Processing

This Department verifies your employment, housing history, and finances. These verifications, your credit report and your appraisal, are then forwarded to Underwriting.

Underwriting

This Department ensures that your application meets the necessary requirements for your specific loan program. The three most important things an underwriter reviews are your credit, the property itself, and your current financial obligations, including your proposed new mortgage payment, in relation to your income. The underwriter is responsible for loan approval.

Closing

The Closing Department prepares your Note and Deed of Trust along with many other documents you will sign when you close at the title company. Your real estate agent may accompany you to the loan closing. As the mortgage company, we are also available for you during closing if you have any questions.

The following are some points that will speed the loan process along and reduce last-minute problems: Don't transfer money from account to account until you are sure your finances have been verified. Don't make deposits of over $500 into any of your accounts without saving documentation of its origin (i.e. a check stub, a copy of a bill of sale and a copy of the check from any sale you've made, or a copy of a confirmation if you've sold any securities). Keep all bank statements and pay stubs because we may need to update these documents. Try not to incur additional debt between the time of loan application and closing. We occasionally have to re-verify your credit report at the last minute. If you have any slow payments or recent credit checks, you will receive a letter form the credit bureau, and you will need to respond promptly. Mail or bring your response to us. On slow payments, give a specific reason for each delinquent account. If someone has checked your credit, you need to explain whether or not it resulted in any new accounts, and if so, whether or not they're already posted to your credit report. This is an essential part of your file. Before your application goes to underwriting, your loan officer and the processor review all documentation for accuracy and completeness. We may call you at that time to ask questions or request additional information. (The underwriter may still request even more documentation once reviewing your loan, but we try to eliminate that as much as possible.) One to two days prior to closing, contract the title company to get the total dollar amount needed for the cashiers check you will need at closing.

Approximate Time Frames

Processing: 5 days - 2 weeks Underwriting: 2-3 days Closing: 48 hours Actual closing at the title company: 1 hour It is our job at Nortex Mortgage to work efficiently with you, as a team, and help you purchase your new home as easily as possible. Please call if we can answer any questions for you.

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