Associations
Equal Housing Lender Mortgage Flow Chart
Below is a mortgage flowchart which describes the most common steps in the mortgage process.
| Borrower prepares for application by gathering items on Mortgage Check List | ||
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| Application taken by Loan Officer or on-line | ||
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| Application E-Mailed or downloaded to Gilpin Headquarters | ||
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| Opener/Automated Coordinator assigned to your file | ||
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| 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 | ||
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| File forwarded to Processor/Mortgage Coordinator who will contact you to request any outstanding documentation and answer any questions | ||
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| Special loan programs - FHA, VA, DSHA, may require additional processing time | ||
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| Processor obtains requested documents from borrower | ||
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| Loan is suspended if borrower has not supplied required documents |  |
Once all documentation has been received from borrower, file is submitted to underwriting | ||
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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 | |
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| File is moved to closing/settlement dept., Closer prepares closing documents & works with Sales Associates and attorney | ||||
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| Copies of all reports required by sales contract (termite, well & septic, home inspection, radon) are sent to Closer | ||||
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| Settlement | ||||
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| If you have a question as to the servicing of your loan, contact our servicing department | ||||