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Step 9
| Summation
Step 4 - Processing
Once the
application has been submitted, the processing of the mortgage begins. The
Processor orders the Credit Report, Appraisal and Title Report. The information
on the application, such as bank deposits and payment histories, are then
verified. Any credit derogatories, such as late payments, collections and/or
judgments require a written explanation. The processor examines the Appraisal
and Title Report checking for property issues that may require further
investigation. The entire mortgage package is then put together for submission
to the lender. Next
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