• Borrower submits Executive Summary and Loan Request.
• Lender sends out Term Sheet proposal for Borrower for review and signature.
• Lender calculates estimated Loan proceeds utilizing the information provided by Borrower.
• Lender submits due diligence underwriting check list to Borrower to be returned to the Lender.
• Loan amount indicated is based upon the submitted information and is subject to change upon full underwriting.
• Lender submits Conditional Commitment to Borrower for review and execution.
• Borrower signs and returns Conditional Commitment, third party questionnaires, application fee and expense deposit.
• Lender orders third party reports; (appraisal & environmental / engineering).
• Due diligence package is issued to Borrower; package includes: Cover Letter identifying third party vendors and confirming commencement of reports;

Checklist of information required by Lender;
Mortgage Application;
Borrower Certifications (exhibits 1-13);
 

Samples and Requirements for:
Insurance (requirements - forward to insurance broker);
Borrower resume (requirements);
Zoning letter (sample - forward to local zoning official);
Title (requirements - forward to title company);
Survey (requirements - forward to surveyor)

WEEKS 2-4

• Third party reports in process.
• Borrower submits required information

• Lender sends required items to Lender’s counsel.
• Lender receives third party reports.
• Underwriting file is completed and Loan is presented to committee.
• Upon committee approval Lender issues Closing Notice.

• Lender’s Counsel issues documents for closing including a form of opinion letter.
• (The final Loan amount is set at rate lock, therefore Loan documents will have blanks for the Loan amount and interest rate).
• Borrower signs and returns documents.
• Upon receipt of signed documents Lender’s counsel reviews all remaining legal documentation and upon satisfactory resolution of all outstanding issues, a rate lock is scheduled.
• Loan rate is locked verbally with Lender and confirmed by fax.
• Upon receipt of written confirmation, Loan documents are completed with the rate and Loan amount and forwarded to the title company for recording the following day