Document and verify details of other properties owned
5
Approval: Employment and Property Details
6
Collect financial assets information
7
Check borrower's credit history
8
Analyze debt-to-income ratio
9
Prepare loan application document
10
Obtain property appraisal report
11
Approval: Property Appraisal Report
12
Underwrite the loan application
13
Review loan estimate with borrower
14
Approval: Loan Estimate
15
Submit loan for final underwriting approval
16
Prepare closing disclosure statement
17
Complete loan closing procedure
18
Deliver closing documents to borrower
19
Collect loan servicing setup documents
20
Transfer of title and recording of deed
Collect borrower's personal information
In this task, collect all necessary information about the borrower, such as their full name, date of birth, social security number, and address. This information is crucial for identifying the borrower and ensuring accuracy in the loan application process. Additionally, gather the borrower's contact information, including phone number and email address, to enable smooth communication throughout the process.
Collect income details
To assess the borrower's financial situation, it is essential to gather detailed income information. This includes their current employment status, employer name, job title, and length of employment. Additionally, collect the borrower's income source(s) and the associated monthly or annual income amounts.
1
Employed
2
Self-employed
3
Unemployed
Verify employment history
In this task, verify the borrower's employment history by contacting their previous and current employers. Request employment verification letters or pay stubs to confirm their position, salary, and length of employment. This step ensures the borrower's stability and ability to repay the loan.
Document and verify details of other properties owned
If the borrower owns any additional properties, collect and verify details for each property. This includes property addresses, market values, outstanding mortgage balances, rental income (if applicable), and any relevant property documents, such as deeds or leases.
1
Deed
2
Lease
3
Other
Approval: Employment and Property Details
Will be submitted for approval:
Collect borrower's personal information
Will be submitted
Collect income details
Will be submitted
Verify employment history
Will be submitted
Document and verify details of other properties owned
Will be submitted
Collect financial assets information
To evaluate the borrower's overall financial situation, collect information about their financial assets. This includes bank account statements, investment account statements, retirement account statements, and any other relevant financial asset documentation.
1
Checking Account
2
Savings Account
3
Other
1
Stocks
2
Bonds
3
Mutual Funds
1
401(k)
2
IRA
3
Pension Plan
1
Real Estate Properties
2
Business Ownership
3
Other
Check borrower's credit history
Review the borrower's credit history to assess their creditworthiness and determine potential risks. Obtain credit reports from major credit bureaus and analyze the borrower's credit score, payment history, outstanding debts, and any past delinquencies or bankruptcies.
