An Overview of the Loan Process

1. Client and Loan Officer review mortgage options and credit for purchase or refinance

You and your loan officer will discuss your mortgage goals and determine the appropriate loan program that fits your short and long term needs. The loan officer will take your application via phone, mail, internet or face to face. Once the terms and conditions are agreed upon you will sign and date the application and appropriate disclosures. The loan officer may ask you to provide important documentation, such as pay stubs, W2's, bank statements, etc.

2. Client contacts Insurance Agent

Please contact your insurance agent and let them know you are refinancing or purchasing a home. It is important they know you are obtaining a new mortgage and a processor from W.J. Bradley Mortgage Capital Corporation will be contacting them within a week or two.

3. Completed loan application is given to Opening Department

The loan documentation will be provided to the Opening Department and assigned a loan number. Appraisal, title and all verifications are ordered (only applicable if refinancing or have a purchase contract). The openers will also send out the Good Faith Estimate (GFE) and Truth in Lending (TIL) for you to sign and return. Please note that the GFE and TIL may be the exact same disclosures you previously signed at application with your loan officer.

4. Appraisal and Title Information are gathered

• If you are refinancing, the appraiser will call you to set up an appointment to take pictures and measurements of the property. If you are purchasing a new home, the appraiser will use the lock box or contact the listing/selling agent to access the property
• The title company will send disclosures for you to complete and return. Please follow their instructions and call the title company directly with any questions regarding their paperwork.

5. Loan Application is given to Processor

The loan will be given to the processor to pre-underwrite through an automated underwriting system associated with Fannie Mae or Freddie Mac. All necessary information will be gathered in order to submit the loan to the underwriter. You may receive a pre-approval needs letter via e-mail or mail from the processor providing a list of conditions that will need to be met prior to the closing of your loan. If this list requires action on your part (providing a pay stub, bank statement, etc.) please complete as soon as possible.

6. Loan is submitted to Underwriter

Once the loan package is complete with all the pertinent documentation, it is submitted to the underwriter for approval. The underwriter will review your documentation and determine whether the information listed on the application meets the guidelines.

7. Final approval from Underwriter is sent back to Processor

The processor will receive the final approval from the underwriter. The final approval will list the terms and conditions of the loan. Once again, if the underwriter is requiring additional documentation not asked for earlier, the processor or the loan officer will notify you. To expedite the loan process, it is extremely important to fax or mail requested documents within one or two days.

8. Periodic loan status follow-up

It is important to the whole W.J. Bradley Mortgage Capital Corporation team that you are informed on the progress of your loan. You will be getting numerous calls from us, which include, but are not limited to:

• When we receive your appraisal back from the appraisal company
• When we receive the FINAL approval from the lender
• When your loan docs are being sent to the title company
• When your loan funds

9. Processor requests Underwriter to review conditions

Once the processor has obtained all the required conditions, he or she will submit them back to the underwriter to review and approve. If the underwriter does not feel the package is complete at this time, he or she will notify the processor and you may be getting another call to provide something else. If the package is considered complete, the processor will request the final documentation be sent to the title company. W.J. Bradley Mortgage Capital Corporation's goal is to deliver your closing documentation to the title company 5 days prior to the close of escrow.

10. Title company sets up an appointment to sign documents

Once the title company receives the loan documentation, they will call you to set up an appointment. At this time they will give you the FINAL closing figures. The exact amount you will be required to bring into title will not be known until title calculates the Settlement Statement. You will need to provide certified or wired funds from one of the accounts you listed on your initial application.

11. Signed documentation is sent to Funder

Once you have signed the closing documentation, the title company will provide them to the funder for review. The loan may go through quality control in which a funder makes sure they have everything in the file to make it compliant. If anything is missing, additional disclosures may need to be signed or additional documentation (updated pay stub, bank statement, etc.) may need to be provided. In this case, the title company or the processor will contact you.

12. Loan Funding (for purchases - day you have listed as the close of escrow on your purchase contract, for refinances - after the 3 day right of rescission)

Once the funder determines the loan is compliant, he or she will wire the money to the title company. Note that the cut off for many banks to wire money is mid-morning. It may take anywhere from a few minutes to a few hours for the funds to be transferred from the funder's bank to the title company. Once the title company receives the funds they will send the deed to the county recorders office to be registered and filed. After the loan is recorded the transaction is complete (your realtor may now give you the keys to your new home). Congratulations!!