Loan Process Guide
Unlike most mortgage companies that outsource their services, New Beginning Mortgage is “hands on “with each of our clients. We will walk you through the 5 main steps to closing a mortgage. Below is a condensed version of what happens during each stage.
Loan application is taken, buyer/homeowner are notified of the approval status usually within 60 minutes of a completed loan application. Disclosures are signed with borrower in our office or via secure electronic signature and then full file is sent to processing with supporting documents. Processor will then order title and appraisal.
Verifications are ordered, file is reviewed and prepared for underwriter then submitted to underwriting once completed.
Underwriters evaluate files to determine the risks involved for the lender. The loan package is analyzed to verify it meets lender and program guidelines and all provided documentation is acceptable. If approved, the underwriter issues the approval with conditions.
The loan officer and processor will gather additional items needed to satisfy the conditions the underwriter is requiring, then we re-submit to underwriter for a final review and final approval (clear to close or CTC).
After a file is Cleared to Close by underwriting, our closer will issue closing documents to the title company's closer; the closer will prepare a Closing Disclosure and schedule your closing. Most loans are funded within weeks of the completed loan application.