The preparation of a mortgage loan application and documentation for consideration by a lending institution. This includes verifying employment and assets, obtaining payoffs on current mortgage liens and performing a preliminary review on the title search and appraisal report before providing the entire loan application to the underwriter for final review.
A procedure where a processor takes a file from a loan officer and completes all the necessary steps to get the loan into underwriting.
The second step in the home equity application process which involves the verification of information stated on the application. Credit reports and the appraisal are also ordered at this time.
The administration and paperwork related to a loan from the time a completed application form is received through to completion of the loan process.
Following origination, processing is verification of the information provided on your loan application. This also includes ordering appraisals, credit reports and other documentation.
The procedure in which a loan application is handled, which includes documentation, underwriting, and closing.
Preparation of the mortgage-loan application and all supporting documents for underwriting consideration by the lender.
Once a completed application is received, it is then evaluated under underwriting terms to verify or collect additional or missing information during the process. Once all required information has been received, a decision will be made regarding whether and at what rate the applicant qualifies for the loan. The research and evaluation makes up the underwriting process.
The verification of accuracy of information on a loan application and gathering of supporting documents. Information is packaged and sent for consideration by an underwriter.
The process of compiling information on a mortgage loan application and then verifying that information, including all supporting documentation.
Glossary-P The time between application and loan closing. During this time your loan processor, reviews your income and asset documentation, obtains a title insurance policy and clears any clouds on title, orders and reviews your property appraisal, obtains evidence of homeowners insurance, verifies the flood zone status of your property, and coordinates the signing and closing of the loan. This process typically takes 30 to 45 days.
The completion of a mortgage loan application and supporting documents for underwriting.
the application is being processed
The preparation of a mortgage loan application and supporting documentation for consideration by a lender or insurer.
The preparation and documentation of a mortgage loan application for underwriting.
The process of preparing the loan application and documentation for consideration by the lender.
Coordinating the exchange and verification of information and documentation among all parties involved with a mortgage transaction.
Processing is the steps a lender takes to gather borrower information for underwriting. Processing includes getting the credit report, appraisal, verification of employment, assets, etc. ()
The administration and paperwork involved in taking a loan from application stage to receipt of funds.
The preparation of a mortgage loan application and supporting documentation to be delivered to a lender for their consideration.
Gathering the loan application and all required supporting documents (including the property appraisal, credit report, credit history, and income and expenses) so that a lender can consider the borrower for a loan.
What the lender does with your loan application. Processing involves compiling and maintaining the file of information about the transaction, including the credit report, appraisal, verification of employment and assets, and so on. The processing file is handed off to underwriting for the loan decision.
is the act of gathering necessary document(s) and verification(s) of supporting documentation required by the lender. "Processing" is usually performed by a third party (individual or company) other than the "originator" or "lender".