What to Expect

The mortgage process is simple. However, there is truly much to do from beginning to end. Most of the “leg work” will be done by your Mortgage Professional, Processor, Appraiser, Escrow Officer, etc. At Silver Falls Bank, it is our solemn resolve to make your experience a pleasant and smooth one. If, for any reason, you find the process difficult, please contact us immediately to allow us to remedy your situation. The following is a brief description of the process. Close communication with your Mortgage Professional is of vital importance throughout the process described below.

1. Application & Pre-Qualification: It is important that you meet with your Mortgage Professional to have all of your questions answered. Even in the event that you have an approval letter from our online system, the personal touch that is provided to you by your Silver Falls Bank Professional is vital to your transaction. During your application appointment, your Mortgage Professional will provide you with a list of conditions that will be required by the lender for your manual fully-underwritten approval. He/She will retain your file at his/her desk until all needed documentation for application is received. This will also be the time when you work closely with your Mortgage Professional to choose your loan program, interest rate lock, funds-to-close expectation, term of loan, etc. Please feel free to ask as many questions as are necessary for you to make an educated decision. We are here to assist you with your long-term goals. Full disclosure of the exact program will be provided to you prior to submitting your loan for processing.
2. Processing: Your Mortgage Professional will submit your file to processing immediately upon receipt of the above mentioned application and conditions. Your Processor will order your appraisal and prepare the file to submit to the lender of choice. Your Processor will also begin sending status emails to your Mortgage Professional weekly. When the weekly status email is received, your Mortgage Professional will contact you with an updated status of your loan. As needed documentation is gathered and received by the lender (i.e. appraisal, preliminary title report, etc.), there is always the possibility that your Underwriter will ask for additional information. We will be in close contact with you, our valued client, throughout this process. In the event that your loan program changes for any reason, re-disclosure of terms and conditions will be presented to you by your Mortgage Professional.
3. Pre-Closing: When all required conditions are received and approved by your Underwriter, your Mortgage Professional will contact you to re-verify the program, funds-to-close and interest rate discussed. It is our solemn resolve to provide you with the program, payment and funds-to-close that you expect. This call is of vital importance to providing you with exactly that. Upon your verbal approval, Your Mortgage Professional will instruct your Processor to order your final loan documents to be sent to the Title Company. This will alert your Escrow Officer of the need to set an appointment for your signing.
4. Closing: When you receive the phone call from your Escrow Officer to set an appointment for your signing, be sure to ask if your Mortgage Professional has been contacted to verify loan program and funds-to-close details. Your Silver Falls Bank Professional will verify with the Escrow Officer that your funds-to-close and monthly payment are correct and then walk you through any questions you may have prior to your closing appointment. If schedules allow, your Mortgage Professional will attend your closing with you, to answer any remaining questions you may have.
5. Funding: After you have signed your documents, your Escrow Officer will overnight them back to the lender. The final review of your file will be provided by a “Funder”. Your Funder reviews every document for signatures, dates and any missed documentation that may still be needed. In the event that your Funder is missing any needed documentation, your Mortgage Professional will be contacting you with final status and/or needed documentation request. Upon Funder’s approval of your complete file, he/she will wire the funds to the Title Company. The Title Company will then disburse funds accordingly and follow through to record your transaction into public record.

Remember, it is our strong resolve at Silver Falls Bank, to provide you with a level of service that is truly unprecedented in the mortgage industry. We look forward to working with you, our valued client!