The mortgage loan process doesn't have to be difficult. Once you have made the decision to pursue applying for a mortgage loan with Regions, your Mortgage Loan Originator will work with you to obtain the necessary documentation required for a loan decision to be made.
Below is a summary of the mortgage loan process so that you will have a better understanding of what you can expect:
1 - Borrower
2 - Mortgage Loan Originator
- Contact Mortgage Loan Originator for financing information
- Provides initial documentation (tax returns, pay stubs, bank statements, etc.) necessary for underwriting
- Provide homeowner's insurance
- Signs final loan documents presented by Closing Agent
- Provides funds needed to close
3 - Underwriter
- Provides loan options to Borrower
- Quotes interest rates/fees
- Assists in completing the loan application
- Requests documents needed from Borrower for underwriting the loan file
- Provides Loan Estimate and other disclosures to Borrower
- Orders Appraisal
- Submits loan package to operations center for decision
- Locks in interest rate
4 - Processor
- Reviews initial documentation for credit qualification and ensures all conditions are met
- Submits to Processor to collect additional documentation
- Issues final loan decision
5 - Appraisal Reviewer
- Confirms terms and conditions with borrower
- Collects all additional documentation
- Re-submits file for final underwriting once all documentation is collected
6 - Closer
- Reviews Appraisal for value of property
- Issues appraisal to Borrower
7 - Closing Agent
- Prepares and sends loan closing document package to Closing Agent
- Wires loan funds to the Closing Agent
- Schedules the loan closing
- Informs Borrower of funds needed to close
- Explains to Borrower final documents to be signed
- Witnesses Borrower signature on all required documents
Should you 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 during the mortgage loan process and 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.
For a step-by-step diagram of the Mortgage process, click on the Regions Mortgage Home Loan Process link below.
Regions Mortgage Home Loan Process