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Mortgage Transaction Process Steps

The document outlines the steps involved in a typical mortgage transaction, which includes having a client complete an application, underwriting the application to determine the best lender, preparing and signing documents, ordering an appraisal, sending required documents to the lender, confirming conditions are met, setting a closing date, and following up after closing.

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Tom Mazuma
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111 views1 page

Mortgage Transaction Process Steps

The document outlines the steps involved in a typical mortgage transaction, which includes having a client complete an application, underwriting the application to determine the best lender, preparing and signing documents, ordering an appraisal, sending required documents to the lender, confirming conditions are met, setting a closing date, and following up after closing.

Uploaded by

Tom Mazuma
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

The Life of a Mortgage Transaction

In Search for a Client Complete an Application in detail and have the Client sign it Do your Math and Underwrite A, B or C Lender? Package Forward to Lender of Choice

Approved! Call Client

Accept Response from Lender

Prepare all necessary Documents

Client comes in to sign papers

Fax signed copies to Lender

Order Appraisal

Send all required Documents to Lender

Call Client. Advise that Appraisal is O.K.

Appraisal Accepted, . .

Receive Appraisal. Send to Lender

Confirm with Lender; conditions are all met

Remove Subjects .

Call Lawyer to confirm they have instructions from Lender

Closing Date; call to confirm close

Confirm Receipt of Commission

Send Thank You Letter to Client

Make diary note for Commission Cheque

Complete Internal Forms Required by your Broker

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