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Loan Processing Support Services

Initial Application (1003):

WHY (1003):

Loan applicants must complete a mortgage loan application and provide documentation to show the veracity of the information provided in the application. In order to complete an application, it is also necessary to obtain documentation on the value of the property used to secure the loan. The 1003 contains an Acknowledgement and Agreement section which includes the borrower’s (and co-borrower’s) signature. This section is where the borrower is attesting to the truthfulness of the information contained in the application. While honest mistakes can always be corrected, it is important that all parties involved in a loan transaction understands the importance of truthfulness and accuracy in completing the loan application.

Loan Processing:

  • Organize and set up file
  • Review file for completeness
  • Certify and return documents
  • Input application into system
  • Order the appraisal and title work.
  • Collect and review documentation
  • Deliver package to underwriting
  • Clear conditions and set up closing
  • Submit verifications/complete disclosures

Loan Underwriting:

  • Evaluate file
  • Review findings, feedback and guidelines
  • Decide to approve or decline loan
  • Set and communicate conditions
  • Move the file to the disposal department