Flow Chart For Realtors and Loan Officers

•Find the Buyer
•Called a sign or Referral?

1. Qualification Questions: Have you owned a home, what do you do for work, and how long have you been there, what is your timeline?
2. Those Answers direct a realtor to either; Show a house or Pre-Qual/Pre-Approval

•Make sure your buyer is qualified

1. LO takes application and reports to realtor the results/Spending Limit
2. Realtor begins aggressively showing properties

•Located house/Ready for the offer
•Buyer calls LO w/ Specific info regarding the home;

1. Property Tax Figures, Offer Price, Prospective Seller Concessions

•Offer Accepted
•LO meets with buyer, Signs RESPAS and Collects remaining documentation
•Realtor Orders Inspection
•If Realtor chooses the title company, order title work at this time. If LO chooses Title Company it should be ordered at this time. Realtor takes earnest money check to title company
•Inspection positive

1. Appraisal is Ordered by the LO
2. When appraisal is completed the loan is submitted for underwriting
3. Typical Underwriting Turn-Time=24-72hours
4. Conditions received

•Commitment Date/Closing

1. Remind LO of Approaching Commitment Date
2. LO Provides Commitment Letter w/ Clear to Close or Items not cleared

•Loan Clear to Close

1. Docs to Title Company
2. HUD generated by title company/Approved by LO/Lender
3. LO Approves HUD and Waits on final approval

•Final Approval; LO reports final Cash to Close to Buyer
•Closing Docs sent to Title Company
•Wire is Sent to Title Company
•Close!!