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Our Loan Process
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Application: Complete loan application at pannumortgage.com. We can take loan application over the phone, or you can come in person to our office. Submit the required documents. Document Checklist
Loan Analysis: Once we receive your loan application and documents, we will review the information and contact you for any missing information/ documents. We will pull your credit report, send you the loan application and disclosures for signing. Once we receive signed application disclosures and all documents, we will submit your loan to the lender and your file will be ready to lock the interest rate.
Interest rate lock: We will contact you to verify and confirm the interest rate, closing cost, and credit. If current interest rate is not what you want, we will set up an alert and notify you as soon as interest rate matches your requirement. In most cases we will lock the interest rate for 30 days. We must close the loan within the lock period or we will lose the lock. In case we lose the lock, we will have to abide by the lender’s lock extension policy. Please note: we will not lock the rate without your approval.
Appraisal: We will order the appraisal to determine the value of the property if lender doesn’t get a waiver. Let us know if there are any unpermitted additions on the property because some lenders do not allow it. Appraisal cost is $525 in most cases. We will take your credit card information to order the appraisal. If we have offered a no cost loan, you will receive enough credit to cover all closing costs including appraisal fee.
Conditional approval: Depending on lender’s work load, you will get the lender’s decision within 1-3 business days. Unless your loan is denied, the lender will conditionally approve the loan. You may have to provide additional information or documents as requested by the lender.
Signing: Once all conditions have been met, we will request the closing docs, and the lender will verify the closing cost with the escrow company. The lender will send closing disclosure (CD) to you. You have to acknowledge the CD. Three days after acknowledging the CD, you can sign the closing docs. The escrow officer will send you the estimated closing statement and note for review. The escrow office will contact you to schedule the signing. They will send notary to your preferred location for signing. Once docs are signed, they will be returned to lender for funding.
Funding: The lender will review the signed docs and contact your employer to verify your employment. The lender will then wire the funds to the escrow company.
Closing: Once the escrow company receives the funds, they will release the file to the county recorder’s office for recording. Once escrow office receives the recording confirmation, the escrow officer will prepare the final closing statement. Your loan is now closed