Mortgage Loan Process: All Right Reserved
Mortgage Loan Process: All Right Reserved
Mortgage Loan Process: All Right Reserved
• Core of LOS
• Four submodules-
Documentation Hand-in
Choosing the loan product
Verifying third party vendor services
Performing Credit checks
• Categories of Product
Purchase Loan- For customers buying a new
home.
Refinance- for customers who are looking for
lower interest rates or lower monthly
payments.
80-20 Loan- make it possible for the borrower
to pay only 20% of the home value and the
remaining 80% is paid by the lender.
Copyright ©Global Systems LLC 2006.
All Right Reserved.
Verifying third party vendor services
• Appraisal- Market Value or worth of the
equity ( home).
• Title- Title defines who is the owner of the
house. Title insurance is added to the
borrower. Clean title is required as the lender
wants to avoid complications.
• After the customer fits into a loan product the closing documents are
generated which need to be signed by both the lender and the
borrower.
• The HUD1 statements are also generated at this time which provide
an itemized listing of the funds that were paid at the time of closing.
• The statement includes real state commissions, loan fees etc.
• The total defines the sellers net proceeds and the buyers net
payment at closing.