What Are The Steps From Pre-Approval To Closing Home Loan In 21 Days
There are multiple steps in the mortgage process which includes from pre-approval to closing home loan in 21 days at The Gustan Cho Team at USA Mortgage:
Here is how the mortgage process works at The Gustan Cho Team at USA Mortgage:
- Borrower consults with a loan officer and applies for the loan
- Loan officer will complete a four page mortgage loan application called the 1003
- Loan officer will run credit which is a tri-merger credit report and use the middle credit score
- If the borrower qualifies, the loan officer will ask for Mortgage Documents Required to proceed with the loan process
- Once the loan officer reviews all of the mortgage docs and makes sure that it matches with your mortgage application, your loan officer will run your file through Automated Underwriting System
Automated Underwriting System
The Gustan Cho Team at USA Mortgage are direct lenders with no lender overlays on government and conventional loans.
- If borrower get an approve/eligible per Automated Underwriting System, they are set to go with a lender with no overlays.
- However, if the lender has overlays, the loan officer needs to know whether or does not meet their overlay requirements.
- Once the loan officer prepares the file, the loan officer will submit it to processing and a mortgage processor will take over the file and scrub the file
- The mortgage processor will make sure all docs are complete and there are no missing pages
- Once the mortgage processor completes the file, the file is submitted to underwriting and a mortgage underwriter is assigned to the borrower
- Once the underwriter reviews all docs and feels confident that the borrower meets all the conditions, the underwriter will issue a conditional loan approval which is now close to the closing home loan stage.
- A conditional loan approval is by no means a formal approval.
- Conditions needs to be met and the processor will contact the borrower and gather all the condition with the loan officer
- Every condition will need to be gathered before the mortgage processor will submit to the underwriter for a clear to close.
- Once the mortgage processor feels all conditions are met, the processor will submit the file for a clear to close
- In most cases the underwriter signs off on the loan and issues a clear to close
- In the event if the underwriter finds something missing or incomplete, the underwriter will issue an updated conditional loan approval.
- The processor and loan officer gets to work and gets the remaining conditions that the underwriter asked for
Clearing Conditions For Clear To Close
- Files gets submitted to a clear to close and underwriter finally issues a CTC.
- Closing home loan are held at a title company.
- Docs are sent to title company along with the wire once the docs are approved by the lender.
- Refinancing mortgages can be held at the homeowners home.
- A closer will make arrangements with the homeowner and travel to their home and conduct the closing there.
- This article was updated on September 28th 2017 so TRID REGULATIONS are now in effect.
- There is a three day waiting period after the CTC in order for the closing can take place.
- On refinancing, after closing, there is an additional three day waiting period to disburse the funds.
All Our Pre-Approvals Are Full Credit Approvals Signed Off By Our Underwriters
Borrowers who need a mortgage pre-approval, click APPLY NOW FOR MORTGAGE PRE-APPROVAL .
USA Mortgage offers the following:
- 21 day closings on most loans.
- Past 21 days happen if borrower is missing docs
- No overlays on FHA Loans and minimum score required is 580 FICO
- Under 580 FICO Credit Scores require 10% down payment
- No overlays on VA Loans and minimum credit score required is 580 FICO
- No overlays on USDA Loans and 580 is the credit score required
- No overlays on conventional loans.
- This includes primary, second homes, and investment homes
NON-QM Loans & Bank Statement Loans
- NON-QM Loans where borrowers can qualify for a mortgage one day out of foreclosure, deed in lieu of foreclosure, short sale, and bankruptcy
- No overlays on qualifying for a FHA Loan after Chapter 13 Bankruptcy discharged date
- Borrowers can qualify for a FHA Loan while in a Chapter 13 Bankruptcy one year after the filing date and with the approval of the Chapter 13 Bankruptcy Trustee
- All Chapter 13 Bankruptcy files where the discharge date has not been seasoned for at least two years are manual underwriting
- All manual underwriting require verification of rent
- Most pre-approvals at The Gustan Cho Team at USA Mortgage closes in 21 days
- Over 75% of borrowers of The Gustan Cho Team are folks who either got a last minute mortgage loan denial or are going through a stressful mortgage process with a lender.
- There is no reason why a borrower should not be closing home loan once he or she is pre-approved.
- All closings should close on time and there is no excuses for closing delays.
The Gustan Cho Team at USA Mortgage, a division of DAS Acquisition Company is available 7 days a week, evenings, weekends, and holidays. Call us at 262-878-1965 or text Gustan at 262-716-8151 for faster response. Borrowers can also email us at firstname.lastname@example.org.
Gustan Cho NMLS ID 873293