Preferred Lending Group (PLG) reduces the exhausting amount of paperwork involved in the home loan process. We simultaneously maintain full compliance with state lending laws while minimizing loan processing time, unnecessary paperwork and eliminate delays for your loan.
Despite the reduction in paperwork, proper forms, disclosures and documentation will always be provided in a timely manner for your review and potential questions. Though our process is highly efficient, we want you to be comfortable and informed every step of the way
- Loan Application: A PLG loan officer will provide general disclosures to you and assist you in completing your loan application.
- Credit Review: Your credit report will be reviewed and a copy made available to you (on request). Based on your application and credit report, our consultants will discuss financing options and work with you to decide your best direction.
- Processing & Lender Submittal: Based on the direction from #2, documentation may be gathered, the loan processed and submitted to the lender for review.
- Property Appraisal: An appraiser will set up an appointment with you to inspect your property.
- Underwriting & Approval: The underwriter reviews your file (credit report, loan application, property appraisal, etc.) and usually issues a set of loan conditions. A loan processor will request all necessary items from you, title, escrow and the appraiser.
- Your Approval of Loan: Once the items requested under #5 have been provided, loan documents are sent to escrow and prepped for your signature. A knowledgeable will be with you to answer any of your questions. Your loan PLG officer is also readily‐available to answer questions and guide you as well. For refinance transactions on your primary residence, a 3‐day waiting period begins at this step.
- Post‐approval Document Review: After signing, loan documents are reviewed by the lender and a prior to funding checklist is issued. These are usually internal conditions for the processor to handle and may or may not involve additional items from you.
- Loan Funding: Once the conditions from #7 have been satisfied, your loan is funded
- Transfer of Funds: Funds are wired to title who will make the necessary payoffs on the property for any existing mortgages, liens and taxes. The loan is recorded the next day and any additional money that has not gone to payoff existing liens will be wired to escrow.
- Loan Completion / Closing: Escrow (or the closing agent) will reconcile the file and issue any checks to necessary parties. This includes any cash out or seller’s proceeds. This completes the loan transaction.
PLG works to close your loan as fast as possible while keeping you comfortable and informed at every step of the process. If you have any questions regarding this process or your home loan options, please feel free to contact us.