Washington Buyer and Seller Guide for Title and Escrow

• Step 1: APPLICATION An application is considered received when the consumer provides the following information to the Creditor: • Consumer Information • Name • Income • Social Security number to obtain a credit report • Address of the subject property • Estimate of the value of the property • Mortgage loan amount sought • Step 2: ORDERING DOCUMENTATION Your loan consultant will order the necessary documentation for the loan as soon as it is received. Any verifications will be mailed, and the credit report and appraisal will be ordered. You will also receive a Loan Estimate of your costs and details of your loan. • Step 3: AWAITING DOCUMENTATION Within approximately two weeks, all necessary documents should be received from your loan consultant. Each item is reviewed carefully in case additional items may be needed from you to resolve any questions or problems. • Step 4: LOAN SUBMISSION Submitting your loan is a critical part of the process. All of the necessary documentation will be sent to the lender, along with your credit report and appraisal. • Step 5: LOAN APPROVAL Loan approval may be obtained in stages. Usually within one to three days, your loan consultant should have pre-approval from the lender. If the loan requires mortgage insurance, or if an investor needs to review the file, final approval could take additional time. You do not have final loan approval until ALL of the necessary parties have underwritten the loan. • Step 6 CLOSING DISCLOSURE The lender will provide to you a Closing Disclosure to review prior to the release of loan documents. • Step 7: LENDER PREPARATION OF DOCUMENTS As soon as the loan is approved and all requirements of the lender have been met, the loan documents will be prepared. These documents will be sent to the escrow officer, and you will be asked to sign the documents. Your lender may require an impound account for tax installment payments, depending on the type of loan. • Step 8: FUNDING Once you have signed the documents and they have been returned to the lender, the lender will review them and make sure that all conditions have been met and all of the documents have been signed correctly. When this is completed, they will “fund” your loan. (“Fund” means that the lender will give the title company the money by check or wire.) • Step 9: RECORDATION When the loan has been funded, the title company will record the Deed of Trust with the county in which the property is located (usually by the next day). Upon receipt of confirmation of the deed being recorded, title or escrow will then disburse monies to the appropriate parties. At this time, in most cases, your loan is considered complete. 32 © Ticor Title Company THE LOAN PROCESS