The Mortgage Loan Process

The Mortgage Loan Process

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

• 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

2 - Mortgage Loan Originator

• 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

3 - Underwriter

• Reviews initial documentation for credit qualification and ensures all conditions are met
• Submits to Processor to collect additional documentation
• Issues final loan decision

4 - Processor

• Confirms terms and conditions with borrower
• Collects all additional documentation
• Re-submits file for final underwriting once all documentation is collected

5 - Appraisal Reviewer

• Reviews Appraisal for value of property
• Issues appraisal to Borrower

6 - Closer

• Prepares and sends loan closing document package to Closing Agent
• Wires loan funds to the Closing Agent

7 - 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