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Mortgage Loan Underwriting and Processing

Now that you have submitted your application and sent over your documents, are you wondering what happens next?

The short answer is, once you complete your application, it moves immediately into processing and underwriting, and then your loan documents are sent out for closing. Let’s break it down on what to expect in the coming weeks.

The First Direct Lending Mortgage Underwriting Process

We follow the same basic process at First Direct as other lenders, but our online technologies reduce the cost and time it takes to fund a loan compared to them.

Translation? Lower cost loans and extraordinarily fast funding. How fast? Check out our numbers!

How Fast is Fast?

54% of our loans fund in under 25 days.

71% fund in less than 30 days.

... And our fastest loan funded in 8 days!

The Mortgage Underwriting Process at First Direct Lending

1. Appraisal


If your loan requires an appraisal, your mortgage specialist will contact you to help you arrange a date and time for it. The appraiser will come out to your home to assess the property then submit the report directly to First Direct Lending.
2. Title & Report

Title Report

If your loan requires a title report (all new home loans require one), we’ll order one for you. This report outlines any records tied to the property such as easements, liens or any other county records.
3. File Review & Verification

File Review & Verification

Our experienced underwriting team at First Direct Lending will review and verify the information provided in your application such as employment, income, and asset ownership.
4. Approval


Once your file is reviewed and verified, your loan consultant will notify you either that your loan received “conditional approval” (and inform you of any additional documents you may need to provide) or that your loan is “cleared to close.”
5. Closing


Once your loan is cleared to close, your loan consultant will coordinate a convenient time and place to close your loan. First Direct Lending has closing agents ready to go where and when it’s convenient.
6. Funding


Depending on the type of loan, you should receive your money at the end of closing or start making your monthly payment at the lower rate and term.

First Direct Lending Refinance Performance

 Key milestones below illustrate the average time periods our borrowers experience with First Direct Lending.

Refinance with bad credit_How does refinancing work?

Preliminary Loan Review
2 hours - same day

2 days
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Appraisal Order
2 days

10 days
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Final Appraisal Report to You
10 days

14 days
Refinance with bad credit_How does refinancing work?

14 days

Call Us Today: 1-855-510-EASY