The process of selling a loan to a group like First National Acceptance Company can be broken down into 5 distinct stages.
1. To start the process, the documents on the broker package submission requirements worksheet are submitted. These documents do not need to be the originals until the closing date, but they must be legible and sent through fax or email. Once received, the document processing begins and credit examination begins. Other documents may be requested, sending various documents before a request is received can speed up the process.
2. A request for an appraisal will then be submitted. Appraisals are usually ordered internally, and typically take a week to complete. The file is reviewed by an underwriter after the credit has been reviewed and all necessary documents have been received.
3. After the appraisal is reviewed and approved by the underwriter, the existing title policy will be updated.
4. After the new title is returned and approved, an underwriter looks over the file once more to grant final approval.
5. After an underwriter approves the file, a title company closing will be set up or closing documents will be sent to the seller. Commission to brokers in paid on the receipt of all closing documents.