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