UNIVERSAL Mortgage

TRANSACTIONAL FLOW CHART

1. DECISION TO SELL

  THE FIRST  STEP IN THE REAL ESTATE PROCESS IS THAT THE SELLER OF A HOME DECIDES TO SELL.   THIS SELLER EITHER DECIDES  TO LIST HIS PROPERTY  WITH A REALTOR  OR MAKES A DECISION  TO SELL THE PROPERTY HIMSELF.

2. DECISION  TO PURCHASE

WHEN A BUYER MAKES AN OFFER ON A HOME FOR SALE  AND THAT OFFER IS ACCEPTED  BY  THE SELLER,  AND THE BUYER NEEDS TO OBTAIN  A  MORTGAGE, OUR TRANSACTION  IS  PUT  INTO MOTION.

3. OPENING ESCROW

THE BUYER (HIMSELF OR THROUGH  HIS REAL ESTATE AGENT) OPENS  ESCROW.  THE ESCROW  AGENT  IS INSTRUCTED  TO ALL OF THE  TERMS AND CONDITIONS  OF COMPLETING  THE  PURCHASE.  THE ESCROW AGENT ALSO CONTACTS THE SELLER  AND  OBTAINS  ANY INSTRUCTIONS FROM THE SELLER, AS WELL AS A SIGNED GRANT DEED TO BE HELD BY THE ESCROW COMPANY  UNTIL THE  CLOSING.  THE ESCROW COMPANY ALSO ORDERS PAYOFF STATEMENTS FROM EXISTING LENDERS WHO HAVE LOANS SECURED  BY THE  SUBJECT PROPERTY, AND ORDERS A PRELIMINARY TITLE REPORT FROM  A TITLE  INSURANCE  COMPANY.

4. SELECTION OF A LENDER

THE BUYER SELECTS A LENDER  WHO WILL TAKE THE  LOAN  APPLICATION, AND  BEGIN COMPILING ALL OF THE DATA NECESSARY  TO  COMPLETE  THE LOAN  PACKAGE.   THE LOAN PACKAGE IS THEN  SUBMITTED  TO AN  UNDERWRITER,  A PRIVATE MORTGAGE  INSURER, OR A GOVERNMENT AGENCY  (FHA) OR (VA).   THE LENDER  WILL SEND  OUT VERIFICATION FORMS TO DIRECT LENDERS, DEPOSITORIES AND EMPLOYERS TO VERIFY APPLICANT’S  FIGURES IN SO FAR AS INCOME, ASSETS, AND CREDIT REFERENCE.   THE  LENDER WILL ALSO ORDER A STANDARD FACTUAL DATA  CREDIT REPORT FROM A CREDIT REPORTING AGENCY  AND REQUEST THEY CHECK CREDIT HISTORY ON THE APPLICANT. ADDITIONALLY, THE LENDER WILL ORDER AN APPRAISAL ON THE SUBJECT PROPERTY  FROM AN APPRAISING FIRM TO ASCERTAIN  THE MARKET VALUE OF THE PROPERTY.

5. POST  CLOSING

  AFTER  HAVING   A  PROPERLY  COMPLETED  CLOSING  PACKAGE,  IF  THE LOAN  IS AN  FHA  OR  VA  LOAN,  THE  LENDER  FORWARDS  A  CLOSING PACKAGE  TO  FHA OR  VA . IF  THE  LOAN  HAS  BEEN  CLOSED IN  ACCORDANCE  WITH  THEIR  REQUIREMENTS ,  THEY  WILL ISSUE INSURANCE  OR  GUARANTEE  TO  THE  LENDER SO  THAT  HE MAY  SELL  THE LOAN  TO SOME  INVESTOR, BECAUSE  IT  IS INSURED.    IF  THE LOAN ORIGINALLY  REQUIRED  PRIVATE  MORTGAGE INSURANCE, THE PMI  COMPANY WILL ISSUE THEIR  INSURANCE, CERTIFICATE.

  AT  THIS  POINT, THE  LENDER  WILL  TENDER  THE CLOSED  LOAN  TO  AN INVESTOR  FOR  THEIR  PURCHASE  OF  THE LOAN.  MANY  TIMES,  THE  LENDER  WILL SERVICE  THE  LOAN  FOR  THE  INVESTOR  AND  IF  THEY DO, THE  BUYER  WON’T  EVEN  KNOW  HIS LOAN  IS "OWNED"  BY  AN  INVESTOR AS OPPOSED TO THE  LENDER.

THANK YOU! for choosing Universal Mortgage as your lender

email: universalmortgage@netwood.net