Step
|
Activity
|
Completed by
|
Inquiry
|
Inquiries are received via online web application. |
Loan Processor
|
Inquiry
|
Credit report and request for value (if refinance) is ordered. Qualified inquiries are forwarded to an underwriter where an underwriting assessment is made or it is determined further information is required. |
Corelogic/Credco
|
Inquiry
|
Missing information is completed (if required). Application and disclosures are created in Associate's name.
|
|
Inquiry
|
Loan conditions are determined and provided to the Associate with completed application and disclosures via e-mail within 24 hours. |
Associate
|
Application
|
Obtain signatures on residential loan application/disclosures, processing deposit fee (to Associate), and loan conditions. Associate forwards documents and conditions to UHFCU. |
Loan Officer
|
Application
|
Underwriter reviews loan documents, conditions and interest rate. Loan status sheet and Mortgage Rate Lock Disclosure confirmation (if rate is locked) are forwarded to Associate. |
Underwriter
|
Processing
|
Appraisal is ordered by processor, using the appraisal form determined by the AU approval through an approved appraiser. Associate is notified via e-mail. |
UHFCU
|
Processing
|
Title Report, Lien check(s), copy of proposed conveyance document and Tax information worksheet are ordered by processor from an approved escrow/title company. Associate is notified via e-mail. |
UHFCU
|
Processing
|
Upon receipt, Title Report and Appraisal are reviewed by underwriter. |
|
Processing
|
Mortgage Insurance certificate and condominium disclosures are obtained (if required). |
|
Processing
|
Loan conditions are cleared by the underwriter and the investor (if required). |
|
Processing
|
Flood check is completed. Flood zone disclosure is issued to applicant and Flood insurance is ordered if required. Associate is notified via e-mail if the subject property is in a flood zone. |
UHFCU
|
Processing
|
Underwriter informs Associate via e-mail of loan approval, closing conditions and interest rate (if it has not been locked). |
UHFCU
|
Processing
|
Signing, funding, and recording dates, signing location, and interest rate/points are confirmed with applicant along with any outstanding closing conditions. Associate notifies UHFCU via e-mail. |
|
Processing
|
Hazard insurance binder is ordered. The hazard Insurance request will reflect for the binder to be faxed and mailed to the Closing department. Associate is notified via e-mail. |
|
Closing
|
Closer prepares preliminary figures and closing documents and then internally proofs loan documents to ensure accuracy. |
|
Closing
|
Closer sends preliminary figures to escrow. Escrow will forward a tentative HUD-1 settlement statement to the closing department. |
|
Closing
|
Closer prepares and forwards loan package to Associate for signing. |
|
Closing
|
Obtain signatures and notary on closing documents. Return documents and closing conditions to UHFCU no later than the following day. |
Associate
|
Closing
|
Upon receipt of signed loan package, Closing department conducts post-closing audit to investor specifications verifying changes have not been made to original documents. Closing department ensures documents are signed correctly and all conditions have been met. If discrepancies or missing documentation are discovered, a Deficiency Report will be created detailing all needed corrections and documents to be obtained. The Deficiency Report will then be e-mailed to the Associate for follow-up. |
UHFCU
|