The Loan ProcessThe Starboard Financial Loan Process was built around the needs of our purchase clients.
This diagram provides a quick summary of Starboard Financial’s efficient loan process. Additional information for each step is provided below. If you have any questions, feel free to contact us.
Please note that in regards to a Refinance, the Pre-Qualification and Accepted Contract stages will be omitted, otherwise the loan processes are the same.
Pre-qualification is the process of providing financial information, including income, debts, and assets, so that your Starboard Loan Officer (LO) can give you an idea of what you can afford. Your credit report will be pulled at this stage to gather the most accurate measure of your current liabilities.
Once a price range has been set, borrowers will search for their home. Offers can be made through a purchase contract with your real estate agent. When both buyer and seller agrees on a price, you will then reach out to an LO to move forward with the process.
Sign Initial Loan Disclosures
Initial loan disclosures will be received within a few days after an accepted contract. Borrowers can choose to have them sent through Starboard’s online portal, or have them sent via mail. It is important to review, sign, and return them as soon as possible, since they will expire after a certain date.
After the signed disclosures are received, your LO will sort and organize them in an easily viewable format. They will then submit your loan information to the Starboard Operations Center. At any point after this step, you are eligible to lock-in your loan terms.
Loan Acceptance and Appraisal Order
Starboard’s Operations staff will do a quick review of your loan package, where it will then be assigned to a loan processor or transaction coordinator. All communications from this point forward will be handled by this individual. An appraisal will be ordered, and the appraiser will reach out to the home seller to schedule a time to complete a property inspection.
Initial Underwriting Review
For the initial Underwriting Review, a loan processor will reach out to introduce themselves and gather any missing information. Once the in-depth review is underway, a Starboard underwriter will analyze your financial situation against established guidelines. They will ultimately decide whether or not you meet the loan qualifications.
Conditional Loan Approval
If your finances match established guidelines, an underwriter will produce a loan approval letter, which states the lender is willing to provide the funds required for the purchase. It will also contain conditions that need to be met to secure a mortgage. Borrowers are encouraged to provide any missing information as soon as possible.
Processing and Meeting Loan Conditions
This is where the loan has made it past the application stage. The processor will communicate loan conditions. If you have any questions or need additional clarity, feel free to reach out to them.
Prepare for Final Loan Submission
Once any missing information is provided to the loan processor, he or she will organize your loan file one last time, input the appropriate data, and prepare to submit for a final loan approval.
Final Loan Submission
During this stage, the loan processor will notify the underwriter that your loan file is ready for final review and approval. The underwriter will review the conditioned items along with the rest of your loan to ensure it is ready for delivery to the appropriate agency. A final approval letter will be sent when it is clear of all credit and property stipulations.
Cleared to Close
At this point, the loan processor will schedule a loan signing between borrower, the title company, attorney, and real estate agent. The Starboard Closing and Funding department will deliver all necessary information and documents to the title company before the borrower arrives.
This is where borrowers will arrive at a pre-determined location to sign their final loan documents. In some cases, a mobile notary will act as a liaison to sign 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. This means the money has transferred from Starboard to the property seller. The transaction is complete, and keys to the your new home will be given to you!