The Mortgage Process
Borrower prepares for application by gathering items on Mortgage Check List
|
|

Application taken by Loan Officer or on-line
|
|

Application E-Mailed or downloaded to Gilpin Headquarters
|
|

Opener/Automated Coordinator assigned to your file
|
|

Mortgage Rate Officer confirms rate if locked at time of application. If borrower is "floating" rate, borrower must call rate officer (302-656-5400) to lock rate (between 12:30-3:00 p.m. m-f) or we will automatically lock you at the then current rate 10 days prior to settlement
|
|

File forwarded to Processor/Mortgage Coordinator who will contact you to request any outstanding documentation and answer any questions
|
|

Special loan programs - FHA, VA, DSHA, may require additional processing time
|
|

Processor obtains requested documents from borrower
|
|

|
Loan is suspended if borrower has not supplied required documents
|
|
|

Once all documentation has been received from borrower, file is submitted to underwriting
|
|
|
|
|
If denied, staff member calls to inform and sends follow-up to borrower (within 24 hours)
|
|
|

Loan is approved or denied and commitment letter is mailed, faxed or E-Mailed to borrower and sales associate
|
|
|

|
If approved processor calls to inform & follows up with approval letter within 24 hours of approval
|
|
|
File is moved to closing/settlement dept., Closer prepares closing documents & works with Sales Associates and attorney
|
|

Copies of all reports required by sales contract (termite, well & septic, home inspection, radon) are sent to Closer
|
|


|
If you have a question as to the servicing of your loan, contact our servicing department
|
|
|