Expedient Mortgage Processing
Reliance First Capital
How We Quickly & Correctly Get Purchase Applications Completed
Getting a mortgage completed quickly and correctly is a key factor in getting homes sold! At Reliance First Capital, we understand how important that is for REALTORs and their clients which is why our PRIORITY PURCHASE process allows us to provide some of the quickest closing times in the industry. We are able to close applications, on average, within 30 days (or even less) thanks to our streamlined process and state-of- the-art systems.
Here’s a breakdown on how a purchase mortgage application is processed so you can better understand what transpires to get the job done.
- Upon receipt of the contract, all consumer information is entered into our proprietary, encrypted loan origination system and, within 24-hours, initial disclosures are generated and sent to the buyer for review/signature. Receipt of the signed disclosures is the official start of the application process.
- Having previously provided the customer with a Pre-Approval by reviewing their credit and various required documents (income, etc.), a list of any documents which need updating (e.g.: paystubs, bank statements, etc.) is sent to the borrower. Getting these items to us quickly (within a day or two) is key to keeping the process moving. We offer a customer portal which allows quick, easy, and secure uploading of documents to our system.
- While waiting for documents from the buyer, we submit a title search request to a 3rd party title company. This can take up to 15-days to be completed by the title company.
- Upon receipt of all signed documents and supporting documents, our Processing Team prepares the application for submission to the Underwriters. A review and confirmation of all information is completed during this phase. This step is normally completed in 1-2 days.
- The appraisal is ordered once we receive a ROC from the agent, ensuring all parties agree to all conditions of the sale. Scheduling the appraisal depends on the availability of an appraiser and can vary from area to area. The avg. time to get an appraisal completed and the appraisal report received is 2+ weeks from the date the appraisal order is submitted. Given the demand for appraisals is very high, it is recommended agents accept the first available appointment offered by the appraisal management firm.
- Meanwhile, the application has been submitted to Underwriting.Within just a few days, Underwriting provides their findings including any stipulations (STIPs) needed to complete/approve the application.Within 24-hours of Underwriting’s review, the Processing Team works with the buyer to collect any additional documents/information needed to address any STIPs. Our Processors keep in constant contact with the buyer until all requested documents are received.This completion of this phase depends on the speed of which the buyer provides the requested documents.
- Once the appraisal is received and reviewed, it is paired with the completed title work and submitted to the Underwriters for final review. If all is satisfactory, the Underwriters will provide a Clear to Close and the closing can be scheduled.
All of us at Reliance First Capital are focused on getting applications processed quickly and correctly, helping REALTORs sell more homes and customers getting the house of their dreams! We keep in contact with all parties involved throughout the entire process to make sure the transaction stays on track which helps ensure the quickest closings.