Here are the steps necessary to put a loan together. A typical loan takes 45-60 day to close. With better preparation, you might be able to complete a loan in 30 days or less.

The Loan Process

1) Understand Client Need

A loan officer need to ask clients what their needs are and gather as much information as possible from the client. Try to help them find the right loan to meet their requirements. Find out if they need the following:

• Pre-qualification/Pre-approval for a purchase
• Refinance - Cash-out/Rate-Term/Deb Consolidation... etc.

2) Application Process

Loan Application

Uniform Residential Loan Application - Form 1003

Credit Check

Documentation Necessary To Start The Loan Process :

1. If you are salaried: provide the past 2 years W2's and 2 month's worth of recent pay stubs. Or if you are self-employed: provide past 2 years tax returns, all schedules -both business or personal.
2. Current Pay Stubs
3. provide at least 2 months of recent bank statements. If receiving gift money, provide gift letter.
4. Provide recent copies of any stock brokerage or IRA/401K account statements that you might have.
5. For divorced, alimony or child support: provide divorce decree / court order and other documentation.
6. Monthly Debt Information
7. For purchase: provide a copy of Purchase Contract; if renting, provide past 12 months rent checks/landlord contact info. For refinance: copy of Current Mortgage Statement
8. If you own rental property, please provide financial statements on the property, including taxes, insurance.
9. 1 form of ID such as driver's license, etc. For foreign national: provide a copy of your green card (front & back) & Social Security Number
10. others as needed.

3) Find the Right Loan Program

There are many programs have different rates, points and fees. With so many programs to choose from, finding the right loan program can be difficult. That's where an experience loan office can help you make the right decision that's best for your situation.

4) Processor Review And Obtain Loan Approval

The lender will verify the information you provided and will request additional documents if needed. To improve your chances of getting a loan approval, make sure you:

• Fill out the loan application form completely
• Do not make any major purchases, such as a car, furniture, etc. until your loan is closed. Increasing debt can have a adverse affect on your current loan application
• Do not go out of town around the closing date. And if you have to be out of town, you may sign a power of attorney to authorize another person to sign on your behalf.

- Order Appraisal

- Preliminary Title Report

- Interest Rate Lock
After the preliminary processing you will be asked if you want to lock your interest rate. You may always check the rates, daily if you wish, and contact your loan agent and ask about their lock process.

5) Packaging the File

6) Submission

7) Underwriting

Prior To Doc

• These are conditions that the lender sends to you that need to be met before final approval is given for the loan.

Resubmit With Conditions

• After all conditions have been met you want to resubmit it to the lender.

8) Approval

Signing

• Docs are ready to be signed by all parties

Final Review

• The lender will review the docs once more

Prior To Funding

• These are conditions that must be met before the lender will fund the loan.
• All prior to funding conditions must be met.

9) Funding

• All conditions have been met.
• Title company orders funds.

10) Closing File

• Bring a cashier's check for your down payment and closing costs if required.
• Review the final loan documents to make sure interest rate and loan terms are correct. Also make sure names and address are accruate.
• Sign the loan documents. (Congratulations!)

* The above process are subject to change and may vary depending on the loan programs and clients. For a smooth process, all parties involved need to cooperate with each other, including the borrower by providing the necessary documents. In some of the steps, the loan officer has no control of, such as performing the appraisal and loan approval, etc..