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The loan officer and
borrower meet to discuss the loan and sign the initial
documents. |
 |
The borrower meets
with a third party counselor to ensure a clear understanding of
the product. The borrower will receive a Certificate of
Counseling. |
 |
Upon receipt of the
Certificate of Counseling, the lender orders the required
documents, such as appraisal and credit report. |
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The processor sends
the complete loan package to an underwriter for review,
correction and approval. |
 |
The borrower signs the
final loan documents in the presence of the closing agent. |
 |
The lender reviews the
final documents during the 3 day rescission period, and then
writes the funds to the closing agent. |
 |
The loan is complete.
The lender services and administers post-closing duties, such as
repair escrow. |
