THE 12 STAGES OF THE LOAN PROCESS

                     Stage 1 - Borrower Receives Offer:   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\Processor receives the Application, Disclosures,

                                     and List of Conditions from the borrower.

                     Stage 8 - Lender Reviews Paperwork:   Loan Officer\Processor reviews the Application, Disclosures, and

                                    List of Conditions and requests any missing or additional documents and various settlement

                                    services such as Title, Survey, and Insurance.

                     Stage 9 - Lender Submits Loan:   When the appraisal is complete and all requested documentation

                                    and settlement services are in, the Loan Officer\Processor submits the file to the underwriter.

                     Stage 10 - Lender Meets Conds:   After the loan is “Approved” by the underwriter, the Loan Officer\Processor

                                      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\Processor 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.