The Loan Approval Process

Once you have completed the mortgage loan application and submitted copies of the requested information, the bank must complete several steps before you will receive a formal approval on your loan. The loan officer can give you their opinion on the loan but the final approval will not occur until after the loan underwriter has an opportunity to review your file. Once the information is submitted to the loan officer, a loan processor will need to mail verification of employment and deposit verifications. A detailed credit bureau report will be ordered. An appraisal on the property to be purchased must be completed by a licensed appraiser. An attorney or title insurance company will be contacted to obtain a preliminary opinion on title to the property being purchased.

The length of time it takes to complete each of these steps is outside the control of the bank. The quicker verifications are returned, the quicker we can get an answer to you on the approval of your loan. Providing all of the information quickly and accurately saves times in the completion of your loan.

Once all of the verifications have been returned, the appraisal has been completed, and a preliminary opinion of title has been received, the bank will be in a position to submit your loan file to the underwriter for approval. Once the underwriter approves your loan, we will be in a position to give you a verbal approval of your loan and tell you of any conditions the underwriter may impose on the loan.

At this point, the bank is ready to prepare the final loan documents and schedule the loan closing. The loan closing is the meeting between the buyer, seller, the real estate broker, and generally the bank. At this time, you will be required to make your down payment, pay the closing costs, and sign all of the loan documents and documents related to the transfer of the home.

To speak with a The Loan Approval Process representative,
contact Andrea Hays at (618) 382-4118 or
customer-service@surffirst.com.