2030 General Outline for Processing a Loan file in Point

Processing a mortgage loan for submission to a lender involves multiple key steps. Here is a general outline to guide you through the process:

1. Complete the Loan Application:

- Form 1003: Fill out the Uniform Residential Loan Application (Form 1003) with the borrower’s information.
  2015 Completing the redesigned Loan Application - URLA form 1003

2. Collect Documentation:

- Borrower’s Information: Collect personal details, employment history, and income verification (pay stubs, tax returns).
- Property Information: Gather all details about the property being finance including the purchase agreement, escrows, and appraisal.
  1301 Attaching documents to the Point file
  4000 Sending documents for electronic signature

3. Gather all third-party Documents.

- Credit Report: Obtain the borrower’s credit report to assess their creditworthiness.
  5403 Requesting or Importing Credit Reports
- Appraisal: Order an appraisal to determine the property’s market value.
  5405 Requesting an Automated Valuation Model (AVM) Report

- Title Search: Conduct a title search to ensure there are no liens or issues with the property’s title.
  5406 Requesting Title Reports
- Ordering: Verification of Employment, Surveys, and request for Tax transcripts.
  5400 Requesting employment and income verifications from The Work Number
  2522 the 4506-C form - IVES Request for Transcript of Tax Return

4. Send the Initial Disclosure: Provide the borrower with required Initial disclosures (Loan Estimate) for the borrower to agree to Intent to proceed.
2102 Completing the Loan Estimate

5. Submit to Underwriting:

- Initial Review: Submit the completed loan application and supporting documents to the lender’s underwriting department.
- Conditions: The underwriter will review the application and may request additional information or documentation (conditions) to approve the loan.
  2605 Entering loan conditions
  1125 Creating the default conditions list

6. Clear Conditions:

- Respond to Underwriter: Provide any additional information or documentation requested by the underwriter to clear the conditions.
- Final Approval: Once all the conditions cleared the underwriter will issue a final approval.

7. Finial Disclosures: Provide the borrower with the final document (Closing Disclosure).
2205 Completing the Closing Disclosure

8. Prepare for Closing:

- Closing Disclosure: Ensure the borrower receives the Closing Disclosure at least three business days before closing.
- Schedule Closing: Coordinate with the borrower, lender, and title company to schedule the closing date.

9. Closing:

- Sign Documents: The borrower will sign the final loan documents at the closing.
- Fund the Loan: The lender will fund the loan, and the title company will disburse the funds to the appropriate parties.

10. Post-Closing:

- Record Documents: The title company will record the mortgage and deed with the county.
- Loan Servicing: The loan will be set up for servicing, and the borrower will begin making mortgage payments.

Each lender may have specific requirements and processes, so it is important to follow their guidelines closely.

Legal Disclaimer

The information presented is confidential and proprietary to Calyx Technology, Inc., dba Calyx Software (“Calyx”), and may not be disclosed without the permission of Calyx. The purpose of this presentation is to provide information, rather than advice or opinion. It is accurate to the best of the speaker’s knowledge as of the date of the presentation. To the extent that this presentation contains any examples, please note that they are for illustrative purposes only and any similarity to actual individuals, entities, places, or situations is unintentional and purely coincidental. In addition, any examples are not intended to serve as legal advice. No part of this presentation may be modified, printed, or presented without the permission of Calyx.

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