RedRock Mortgage has the in-house resources required to close your loan efficiently. Unlike some mortgage companies that outsource their services, we have mortgage bankers, loan processors, underwriters and closing coordinators in our buildings to make the process smooth.
There are 5 main steps to closing a mortgage. Below is a condensed version of what happens during each stage.
Loan application is taken, buyer and Builder/Realtor are notified of the pre-qualification status, disclosures are signed with borrower in our office or via secure electronic signature and then full file is sent to processing with supporting documents. Processor will then order title and appraisal.
Verifications are ordered, file is reviewed and prepared for underwriter then submitted to underwriting once completed
Underwriters evaluate files to determine the risks involved for the lender. The loan package is analyzed to verify it meets lender and program guidelines and all provided documentation is acceptable. If approved, the underwriter issues the approval with conditions
The loan officer and processor will gather additional items needed to satisfy the conditions the underwriter is requiring, then we re-submit to underwriter for a final review and final approval (clear to close or CTC).
After a file is Cleared to Close by underwriting, our closer will issue closing documents to the title company's closer; the closer will prepare a Closing Disclosure and schedule your closing. This is the day you either get your cashier's check or wire your funds to the title company and, MOST IMPORTANTLY, get the keys to your new home!