The Loan Process

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Understanding the components will help you feel more comfortable as you go through the loan process and will also help your loan officer spot any red flags along the way should they appear.

The type of loan you are applying for will determine the length of time required for the loan process in completing your loan. Different loan types require different documentation. Your loan officer will walk you through the process up front so you will know what to expect. Typically, most of our loans take less than 30 days to close.

Mortgage Application

The mortgage application process is where you fill out the application, sign various forms that authorize the lender to process your loan, and deliver your documentation requirements (bank statements, pay stubs, W2s, etc.). This can be done online, by phone or in person. The next step cannot begin until the application is completed and the required documents are received.

Mortgage Processing

When all of your documentation is received it then goes to a processor who verifies and validates all of the information to be true and correct. Verification requests may be sent to your employers, landlord and lending institutions. It is usually during this time frame that the appraisal and the title policy are ordered.

When all the information is collected the processor then verifies that basic lender loan requirements have been met. The completed package (including the appraisal and title report) is then sent to our in-house underwriting department.

Mortgage Underwriting

The underwriter reviews your loan package to make sure it conforms to all the guidelines required for that loan product. They also review the appraisal and title report and may do additional validation of employment, mortgage payments, and credit.

Conditions and Clear to Close

When the underwriter has reviewed your loan he or she will send conditions to close to your loan officer. These are normally just requirements for further documentation to support your file. When these needs have been satisfied the underwriter will give a final approval and clear to close. Once the loan officer has the clear to close he or she then schedules and coordinates with all the parties to sign the final documents to close the loan.

Draw Documents

When everything is scheduled the lender then draws the document package and sends it to the closing company. This can be done by overnight delivery, fax, or electronically. It can take one to two days. You meet, sign the papers, and pick up the keys.

Learn how you can get your loan closed faster.

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Mason-McDuffie Mortgage

12647 Alcosta Boulevard
Suite 300
San Ramon CA. 94583

Phone: 925-242-4400
Fax: 866-743-0260
Toll-Free: 877-275-6662
info@masonmac.com

Licensing

Licensed by The Department of Financial Protection and Innovation
under the California Residential Mortgage Lending Act. NMLS# 1141
NMLS Consumer Access Site

Not  a  commitment  to  lend. Rates  and  terms  subject  to  change  without  notice. Licensed by The Department of Financial Protection and Innovation under  the  California  Residential  Mortgage Act  No. 4130968; AL  #22653; AR  #32700; Colorado regulated by the Division of Real Estate; DE #019623; FL #MLD819; Georgia Residential Mortgage Licensee #20924; ID #MBL-5861; Kansas Licensed Mortgage Company #MC.0025601; KY: #MC701698; MD: #16927; Mississippi Licensed Mortgage Company Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the NJ Department of Banking and Insurance; NC: L-152867; NV: #3681; OK: #ML012358; Licensed by the Oregon Division of Financial Regulation #ML-3808; PA: #37008; TN: #112513; Licensed by the Virginia State Corporation Commission #MC-5579, WV: #ML-31523/MB31759, WY: #3964. NMLS #1141. www.nmlsconsumeraccess.org

CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.

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