How We Process Your Loan Application
- 1
APPLICATION
You will submit a completed application in person or via our on-line application and provide all applicable information identified in the Information & Document Checklist.
- 2
AUTHORIZATIONS
You will sign the necessary authorizations for verifications and be presented with the appropriate lending disclosures.
- 3
PROCESSING
Your file will be prepared for underwriting and final approval. We will seek written verifications concerning your employment and income, assets and debt. Additionally, we will order a credit report and appraisal.
- 4
FINAL UNDERWRITING
All information from your application and supporting documentation is exported to either Desktop Underwriter® (for conventional loans) or Loan Prospector® (for Freddie Mac loans) for electronic underwriting. These systems assess the risk associated with the loan and provide recommendations for approval. Government loans, such as FHA, VA, and USDA loans, are reviewed by other means. If additional information is required, your processor will secure and provide it for final loan approval.
- 5
CLOSING
The approved file is sent to closing at a date and time convenient for all parties. You will be advised as to the dollar amount required at closing. You will bring a certified check for closing costs, plus any final documents required to complete the file. In the closing, you will sign the appropriate documents. You will receive copies of all documents which are signed at closing.
- 6
SERVICING
Gateway services our bridge, construction, FHA, VA and conventional mortgages. You will make your payment to our office locally. You can mail your payments to our PO Box, drop it off in person or sign up for automatic withdrawal program. Should you have any questions over the life of the loan, our staff is always on hand to meet with you personally or is just a short phone call away.
