PMC’s Loan Process
Platinum Mortgage Company’s Loan Originators will speak one on one with prospective borrowers to begin the actual loan application process. The prospective borrower will be asked to provide certain documents. Documents such as pay stub and bank statements are used to paint the best financial picture of the borrower. For a more complete list of documents needed at application, please view our PMC Loan Document Checklist-Fillable.
Discussion during call/meeting will center on the needs of the borrower. Questions like: “How long do you plan to be in this home?” and “Are you a first-time homebuyer?” will help PMC’s Originators better determine the most feasible loan program to discuss. Several potential loan programs may be discussed as well as the advantages, fees and down payment options.
PMC’s Loan Originators will complete the loan application form during this call/meeting. The loan application identifies the property being financed, the source of down payment, the borrowers’ employment, assets and liabilities. The loan application will also include loan type, term and rate. Along with the loan applications the borrower will be provided with certain regulatory disclosures.
A Good Faith Estimate and initial Truth-in-Lending Disclosure will be sent immediately following this meeting.
Processing
The Loan Originator will return the application for verification and processing. PMC’s qualified Loan Processors will review documents submitted by the borrower as well as the credit report. Verification of income, assets and liabilities will also be necessary during the processing of the loan application. Borrowers may be contacted throughout the processing if questions arise. The borrower should also feel free to contact PMC.
Services pertinent to the property will be ordered by the Loan Processor at this time. Property appraisals, title searches and flood certifications will be completed by third-party providers. These services are required to protect the borrowers’ and lender’s investment in the property.
A final review of the supporting documentation will be made by the Loan Processor. If additional items are needed the processor will make contact with the borrower.
Underwriting
Underwriting takes place to ensure the loan application meets all applicable guidelines. PMC’s trained Underwriters review employment history and credit history to establish the borrowers’ willingness to repay the loan. The borrowers’ overall debt (including the proposed housing expense) as it relates to the borrowers’ verifiable income is also reviewed.
The property appraisal is also reviewed by the underwriter. During the review of the appraisal the underwriter will assess the subject property’s comparable sales as a means of justifying the property value.
Decision
PMC’s Loan Originators and Processors work hard to present the best financial picture of our clients. Loan applications that meet all guidelines will be approved without delay. All required parties will be notified of the loan application approval. Items necessary to close the loan will be outlined in the approval notice.
Unfortunately, not all loan applications will meet guidelines set forth. The loan officer will contact the borrowers to discuss the situation and may suggest alternatives.
Closing
Items outlined in the approval letter, such as proof of homeowner’s insurance or flood insurance (if applicable) will be cleared prior to the actual signing of closing documents.
Your loan officer will coordinate with the borrower and the title/escrow company a date and time to sign the documents. When the closing date arrives, PMC will be available for the borrower during the signing appointment. We strive to ensure every closing takes place as smoothly as possible.
Loan Servicing
After closing, your loan will be serviced by a nationally recognized lending institution. However, our service does not stop after closing; we will always be available to answer questions or address issues as they arise. Having a contact on the inside is always beneficial, if you have a servicing related question and are not sure where to turn give PMC a call. We are happy to help.
We want to be your mortgage advisor for all your home loan needs. Our goal is to offer your superior service and our mission is to make your purchase or refinance experience an enjoyable and memorable one.
Call us today at 800-385-3657!
Read more about our loan programs by clicking here.
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