September 26, 2001 19:55:24 The Process By Andy Caird, Your Broker of Mortgage Options The Process Like anyone else, in order to serve you I HAVE TO take a loan application and process your loan. I donat charge for this service. I get paid ONLY if you close your loan. My job is to take you through the process. Hereas what you can expect. There are two costs associated with aprocessinga your loan. They are appraisals and credit reporting fees. If you want a loan, your broker has to have both. I donat even ask you to pay for these cost up front, but I do expect credit rating credit rating you to pay for them through the proceeds of your transaction. Fair Enough? aProcessinga is the actual collection of all credit data associated with your loan package. To submit your loan, as your broker, I need a Standard Loan Application, two recent pay stubs, two recent bank statements (all pages please) and two years of W-2 statements from your tax returns. IN ORDER TO CLOSE YOUR LOAN additional paperwork might be required too, depending upon whether you are self employed, and the type of income you receive. I also need a package of disclosure documentation that the federal government requires like telling national city mortgage credit rating you that you have a right to see the appraisal, and if you live in a flood plain, you get to pay flood insurance. Thereas also a form which allows me to pull your credit report and collect this information Iall be using to get your loan placed with a wholesaler. I need these forms so I can process your loan. Your loan package is next sent for acredit approvala in the underwriting process. If we receive approval, we next order the appraisal. You will be either asked to pay for it at the door, or sign a contract that guarantees you citicorp mortgage credit rating will pay, regardless of whether you close the loan. The appraiser must be paid for his services. You can select any appraiser you like, but I have to authorize his name. When you close your loan, you are going to pay for a new title insurance policy, recording fees and any fees the wholesale lender charges for underwriting. These fees arenat going to be unreasonable, or vary much from lender to lender (and in fact many are set by the State). Hey, there are no secrets here. It costs money to close a loan. Thatas just a simple fact. Most loans cost between citicorp mortgage credit rating $3500