| | Pacific Mortgage Processing processes all types of loans: | |
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| | 1. Conventional
- Conforming a loan within a predetermined amount (currently $417,000) that falls within Fannie Mae guidelines
- Non-conforming a conventional loan that exceeds a predetermined amount (currently $417,000 also called a jumbo loan)
2. Government FHA, VA, FHA Streamline, VA Streamline
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| | One mistake on an application can mean denial of the loan, because the lending agency's computers allow no leeway for human error. So we are absolute sticklers for accuracy in the applications we send, and we know what to look for in reviewing. All applications are double-checked before sending, to eliminate errors that can delay the process or deny the loan. | |
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| | When you have obtained the loan application from the prospective borrower, you send us the following documents: | |
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| | 1. Loan Submission Order Form, which lists instructions and information regarding the loan.
2. Completed Uniform Residential Loan Application (URLA) - Form 1003
3. Good Faith Estimate
4. Credit report
5. Appraisal
6. Authorization Signature Form
7. Purchase Agreement or Property Information
8. Documents collected at time of application: - pay stubs
- W2s
- tax returns
- divorce decree
- bankruptcy papers, etc.
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| | When we receive a loan, the data is immediately input into our computer system. One of our trained loan processors analyzes the file and generates a missing items and questions list and transmits it to the loan officer, so anything that could hold up progress of the loan is handled right away.
Your processor will continue to all track all missing items to ensure that they are delivered to us on time, so we can submit the file to the lender as soon as possible, meet any pre-closing conditions, and schedule the closing.
Here's what we do: | |
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| | 1. Send out Regulation Z Disclosures (Truth in Lending Act)
2. Send out Good Faith Estimate
3. out HUD booklet: Buying Your Home, Settlement Costs and Helpful Information
4. Order credit report (optional)
5. Order preliminary title report
6. Order appraisal
7. Order flood certification
8. Send out:
9. Analyze income for self-employed borrowers
10. Prepare loan for submission
11. Package the loan with 1 copy package
12. Submit the loan to lender of choice
13. Receive conditions
14. Collect and satisfy all conditions
15. Provide corrected Uniform Residential Loan Application (URLA) - Form 1003
16. Provide corrected Transmittal Summary - Form 1008 | |
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