Step-By-Step Process
- Introduction to our brand, social currency, and market expertise
- Reviewing submitted documentation for pre-approval
- Providing client with a shared document that gives full audit of the initial document review
- Client then completes an online digital mortgage application that is synced with Ellie Mae’s Encompass LOS
- Loan Officer then reviews submitted digital application and signs off for final submission into loan processing
- Loan Processing prepares broker disclosures for submission to wholesale investor
- Maven Mortgage’s broker disclosures are sent for borrowers review and
acknowledgment digitally - Then the designated investor’s disclosures are triggered for acknowledgment
- Clients loan is then placed in cue for underwriter review
- After “intent to proceed” is acknowledged appraisal can be ordered on the subject property (this can take place while file is in underwriters cue)
- *If loan is a “purchase” buyers attorney will order title through their designated title company of choice ( borrowers have the right to shop these costs if they feel necessary )
- *If loan is a “refinance” Maven Mortgage will order title through one of their partnered companies ( borrowers also have the right to shop these costs to other companies if they feel the need to )
- Once the file is approved with conditions, the processing department will contact the borrower with a breakdown on what is needed for the “clear to close”
- While all parties are collecting the necessary stipulations for clearance, lender waits to confirm a clean title along with “as is” value on appraisal
- After all, conditions are signed off by underwriting, the client will receive a preliminary ‘closing disclosure’ outlining all the costs of the transaction
- *If file is a purchase the final ‘closing disclosure’ will show the correct and updated ‘cash to close’ figure before client goes to the closing
- Once client acknowledges the ‘closing disclosure’ there will be a required waiting period of three (3) business days before the actual closing can take place ( TRID requirements )
- *If file is purchase then the loan is will fund the same day as the closing
- *If file is a refinance then the loan will fund after three (3) day rescission period
- Clients are asked to give positive feedback for a job well done by Maven Mortgage
CONTACT A LOAN ORIGINATOR TODAY!