Step 10. Closing - Now that all of your documents have been signed, the Escrow Closer will send your original documents package to the office of the Lender's funding department. The Escrow Closer knows who this is because it is designated in the closing instructions. Once the Lender's office receives the documents, they will review the package to make sure that it is complete and that no signatures were missed during signing.
The whole closing process generally takes most of the day, and can only be completed on a day when the Federal Reserve and the local County Government offices are open, which excludes holidays and required County furlough days.
Upon approval by the lender, the Warranty Deed and Deed of Trust are delivered by the title company to the County courthouse for recording. Verification of recording is given to the escrow closer who then disburses funds to the Seller, Listing Broker, Buyer's Broker, and any other parties to the transaction. Once the Deeds have been recorded with the County, the Buyer's agent will be authorized to deliver keys to the Buyers so that they can begin the process of moving into their new home!
Congratulations! Now that you have completed the home purchase process, you are ready to enjoy all of the benefits that homeownership provides. If you have any questions, you can always contact your loan officer or Realtor - they will be happy to assist you!
Kevin Hancock
Loan Officer
License # MLO-108328
at 
360.698.6478 office
206.849.6326 cell
425.283.4642 fax
kevin.hancock@legacyg.com
Please visit our new website at www.hancockmortgageteam.com
Step 7. Underwriting and Approval - Once your lender's processor has received the necessary appraisal, title, and insurance documents, your file will be submitted for underwriting.
Underwriting is usually handled outside of your loan officer's office (to avoid conflicts of interest between loan officers and underwriters), although the underwriter may contact the loan officer if there are any questions during the underwriting process.
If your file is "clean", straightforward, and well documented, your loan may be approved for documents right away. Often times there are details for which the underwriter will require additional documentation, called "conditions". Sometimes there are only 1 or 2 conditions, and sometimes there are 20 conditions. It just depends on how complicated your loan file is and how detailed your income and asset documentation are. The better the detail, the easier it is for your loan officer and his or her processor to packaged your file for a fast underwriting approval.
The key to getting conditions cleared is a quick response to your loan officer for any additional information requested. This could be anything from a letter of explanation to a copy of a canceled check. It is important to respond quickly because the sooner the conditions can be re-submitted to the underwriter, the fresher it will be in their mind when they go to review. If the underwriter has to wait several days to review the condition, they will have to spend additional time getting re-aquainted with your file.
Once the underwriter is satisfied that all conditions have been satisfied, and the loan has been structured and disclosed in a compliant manner, they will issue the final approval. This approval will authorize your loan documents to be drawn by the "doc" department!
Kevin Hancock
Loan Officer
License # MLO-108328
at
360.698.6478 office
206.849.6326 cell
425.283.4642 fax
kevin.hancock@legacyg.com
Please visit our new website at www.hancockmortgageteam.com
Your file has been ordered out, but your lender isn't sitting around waiting for the appraisal...
Step 6. File Processing and Pre-Underwriting - Once the file has been ordered out, your loan officer and his/her processor will continue working on your file to make sure that everything progresses smoothly. During this part of the process, it is important to respond quickly to any requests for information or documentation.
You may be asked to update information in your loan file including your most recent pay-stubs and bank statements. They will also work to document things like your earnest money deposit, down-payment gifts received, and verifications of rent and employment.
They will also work to confirm who you wish to use for your Homeowner's insurance. You can use any company you wish, and there is no additional cost added to the insurance premium by the lender. The lender will request an Insurance Binder from the provider you choose, and the coverage will be determined by you and your insurance agent. The lender will require that insurance coverage meets minimum requirements, but your insurance agent will be familiar with these requirements.
Please let me know if you have any questions.
Thanks!
Kevin Hancock
Loan Officer
License # MLO-108328
at
360.698.6478 office
206.849.6326 cell
425.283.4642 fax
kevin.hancock@legacyg.com
Please visit our new website at www.hancockmortgageteam.com
Step 5. Ordering of Appraisal, Title, and Escrow - Once the inspection is complete and the decision to proceed has been confirmed, it is time for your Loan Officer to request your Appraisal, Title, and Escrow services.
5-a. The Loan Officer will order the property appraisal on your behalf. The appraisal is not ordered directly, but rather contracted through a third-party called an Appraisal Management Company (AMC).
The Loan Officer will most likely request a cash deposit so that the funds are available to pay the appraiser as soon as the appraisal is delivered. Lenders request deposits because the appraiser needs to be paid whether a transaction closes or not. A Loan Officer is personally liable for any appraisals ordered for his or her clients, so it is important to make sure they receive deposits so that they are not financially responsible in the event that multiple transactions fail to close.
