The Application and Processing
The completion of the 1003, or mortgage loan application, is
the true first step in the loan process. Jeff or Marcy
will assist you in the completion of this form and will obtain
from you all the required documentation. Once this
application is typed in the LOS (loan origination software) you
will be provided with a GFE (good faith estimate) of costs and
TIL (truth-in-lending) statement. These are the documents
you will use if you want to compare options between lenders or
programs.
Once we have completed the loan application with you and
determined the best program for your situation we start
processing the mortgage loan. I run your file
through the automated underwriting system which gives me a
credit report and other underwriting conditions. From
these conditions I order the appropriate appraisal, open
escrow, and collect the documentation required by the
system. These documents may include a wide variety of
items which I will handle. An appraisal is
almost always required, although with today’s
automated systems, oftentimes an abbreviated and less expensive
appraisal will suffice. Documenting income and other
legal documents may also be required. We will call and
ask for any items we didn’t collect at the time of taking
the application as they become necessary. One of our
mottos is “keep it simple”.
