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PERSONAL BANKING - Loans & Lines of Credit
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Home Loan Process |
| Ever wonder what happens to your application after you submit it to your lender?
The diagram below and the following steps summarize the entire process. |
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| Step 1 - Initial Loan Application |
The first step involves discussing your borrowing needs and financial situation with a loan officer. This information assists in completing an initial loan application, and depending on the program you are applying for, will contain information related to your income, liabilities, and assets. Complete and accurate information from the beginning will expedite your loan.
In order to facilitate the underwriting process, your loan officer may request available supporting documentation for some of the information provided on the application during this step. You will also be provided with disclosure material, which give you an estimate of fees involved in the loan transaction. |
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| Step 2 - Underwriting |
| Based on the information on the application, any supporting documentation provided up-front, and your credit history, a loan decision is made. A loan approval might be contingent on additional supporting documentation or clarification of certain issues. These are referred to as approval conditions, and are required prior to the loan funding. Some conditions, which the underwriter feels are critical to the files continued approval status, may be required prior to ordering your loan closing documents. |
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Step 3 - Processing |
Once your loan is approved, it continues through the processing step in order to prepare the loan for funding.
Processing includes: |
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Ordering an appraisal for the subject property. |
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Opening escrow. |
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Ordering a title report. |
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Coordination with a variety of entities to collect and organize your supporting documentation and to clear all approval conditions determined at underwriting. |
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| This requires close contact with the borrowers, realtor, appraiser, loan officer, credit report company, title company and escrow company.
Different loans will require different degrees of documentation, depending on the loan program requested. |
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| Step 4 - Loan Closing Document and Funding |
After your loan has been approved and all critical conditions are satisfied, your loan closing documents are prepared and sent to the escrow company for your signature. These documents consist of the note, deed of trust, and other legal/compliance related documents.
The documents are then returned to the lender for review. If the documents are signed properly, and all approval conditions are met, the lender disburses your loan proceeds to the title company. Your loan is now "funded". |
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You're done!
Enjoy your new home and/or lower interest rate. Share your loan experience
with your friends and family, and perhaps we can also assist them with all
their home loan financing needs. |
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Prepaid Gift Card is the perfect gift for you and your loved ones. It's an ideal choice for birthdays, holidays, weddings, and all your gift-giving occasions.
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A general word on SBA loans: East West Bank's Small Business Administration (SBA) Loan Department is committed to helping small businesses obtain the financing needed to expand and grow. East West Bank is a SBA Preferred Lender.
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