Summary of The Loan Process

The loan process can be a little overwhelming to understand at times, especially for the first time buyer. This flowchart will help to explain the roles of the individuals involved and the order in which the process works.

Purchaser:
• Calls Mortgage Planner for information
• Gathers information needed for application
• Starts looking for new home

Mortgage Banker:
• Conducts High Trust Interview
• Discovers core values, hobbies, expectations and needs, and financial goals
• Discusses qualifying, monthly payments, loans available, quotes interest rates, and cash needed for closing.
• Fills out loan application with you

Processing:
• Communicates with you on items necessary for your loan closing.
• Pre-underwrites & prepares loan for approval.
• Works with all parties

Underwriter:
• Final decision maker on your loan
• May need additional documentation from you
• Works directly with Kemp Ward and Processing

Closer:
• Assembles package for your closing day
• Sends package to Escrow Agent

Escrow Agent:
• Prepares Settlement statement & e-mails it to Kemp Ward for review
• Kemp Ward e-mails Settlement statement to all parties 72 hours prior to closing
• Kemp gives you Escrow Officer's Name, Company, and address
• Kemp Ward calls you to review the Settlement figures and cash for closing 72 hours prior to closing

Closing:
• At Escrow Agent's Office
• Sign Final Loan Documents
• Bring a certified check to closing (payable to Escrow Company)
• Bring a Photo I.D.
• CONGRATULATIONS!!! - You are now a homeowner