Loan Funding Timeline
This serves only as a guideline. Closing times vary substantially (from 25 - 180 days) depending on the lender and transaction complexity. We generally average 50-55 days in closing time for multifamily and multi-tenant commercial loans. Proactive effort and anticipation will always improve these time estimates so please refer to this page often.

Initial Contact (Day 1)
· Determine property type/eligibility
· Determine borrower eligibility
· Determine borrower's requirements - type of and reason for financing
· Discuss possible loan programs/scenarios

Application (Day 1-5)
· Via telephone or interview, complete Uniform Residential Loan Application (1003)
· History of employment, residence, and asset accounts
· Disclosure of assets, to include other real estate
· Loan Officer orders credit report to determine liabilities
· Execute other documents/disclosures for information gathering purposes
· Loan Officer provided with property information (maps, pictures, leases, income/expense information)
· Borrower decides to whom title will be vested
· Borrower provides all Federal tax returns for entities involved (persons, corporations, etc.)
· Discuss loan fees - prepare Good Faith Estimate
· Borrower furnishes Loan Officer with deposit money (for up-front fees)

Verification (Day 5-21)
· Loan Processor sends Verification of Employment to borrower's current employer
· Loan Processor sends Verification of Deposit to borrower's personal bank (can be replaced by most recent 3 months of bank statements)
· Preliminary title search done by title company to determine property loan eligibility
· Choose most beneficial loan program for borrower's needs
· Borrower obtains proper insurance for subject property

Third Party Reports (Day 5-28)
· Lender orders appraisal and inspection after borrower approved for particular loan scenario
IMPORTANT NOTE: Application fees must remain in trust account for 72 hours before USA Mortgage may draw on them. Appraisers will be engaged 5 days after receipt of these funds.
Appraisers have 21 calendar days to provide their reports
· Loan Officer reviews reports for accuracy and proper valuation

Underwriting (Day 28-42)
· Loan Processor submits completed application with accompanying supportive documentation and third party reports to Lender
· Additional explanation or documentation may be required based on Underwriter's findings

Commitment (Day 43-49)
· Upon satisfaction of Underwriter's requirements, Lender will issue a Loan Commitment
· Loan Officer reviews Commitment for accuracy of terms and conditions
· Borrower signs commitment - rate is now locked (earlier locks are available, depending on lender)

Final Conditions (Day 50-55)
· Borrower provides Evidence of Insurance for subject property
· Pest inspection may be required
· Lender may require up-to-date information, personal (profit & loss statements) or property (rent roll)

Document Execution (Day 56-60)
· Lender sends documents and escrow instructions to title company
· Borrower schedules an appointment with title company to sign all documents and pay any closing costs still due
· Title company typically records transaction by 4:00 P.M. on same day of execution and funds are dispersed either at table (wire transfer) or within 24 hours