A Better Way to Process Loans                            

At National Mortgage Alliance, we strive to streamline the process of funding a loan, making it as trouble free as possible.  Here’s how our process works…

Step 1      Visit the NMA website to find a program, rate and price that meets
               your borrower's needs.

Step 2      Complete NMA’s online Submission Form and forward it, along with
               the initial disclosures, 1003, credit and income docs to your NMA
               Wholesale Loan Advisor for review.

Step 3      Your NMA Wholesale Loan Advisor will review the documentation and
               issue a Conditional Loan Decision.

Step 4      Discuss the loan terms with your borrower. If the borrower agrees with
               the loan terms, schedule the closing date and notify your Wholesale
               Loan Advisor of the borrower’s acceptance.

Step 5      Your Wholesale Loan Advisor locks the rate and pricing, and orders the appraisal, which will be
               paid directly to the appraisal firm by the borrower.

Step 6      Collect the Loan Approval conditions and submit them to your Wholesale Loan Advisor.
               The completed appraisal is delivered to NMA.

Step 7      When the final “Clear to Close” is issued, loan documents are sent to the closing agent and
               signed by borrower.

 

 ** Notice: Step 5 includes NMA ordering the appraisal (if required). NMA utilizes national appraisal firms that warrant their work. Brokers will no longer have to deal with “we need additional comps” or “we need to order a review,” which only add costs and unnecessary delays.  If data is available, NMA will obtain an AVM and review market data to determine estimated value prior to ordering any appraisals.  If there is a major discrepancy between the borrower’s estimated value and NMA findings, the Broker will be notified prior to ordering any appraisal to avoid any unwarranted costs.