Below are certain steps taken after your loan application is complete
- The mortgage loan originator reviews your information and contacts you to confirm your intent to apply and requests the required documentation and fees to begin processing your application. The information is transferred to the Loan Processor to verify that all documentation needed to process the loan has been collected. Regions will order an appraisal that estimates the current value of the property. A title search and title insurance are required to ensure that there are no other liens on the property. Once documentation is complete, everything is transferred to the Underwriter.
- The Underwriter does not have direct contact with you but he or she is the one who reviews all of the documentation and makes the decision to approve or deny your loan. You are then notified of the decision and if approved, can set a closing date.
- Once the Underwriter's decision is made, the information is transferred back to the Loan Processor. If approved, the Loan Processor will contact you, request any further documentation, and set a closing date. When complete, the information is given to the Closer to assemble the "closing package" - the finalized loan documents. The Loan Processor makes sure that all fees and other payments to be made at closing are documented accurately, and verifies information with the closing agent.
Note: You should get a Home Inspection prior to closing
A pre-purchase home inspection, performed by a professional, is a visual examination of the readily-accessible areas of a home to provide an accurate evaluation of the home's condition at the inspection. This evaluation is presented to the buyer in a comprehensive report so buyers are fully informed of the home's condition prior to purchase. While a home inspection is not required by Regions, it is highly recommended.
Whatever your home financing needs, Regions Mortgage is here to help you every step of the way. Please locate a Regions Mortgage Loan Originator or give us a call today at 1-877-536-3286 and we will be happy to assist you in selecting the right loan or answering any questions you may have.