Loan Process Overview

Following is a general overview of the loan process:

  1. Complete a loan application <https://www.scmgonline.com/app>  at our web site.
  2. Gather together the appropriate documents.  (Please click the Document Checklist page)
  3. We will email you the completed loan application and appropriate disclosures for signature
  4. Print, sign, and return these docs, along with the supporting docs you
    gathered.  You can scan and email them, fax them, deliver to us, we can invite you to a Dropbox account(cloud file sharing), or you can FedEx.  (Don’t worry—you’re 80% of the way done at this point!)
  5. We will lock your loan at a time we agree upon, normally after receiving all documents and the signed application.
  6. Our team will check in your documents and advise you what else we may need, check for missing signatures, etc.
  7. We will submit to Processing, and you will hear from both our Processor as well as the Production Manager, as they work with the lender, submit your file, and work to obtain an initial and final approval.
  8. The processor will contact you at the appropriate time to collect card information for the cost of the appraisal. The day of this occurrence is determined by the Truth In Lending Act(TILA) guidelines and your specific lender’s interpretation of them.  It generally is 1-7 days after we receive your paperwork.
  9. When we get the initial approval from the lender, our processor will work with you to gather necessary documentation to clear the conditions – if anything further is required from you.
  10. Upon Final Approval, we will get a HUD settlement statement to you as early as possible to review prior to the closing. This document will disclose any funds coming to you or funds that are required of you as cash to close. (Note: cash to close funds under 5K must be certified funds. If above 5K, then the funds must be wired so please plan accordingly)