If you’ve never gone through the mortgage process before, it can seem a little daunting. But really, there are just four steps to get your home loan.Here’s good idea of what to expect during your mortgage loan process with MCA. If you have any questions or concerns, please contact your Mortgage Consultant or customer care department as soon as possible. Note: Processing times are estimated and may vary due to volume, file complexity, and other factors.
1. Opening/Processing (3-5 business days)
An opener will verify/revise your loan application with information from the supporting documents you provided. A processor will then run your loan information through an automated underwriting program to obtain a pre-approval. The appraisal inspection, if required, will be placed by this time and your loan will be moved to the underwriter.
2. Underwriting/Approval (7-12 business days)
An underwriter will review/analyze your loan application for final loan approval. Loan approval may be received in stages. If the underwriter requests additional information, the processor will be asked to obtain these additional conditions. Once completed, the underwriter will move your file forward to the loan docs department.
3. Loan Document Order (2-3 business days)
Once your loan is approved and all requirements of the lender have been met, the loan documents will be prepared. The loan documents will be sent to the title/escrow company or the closing attorney’s office, and the closing agent will schedule you to sign them.
4. Funding/Loan Closing (3-5 business day)
When MCA receives the signed loan documents and verifies all conditions have been met, we will wire the funds to the title/escrow company, and the title company will record the Deed of Trust/Mortgage (usually by the next day). When the deed has been recorded, title or escrow will disburse monies to the appropriate parties. Congratulations! Your loan is complete.