As a Direct Mortgage Lender, we have the ability to fast track your closing in 10-Business Days!
ANACTIVELOANFILEisdefinedasborrower(s)whohasexecutedapurchasecontract,submittedalloftheir preliminary documentation includingsigneddisclosureswithanotherlenderwhohasorderedanappraisaland providingtheborrowerwithexcusesthatisdelayingtheloanapprovalbeyondtheclosingdateandnowaskingfora contract extension because your sales contract is about to expire along with the threat of losing your escrow money.
HOW DOES A 10-BUSINESS DAY CLOSING CHALLENGE WORK FORAN ACTIVE LOAN FILE?
ANEWLOANFILEisdefinedasborrower(s)withexecutedapurchasecontractorrefinanceanexistingpropertybut hasnotsubmittedtheirfinancialorcreditdocumentationtoalenderforreview.The 10-business day closing starts once all preliminary documentationisreceived,includingloanapplication,disclosuresarefullyexecutedand returned and the appraisal paid. Holidays and weekends do not count as business days.
HOW DOES A 10-BUSINESS DAY CLOSING CHALLENGE WORK FORAN NEW LOAN FILE?
To qualify for the 10-business day closing challenge. Borrowers must have a 620 middle score with no history of mortgage credit events, outstanding or differed student loans, unpaid IRS liens or pending lawsuits. Our 10-business day closing applies only to conforming FHA and Conventional purchase and/or refinancing loans for a primary homes. It is important that you disclose your complete financial background/history - everything from employment to assets to credit history in order for us to facilitate this fast track acceleration closing option.The secret to closing a loan in record time starts with the speed in which a borrower can provide flawless, verifiable, executed documents to the lender and how fast underwriting can process the request and reply with an approval. Sounds simple enough, but when you consider the precession and timely, it is not as easy as it sounds.