The flow chart below is a general outline of our mortgage loan process. This process
will vary depending on the type of mortgage loan and the documentation required.
Wilmington Mortgage Services Inc utilizes the latest technology for streamlining
this process and in most cases your loan will be approved at the time of application.
Step 1: Pre-approval.
Borrower provides us with all personal information necessary to make a loan decision.
This would include residency history, employment and income, asset availability,
liabilities and credit history.
Step 2: Credit and Automated Underwriting.
We will access your credit report and submit your loan via automated underwriting
system backed by Fannie Mae and Freddie Mac for an immediate loan decision.
Step 3: Loan Documents.
Complete loan application paperwork and sign all disclosures.
Step 4: Initial Validation.
We will validate all personal information provided at the time of application.
Step 5: Appraisal.
After we receive an executed contract for purchase, we order the appraisal to determine
the market value of the home you are buying.
Step 6: Final Underwriting.
Once the loan package is complete the loan is submitted for final underwriting validation.
Step 7: Clear Conditions.
If the underwriting validation requires additional information these conditions
must be satisfied prior to the funding of the loan.
Step 8: Closing Preparation.
After all conditions have been cleared by underwriting, the closing package will
be ordered and prepared. The closing will be scheduled and all documents will be
signed at this time.
*There are additional settlement providers during the course of this process. They
include but are not limited to, title companies, attorneys, building inspectors,
surveyors, pest inspectors, mortgage insurance companies, etc. These companies are
traditionally coordinated by the realtor and Wilmington Mortgage Services, Inc.
Please feel free to call us directly with any questions.