One of the first steps in this phase involves sending the
necessary disclosures. You will receive disclosures within
3 business days after we receive your application. Disclosures
you will receive include:
Good Faith Estimate: an estimate
of all the fees associated with getting your loan.
Truth-in-Lending: a detailed description
of the loan you have chosen.
 American
Nationwide uses Fannie Mae, Desktop Originator and Freddie
Mac, Loan Prospector to underwrite our conforming loans. Non-conforming
loan preliminary approvals are direct from the investors.
These systems allow us to take your application data and generate
loan approvals quickly to meet market demand.
Now we will underwrite your loan. An underwriter will review
the automated underwriting feedback, your submitted documentation
on income and assets, your credit reports along with an appraisal
of the property. Common jargon used by underwriters include:
LTV, ratios,
reserves, and PITI.
Our glossary can help you better
understand all of these.
During this process, a title search
will be ordered to determine if there are any liens against
the property that need to be repaid. (Both you and American
Nationwide will be taking out title
insurance to ensure good title to the property when the
loan closes.)
Once the above steps are successfully completed, you will
receive a final loan decision.
** Desktop Originator is a registered trademark of Fannie
Mae
** Loan Prospector is a registered trademark of Freddie Mac.
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