Underwriting/Closing

Once we have all the information and documentation necessary for your mortgage loan, along with our automated approval, we put together a complete package and send your file to the lender. Even with automated underwriting we need “full underwriting” approval from a licensed underwriter. Once the underwriter reviews the file they note any additional conditions and give the file an approved status.

After the loan is approved I request loan documents be sent from the lender to the escrow company for the borrower to sign. At your signing you need to provide identification and any funds needed to close the real estate transaction. After the documents are signed the escrow company returns the package to the lender who arranges the funding of the loan. For a refinance loan this takes four days, for a purchase loan it is normally only two days.

This full mortgage loan process can take between three and six weeks. The slowest part of the process currently is the appraisal which taking around two weeks to obtain. Jeff and I will update you, and your realtor if appropriate, weekly as to the progress with your mortgage loan process.

Merlot Mortgage

Underwriting/Closing