Once your loan application has been submitted, your loan will then move to processing. We need your help as a partner to keep your loan process moving. As we navigate through the loan process together, our team will be requesting information and documentation from you. To avoid last minute surprises or a potential missed closing, we ask that you respond as quickly as possible—typically no more than 48 hours.
Once we have received your signed loan package and the initial documents that we have requested, our team will review these documents to make sure all information is valid. Once all information has been validated as true and correct, your loan will be submitted for final credit approval.
Simultaneously, information will be gathered on your home such as appraisal, survey and title. During this process, please make sure that you have requested home owner’s insurance and have provided this information to your loan officer or processor.
Once your loan is fully approved through credit and appraisal review, the closing documents are prepared by our closing team who will work with your title company’s settlement agent for the closing.
Closings are typically coordinated with your real estate professional or your settlement agent. You will receive a copy of your closing disclosure which will give you final numbers for closing. Don’t forget you must go to closing with certified funds (cashier’s check) made out in the name of the title company.
We will order your appraisal from a licensed appraiser and it will be reviewed by underwriting once it is completed. To comply with the Equal Credit Opportunity Act (ECOA), Regulation B, you must certify in writing you have received the appraisal at least three days prior to closing. If you do not respond in writing three days prior to closing, you cannot legally close until 3 days has elapsed.
Please secure home owner’s insurance immediately. Our closing team needs this information at least 7 days prior to closing. Feel free to call or e-mail us if you have any questions along the way. Please remember that we are never too busy to help.
Underwriting validates that all information provided to our team meets Trinity Oaks Mortgage underwriting criteria. As our underwriter reviews the paperwork, please be aware that further clarification or documentation may be required. During this stage of the loan process, your loan may be approved conditionally. If this is the case, our underwriting team will be in touch to discuss the next steps and may request additional information to explain certain conditions pertaining to your loan. Please be ready to respond to additional requests quickly to help ensure a smooth and on-time loan closing.
Once your loan has been approved by our underwriting department, it is passed on to our closing department who will prepare your final loan documents for signing. A final breakdown of your cost to close will be sent to you prior to closing. This is called a closing disclosure. Please review the closing disclosure prior to closing day for accuracy.
On your closing day, you will need to block out a comfortable amount of time. While a closing can be accomplished over your lunch break, you will want to make sure you have plenty of time in case one of the key players for the signing is running late, any documents are flawed and might need changing, or last-minute questions arise. Setting aside half of your day for your closing ensures that you aren’t rushed and feel comfortable when leaving the closing table. Be sure to double check your settlement statement for any errors prior to closing and check the numbers against your mortgage information.
Here is a list of what you will need to bring to closing:
1. Two forms of identification
2. Certified funds for closing—these funds can be wired to your title company or a cashier’s check made out to the title company in the amount reflected on your closing disclosure.