The Loan ProcessThe Starboard Financial Loan Process was built around the needs of our purchase clients.
Starboard Financial would like to share our efficient loan process with you so that you will know exactly what to expect. The diagram provides a quick summary. Additional information for each step is provided below. If you have any questions or would like further clarity, please feel free to contact us for more information.
Please note that in a Refinance transaction, the Pre-Qualification and Accepted Contract stages will be omitted, otherwise the Purchase and Refinance loan processes are the same.
Pre-qualification is the process of providing your financial information, including income, debts, and assets so that your Starboard Loan Officer (LO) can give you an idea of the loan amount you can afford. Your credit report will be pulled at this stage to gather the most accurate measure of your current liabilities.
Once you are armed with an idea for the housing price range you can afford, go out and search for your new home. You can make an offer on a home through an executed purchase contract with your real estate agent. When you and a seller agree on a price, reach out to your LO to move the process forward.
Sign Initial Loan Disclosures
Within days of delivering your fully executed contract to your Starboard LO, you will receive your initial loan disclosures. Most borrowers find it the most convenient to receive these documents through Starboard’s fully secure online loan portal. However, you also have the option to have them delivered to you by mail. It is important that you review, sign, and return them as soon as you can because they expire after so many days. Reach out to your LO if you have any questions about what you are preparing to sign.
After your initial signed disclosures are received by your LO, he or she will sort them and organize your financial information in such a way that they are most easily viewed. Your LO will submit your loan information to the Starboard Operations Center. You are eligible to lock-in your loan terms at any point after this step.
Loan Acceptance and Appraisal Order
Starboard’s Operations staff will do a quick review of your loan package to ensure everything was provided correctly by your LO. Once confirmed, your loan will be assigned to your personal Loan Processor or transaction coordinator. From this point forward all communications will come from this specialized individual. Your appraisal will also be ordered at this point in the process to ensure it is completed as soon as possible. The appraiser will reach out to the home seller to schedule a time to complete the property inspection.
Initial Underwriting Review
Your Loan Processor will reach out to you to introduce him or herself and gather any remaining missing information prior to your initial in-depth loan review by a Starboard Underwriter. Your Underwriter will analyze your financial situation against established guidelines. As this individual is the most knowledgeable of what your loan qualifications are, he or she is charged with ultimately decided whether or not you are approved for the loan.
Conditional Loan Approval
If your financial situation and the subject property are a match against the established guidelines, your underwriter will produce a loan approval letter for you. Most loan approval letters contain conditions which direct you to provide a few remaining items to secure the mortgage for your property. You are encouraged to provide these remaining items as soon as possible so that we can send your loan on to close and ultimately get the funds for your purchase.
Processing and Meeting All Loan Conditions
Your Loan Processor will communicate the loan decision and conditions to you. He or she will do their best to explain conditioned items as thoroughly as possible. If you have any questions or need additional clarity, feel free to reach out to them.
Prepare for Final Loan Submission
Once you provide all remaining conditioned items to your Loan Processor, he or she will organize your loan file one last time, input the appropriate data, and prepare to submit for your final loan approval.
Final Loan Submission
Your Loan Processor will notify your Underwriter that your loan file is ready for final review and approval. Your Underwriter will review the conditioned items along with the rest of your loan to ensure it is fully ready to deliver to the appropriate agency. You will receive a final loan approval letter when complete that is clear of all credit and property stipulations.
Cleared to Close
Your Loan Processor will communicate and deliver your final loan approval letter to you. At this point, he or she will schedule your loan signing with you, the title company, attorneys, and all real estate agents. The Starboard Closing and Funding department will deliver all necessary information and documents to the title company before you arrive to sign.
Arrive at the pre-determined location to sign your final loan documents. In some cases, a mobile notary will meet you to sign your Closing Documents outside of the presence of the other parties. Your mortgage, note, and deed will appear in the closing package.
Congratulations! Your loan has funded, meaning your loaned money has transferred from Starboard to the property seller. The transaction is now complete. The keys to the property will be released to you for you to enjoy your new home!