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Realtor |
Lender |
Consumer |
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1 |
Prior to viewing homes, refer consumer to a member of the Utah Mortgage Lenders Association (UMLA). |
Develop income/asset information and order 3 merge credit (credit reports from three major credit reporting agencies).
Advise buyer of documentation that will need to accompany formal loan application.
Send pre-qualification letter to agent and consumer. |
Provide income/asset information. |
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2 |
Prior to making an offer, check with lender for current market rates and processing time. |
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Discuss options for financing with lender, become educated on interest rate lock-in process. |
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3 |
Fax fully accepted contract and Multiple Listing Service (MLS) sheet to lender. |
Set appointment for formal loan application meeting with buyer. |
Set appointment for formal loan application. |
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4 |
Review sellers property disclosure form and set inspection, if appropriate. |
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Review sellers property disclosure form and set inspection date, if appropriate. |
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5 |
Attend loan application meetings, if possible. |
Order: full credit report, verifications, ILS; provide GFE and interest rate lock forms; give applicant sample closing documents, if requested. |
Provide recent pay stubs, 3 months of bank statements, funds for appraisal and credit reports. |
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6 |
Ensure that title commitments are issued and reviewed. |
Review title commitments |
Review Condominium Declarations, Covenants and Restrictions (CC&R´s) if applicable. |
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7 |
Review Good Faith Estimate (GFE). |
Mail GFE/Truth in Lending (TIL) to buyer; send GFE to seller and REALTOR. |
Review title commitment and identify issues. |
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8 |
Notify seller about issues raised after the home inspection, if any. |
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Notify seller if there are any home inspection issues. |
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9 |
Review Improvement Location Certificate (ILC) and contact lender if there are problems. |
Fax ILC to REALTOR, review and advise consumer/REALTOR of any problems; make any additional documentation requests. |
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10 |
Advise seller of unsatisfactory matters not shown by the public records. |
Verify with REALTOR that home inspection issues have been resolved. |
Advise seller of unsatisfactory matters not shown by the public records. |
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11 |
Make sure home inspection issues are resolved and advise lender of resolution. |
Order appraisal. |
Make sure home inspection issues are resolved. |
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12 |
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Submit loan for initial approval; advise REALTOR of appraisal results. |
Provide lender with any documentation requested. |
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13 |
Advise buyer of loan approval. |
Call REALTOR and issue initial approval letter, order flood certification and hazard insurance. |
Advise lender of insurance agent´s name. |
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14 |
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Obtain final loan approval and make sure buy has final closing cost figures. |
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15 |
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Check with REALTOR about ILC/unsatisfactory matters not shown by the public records. |
Get cashiers check from bank. |
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16 |
Closing |
Closing |
Closing |
