Loan Submission
submit documents
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Broker Orders Documents
spacer spacer Brokers put together all the required loan documents and resolve problems in order to qualify the borrower for the rate. Additional items may be required to resolve questions or problems. Please cooperate with your broker to resolve all the conditions. (i.e. enhance credit score, get subordination, correct mistakes in loan documents or recordation ….)PreLim· Credit report· Appraisal · Employment Verification· Evidence of Insurance · Power of attorney *· Home Owner Association * · Lease or rental agreement *· Subordination *· Trust Account Forms* * if required
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Credit report
spacer spacer Brokers order credit report only upon your approval. The credit report will indicate your FICO Score. The credit report will also help brokers complete/validate your loan application. If you forget to indicate a mortgage or a debt, credit report will identify your liabilities and assets. Note: Excessive use of issuing credit report diminishes you credit score!
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Preliminary Report

spacer spacer (Prelim) Prelims are ordered from Title company. If you wish to select a Title company, please let the brokers know.
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Appraisal report
spacer spacer Brokers will select and order an appraisal report for your property. Prior to ordering an appraisal report brokers ask appraisers to give a rough idea of how much your property will appraise. If the appraised value does not allow you to get your desired loan, then we avoid any charges and we will contact you. However, if the appraised value is sufficient for your loan amount, then we will order an appraisal of your property COD. You should pay the appraisal fee after the appraiser appraisers your house. If you are doing a NO FEE loan, then we will reimburse the appraisal fee upon close of escrow.
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Home owner association report
spacer spacer If your property is a condominium or a home owner association is managing your property, then the brokers need the home owner association report and bylaws. The brokers need a home owner association report to process your loan. You can help them get the report by personally getting involved in this process. Some home owner associations are slow to respond to brokers requests.
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Evidence of insurance
spacer spacer Sometimes brokers are required to provide the home owner insurance evidence. Please provide us with the name and phone number of your insurance agent.
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Subordination
spacer spacer Junior loan and equity line of credit require subordination. Junior loan holders are slow to respond to subordination request. Most earthquake Fema loans are junior loans and they are very slow in responding to subordination demands. Your co-operation is obtaining subordination is greatly appreciated by brokers and lenders.
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Loan Submission
spacer spacer Your broker will organize and send (Tran-box or FedEX) all the required loan documents to the lender. · PreLim· Credit report· Appraisal report· Typed & signed loan application· Hand- written signed loan application· Signed disclosures· Evidence of Home Owner Insurance · Home owner association *· Subordination Forms *· Trust account name and forms *· Employment Verification· Lease/rental agreements * * if required
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Obtain Loan Approval
spacer spacer Once your loan application has been received brokers will start the loan approval process immediately. This involves:
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Credit history
spacer 5.2 Employment history Assets including your bank account, stocks, mutual fund and retirement accounts
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Property value.
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Loan Conditions

spacer spacer You do not have the final loan approval until all the necessary parties have underwritten the loan. In order to approve the loan the lender might have to resolve loan issues (conditions). There are two basic type of conditions that have to be resolved; PTD: Prior to Doc conditions PTF: Prior to Funding conditions Loan brokers may get an approval from the lender with in 24-72 hours if no additional clarification (conditions) are required.
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Broker Resolves conditions
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Broker Resolves conditions Broker Faxes/Emails "Document orders" to the lender.