The Mortgage Experience with DVN MortgageJan 04, 2022 ● By By: Dawn Van Nieuwenhuyzen, Plains Commerce Bank Senior Mortgage Banker
At Plains Commerce Bank and DVN Mortgage, we understand that you have many choices. We pride ourselves on the relationships that we create and curate over the life of your loan. We’re going to walk you through this process, working to get you to that closing table and into the home of your dreams. We pledge to give you the best experience in the business-that’s the Plains Commerce Bank and DVN Mortgage difference.
And while the process may seem intimidating, we’ve boiled it down to seven simple steps to keep things clear and concise for your convenience.
Step 1: Application Get the ball rolling by applying online, over the phone, or in-person. We’ll use the information you provide to get you into the most appropriate loan program, please be sure everything is accurate. All loans are processed right here in the Dakotas, which means the process to approval may be quicker and smoother.
Step 2: Pre-Processing We’re off to the races once we receive your signed paperwork and supporting documents. This is when your appraisal, title commitment, and verifications are ordered, and your electronic file is created.
We comb through your file to see if anything is missing or unverified. If we do ask you for additional paperwork, the sooner you can get it to us, the sooner we can proceed to the next step.
Step 3: Processing Processing means that we’re essentially preparing your file for underwriting (see Step 4). Once the appraisal, title commitment, and verifications are received, our processor plugs in the numbers. He or she may ask you for explanations regarding any inconsistencies, but don’t worry—they’re just looking out for you.
Step 4: Underwriting The underwriter is the person with the big rubber stamp. Their job is to make sure that everything on your loan application has been verified and that your loan meets the eligibility requirements.
Step 5: Conditional Approval Once your loan has cleared underwriting, there are loose ends or “conditions” that the underwriter will want to tie up. So if we ask you for more documentation, we’re not giving you a hard time—we just want to make sure we do it right the first time.
Step 6: Final Approval Once all of your conditions have been received and the underwriter has signed off on them, your loan is considered “clear to close”. This is when we do our happy dance, and invite you to celebrate in any way you see fit.
Step 7: Closing “Closing” is a fancy word for “signing all of your loan papers”. Your closing will usually be held at a title company. Be sure to bring your driver’s license with you, and if there is any money due, please bring a cashier’s check from your bank made out to the title company.
All credit and loan products are subject to credit approval. Loan programs subject to qualification. Plains Commerce Bank NMLS #463950
Dawn Van Nieuwenhuyzen – Senior Mortgage Banker – NMLS #21096