs clarification the Processor will request it from the Loan Officer and the borrower / buyer.  Because of the complexity of the mortgage process and documentation requirements a second and third set of eyes is very important to ensure that all necessary information is obtained.  The Processor will also order the appraisal, a title examination and other legal work, and if a condominium property, a condo questionnaire and related condo documents are requested from the condo association and/or condo management company.  Once the appraisal on the property is completed and sent to the Processor the file is then prepared for underwri ting approval.

Even with the level of detail and precision required, the typical time frame from application to loan approval is 3-4 weeks and then from approval to closing takes approximately and additional 2-4 weeks. This process can sometimes be expedited depending on how fast a buyer needs to close per their purchase and sales agreement.

Stay tuned for part four -- submission to underwriting.

Craig Tashjian is Vice President of Fairway Independent Mortgage in Needham. You can reach him at 617-417-2966 or craigt@fairwaymc.com

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