Then we move to processing, the second video, The Appraisal Stage. After receiving your application from your loan officer, the processor gathers and verifies all the information. The processor will review the application and all documents for completeness and consistency, and verify employment, bank deposits, and other financial information. Then credit information will be ordered and verified for completeness. The processor will also order an appraisal of your home through a third-party appraisal management company to determine the value of your home. The processor will submit your loan application package documents, verification, and reports to underwriting. 

This video explains the third stage of the Mortgage process, the Underwriting Stage. This stage starts after all your loan paperwork has been submitted. The underwriter will organize the documentation you submitted and make sure it meets all qualification guidelines. The underwriter will also verify that everything is correct: facts, figures, income, debt, and funding. It is normal for the underwriter to ask for additional documentation.

The Clear to Close Stage. This is the fourth state in the loan process. In this stage, the loan has cleared the underwriting stage and all the i's have been dotted and all the t's crossed. Your loan is now being prepared for closing the closing table. Closing is where you sign all those documents for the loan and your dream home will soon be yours!