The Loan Process

Pre-qualification

Pre-qualification occurs before the loan process actually begins. The lender gathers information about your income and debts, and makes a financial determination about how much house you may be able to afford.

It’s a good idea to know how expensive a home you can afford before you start shopping for one! If you are refinancing the loan on your existing home, then the pre-qualification process should help you decide whether refinancing is a good idea for you.

Application

The application is the beginning of the loan process and either occurs after you have found a property you want to buy or have determined that you wish to refinance the loan on your existing home. You complete a mortgage application for a particular loan program and, supply all of the required documentation for processing. Various fees and down payment options are discussed at this time. The loan officer will deliver a Good Faith Estimate (GFE) and a Truth-In-Lending Disclosure (TIL) within three days that itemize the rates and estimated costs for obtaining the loan.

Processing of your Estimated Loan

The lender will typically submit the application package to an automated underwriting system that will provide the lender with the necessary documentation needed for loan approval. In some cases, the lender may also manually underwrite an application package.

The lender’s processor reviews the credit reports and documentation to verify your employment, debts, and payment histories. If there are unacceptable late payments, collections, judgments, etc., the processor requests a written explanation from you. The processor also reviews the appraisal and survey and checks for property issues that may affect final loan approval. The processor’s job is to put together an entire application package for the lender’s underwriter.

Underwriting

The lender’s underwriter is responsible for determining whether the application package prepared by the processor meets all the lender’s criteria. If more information is needed, the loan is put into “suspense” and you will be contacted to supply more documentation.

If the underwriter approves the loan, the lender issues a conditional commitment to lend, orders title insurance, works with you to clear all conditions to its commitment to lend, and then schedules a closing time. Conditions to the lender’s commitment may include issues with credit, income, or the property that may arise during the processing and underwriting process.

Closing

The closing will occur after all conditions are cleared and the lender issues a full loan approval. At the closing, the lender “funds” the loan with a cashier’s check, draft or wire to the closing agent, who disburses funds, in exchange for the title transfer to the property. This is the point at which you finish the loan process and actually refinance or buy the house, subject to the lender’s loan. Closings occur at different places in different states. For instance, some states require that the closing take place at a closing attorney’s office, while others use a title or escrow company. You may also be able to close at your home.

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Approved Lenders

Movement Mortgage

Jennifer Roblee (NMLS ID #299997)
951-428-2269
jennifer.roblee@movement.com

Joelle Southern (NMLS ID #950224)
951-425-4736
joelle.southern@movement.com

John Winters (NMLS ID #1407148)
909-330-0517
john.winters@movement.com

American Financial Network

Alejandro Ascencio (NMLS ID #244230)
562-413-1087 (Bilingual English/Spanish)
aascencio@afncorp.com

Felix Avella (NMLS ID #248344)
909-967-3455
favella@afncorp.com

Ofelia Garduno (NMLS ID #241606)
909-238-2546 (Bilingual English/Spanish)
ogarduno@afncorp.com

Union Bank

Gabriel Gomez (NMLS ID #450516)
951-818-5385
gabriel.gomez@unionbank.com

Jennifer Zamora (NMLS ID #765437)
213-840-9001 (Bilingual English/Spanish)
jennifer.zamora@unionbank.com

Lauren Del Toro (NMLS ID #485532)
909-964-6442
lauren.deltoro@unionbank.com

Paramount Residential Mortgage

Mayra Limon (NMLS ID #1165937)
760-713-0222
mlimon@prmg.net

 

Approved Lenders

American Financial Network

Alejandro Ascencio (NMLS ID #244230)
562-413-1087 (Bilingual English/Spanish)
aascencio@afncorp.com

Frank Contreras (NMLS ID #249738)
562-305-4818
fcontreras@afncorp.com

Ofelia Garduno (NMLS ID #241606)
909-238-2546 (Bilingual English/Spanish)
ogarduno@afncorp.com

Cherry Creek Holding

Adolph Collaso (NMLS ID #249695)
760-987-1959
acollaso@ccmclending.com

Nancy Herrera-Siples (NMLS ID #256016)
951-897-5432
nsiples@ccmclending.com

Richard Vandenberg (NMLS ID #244921)
951-218-3462
rvandenberg@ccmclending.com

Sun West Mortgage Company, Inc.

Suresh Choudhary (NMLS ID #1574532)
562-741-6922
sureshc@swmc.com

Lauren Del Toro (NMLS ID #485532)
909-964-6442
lauren.deltoro@swmc.com

Julie Harris (NMLS ID #485279)
909-343-5758
julie.harris@swmc.com

US Bank

Gabriel Gomez (NMLS ID #450516)
951-818-5385
gabriel.gomez3@usbank.com

Patricia Hoffmann (NMLS ID #485344)
909-800-6355
patricia.hoffmann@usbank.com

Kimberly Voskeritchian (NMLS ID #700978)
601-517-9620
kimberly.voskeritchian@usbank.com

Movement Mortgage, LLC

Nelida Fernandez (NMLS ID #254349)
951-795-4125
nellie.fernandez@movement.com

Gina Myers (NMLS ID #1195031)
951-750-3373
gina.myers@movement.com

Jennifer Roblee (NMLS ID #299997)
951-428-2269
jennifer.roblee@movement.com

Joelle Southern (NMLS ID #950224)
951-425-4736
joelle.southern@movement.com

John Winters (NMLS ID #1407148)
909-330-0517
john.winters@movement.com

Panorama Mortgage Group, LLC

Manuel Rodriguez (NMLS ID #285770)
562-307-2122
mrodriguez@americanahl.com

Salvador Avalos (NMLS ID #864756)
818-277-6152
savalos@americanahl.com

Dalia Lemus (NMLS ID #865483)
909-206-4906
dlemus@americanahl.com