 Understand the loan process
Once a home has been selected, the processing of the loan can take up to 40
days or more if you use a traditional lender such as a bank.
How a traditional lender (such as a bank or mortgage broker) processes a loan.
 |
|
Loan Officer in office pre-qualifies you and collects required information and documents. Mails or faxes documents to corporate headquarters. |
|
 |
|
| Processor, in a central office, reviews your information and requests any additional documents. Once documentation is complete, everything is transferred to an underwriter. |
|
 |
|
 |
|
 |
|
Underwriter, a person who typically has no direct contact with you before making the decision to approve or disapprove your loan. |
|
 |
|
| If approved, the Closer assembles the paperwork and mails or faxes documents to the local office. |
|
 |
|
 |
|
 |
|
Escrow or title company closes the loan. |
How Countrywide cuts so many steps out of the loan process.
Countrywide can significantly reduce the amount of time it takes to process
your loan because there is no long chain of approval. Just you and your home
loan expert.
 |
|
Whether you apply online or by phone, everything happens in our dedicated sales and processing center. |
 |
| A more direct loan process puts you in the door of your new home faster. |
|
 |
In addition to over one hundred loan programs, we also offer special quick
approval programs that streamline the loan review process for people with good
credit and for current Countrywide customers. These programs dramatically
reduce the amount of documentation required for your loan.
|
Equal Housing Lender. © 2008 Countrywide Bank, FSB. Member FDIC. Trade/service marks are the property of Countrywide Financial Corporation, Countrywide Bank, FSB, or their respective affiliates and/or subsidiaries. Some products may not be available in all states. This is not a commitment to lend. Restrictions apply. All rights reserved.