THE 12 STAGES OF THE LOAN PROCESS
Stage 1 - Borrower Receives Offers: Borrower is Pre-Approved and sent initial Mortgage Offer
Stage 2 - Borrower Requests Lock: Borrower requests to “Lock the Rate”.
Stage 3 - Borrower Takes App: Borrower completes the Loan Application (usually on-line).
Stage 4 - Lender Locks Loan: Loan is locked.
Stage 5 - Lender Sends App: Loan Officer sends Application, Disclosures, and List of Conditions
to the borrower.
Stage 6 - Lender Orders Appraisal: Appraisal is ordered.
Stage 7 - Borrower Returns App & Conds: Loan Officer receives the Application, Disclosures,
and List of Conditions from the borrower.
Stage 8 - Lender Reviews Paperwork: Loan Officer reviews the Application, Disclosures, and
List of Conditions and requests any missing or additional documents.
Stage 9 - Lender Submits Loan: When the appraisal is complete and all requested documentation
and settlement services are in, the Loan Officer submits the file to the underwriter.
Stage 10 - Lender Meets Conds: After the loan is “Approved” by the underwriter, the Loan Officer
meets any conditions requested by the underwriter.
Stage 11 - Lender Sets Closing: After all conditions have been met and the loan is “Clear to Close”,
the Loan Officer sets the closing with all parties.
Stage 12 - Borrower Closes & Funds: The Loan closes and funds.
Disclaimer: These stages above are typical. However your stages may vary depending on various circumstances such as loan types, property types, credit situations, appraisal issues, etc.