5-b. Title insurance is ordered from the company designated by the Buyer (you) on the Purchase and Sale Agreement. An Owner's Title Insurance Policy is purchased by the Seller to cover you as the Buyer. A Lender's (or Mortgagee's) Title Insurance Policy is purchased by you as the Buyer to cover the lender who will be providing the financing for the purchase.
Before closing a Preliminary Commitment for Title Insurance (title report) is provided to the Buyer and the Lender. It is important for you to review the title report to make sure that there are no items of record that will impair your intended use of the property. If you need assistance, your agent or an attorney can help you understand the title report.
The Lender will also review the title report to make sure that it's lien position for the new loan will be in first lien position and that there are no other matters that would affect the marketability of the property.
5-c. The Escrow service is also ordered from the company designated by the Buyer (you) on the Purchase and Sale Agreement. It is common for the Escrow and Title to be provided by the same company, but not exclusive.
Kevin Hancock
Loan Officer
License # MLO-108328
at
360.698.6478 office
206.849.6326 cell
425.283.4642 fax
kevin.hancock@legacyg.com
Please visit our new website at www.hancockmortgageteam.com
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Mortgage Banker / RE Finance. WA State DFI Lic# MLO-108328. The Hancock Mortgage Team at The Legacy Group -- Your Mortgage Consultants for Life --
at 
Thank you for visiting my Active Rain profile!
I joined the industry in 2003 working as a mortgage banker in Bellevue, WA. I now work out of our Silverdale office, and serve clients all over Washington and Oregon. I work as a member of a lending team with my father, Mike, and our processor, Kristen.
Mike (DFI Lic# MLO-108299) is a Certified Mortgage Planner with over 30 years experience in the Real Estate industry, having worked as a Lender, Title Officer, LPO, Real Estate Broker, Builder, Developer, and Land-use consultant. Why is all of this experience helpful? It is not uncommon for issues to surface in a mortgage transaction that fall outside the comfort-zone of your typical loan officer. When this happens you will discover the value of having a true expert on your side, only a phone call away.
Kristen worked in retail banking for 11 years before joining our team over 3 years ago. Kristen's banking knowledge is an amazing resource in many mortgage lending situations.
In August of 2009, I Completed the Executive Certificate in Financial Planning program at the Dr. Robert B. Pamplin Jr. School of Business Administration at the University of Portland, OR.
Between us, we have over 21 years experience in mortgage lending, and have closed over 1,200 real estate loans.
The company we work for, The Legacy Group, is a respected independent mortgage, capital, and escrow company based in Bellevue, Washington. We are an employee owned organization, which is committed to helping individuals and families create wealth through residential and commercial lending.
Please don't hesitate to contact me. My only goal is to offer you the highest level of service and expertise available. Thanks for taking the time to read this profile, and please let me know if there is anything I can do for you. I look forward to hearing from you!
It would be a pleasure for me to give you the highest testimonial. You did for me what no one else was able to do. You got me qualified and pulled out all the stops to bring that about. You went way above the normal call of duty and reached out for me in a way that has left me deeply grateful. Because of you I am now in a much better financial position. I will take every opportunity to give you my highest recommendation. Warmly, -Debbie
Thank you for all the work you did to get me into my first home. I could not have done it without you! House warming party this Saturday at 3PM if you want to come and see it! Thanks! - Katie
We want to express our sincere thanks to you and your staff for making things happen with the purchase of our 2nd home! we will definitely tell others to come to you! Thanks! - Bob and Leslie
I give you glowing marks each time I get an opportunity to point someone in your direction. Just wanted to let you know that I am debt free in the credit card dept. Great feeling. You helped me get there. Thanks again. -D
Thank you for going above and beyond on lot 73's closing! It was certainly unexpected and very much appreciated. Experience and calm demeanor is rare - so thank you!" - Karin
Congratulations on your outstanding accomplishment on second largest sales in the company. That is great - keep up the great work! - Vickie, Julie, and Elayne
I am also certified to close loans for participants in the Washington State Housing Finance Commission's HOUSE KEY program. This program is an excellent way for first-time homebuyers to qualify for home purchase loans all over Washington State. The program requires a little extra work on the part of the borrower and I, but it has been worth the work in the 6 HOUSE KEY transactions I have closed so far.
Please contact me today for more information.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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