At Visio Lending, we pride ourselves on closing loans quickly; we close most loans within a calendar month. In our blog post, How to Ensure Your Visio Loan Closes Fast, we highlighted some important tips for a speedy and smooth closing. Now, to further clarify our process for our borrowers and brokers, we have outlined the five key stages of our loan process including typical time frames and key points of contact. Keep in mind, these stages are time dependent on many factors, and vary by individual loans.
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Application
Visio borrowers have a choice. If you are in a hurry to close, then you have the option to send in your completed application and IDs, order and pay for your appraisal, and pay our modest application fee (credited back at closing). We’ll begin to process your loan immediately. Alternatively, you can skip the application fee, and we’ll begin processing your loan when the completed appraisal arrives.- Time Frame: Depends on you and the appraiser. As few as 1 day to as long as 3 weeks if an appraiser is not available in your area
- Point of Contact: Account Executive
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Processing
During this stage, we assign one of our Processors to your loan, we order title and a flood certificate, and we gather all remaining documents from you (corporate documents, insurance information, etc.).- Time frame: 14 Business Days
- Point of Contact: Processor
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Underwriting
In this stage, your Processor submits your full loan package to our underwriting department for review. The Underwriter typically will issue an approval for the loan, subject to certain conditions that must be met, or “cleared," prior to closing.- Time Frame: 3-5 Business Days
- Point of Contact: Processor
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Closing
Once we issue your final approval, we’ll contact you to schedule your closing. We schedule refinances and purchases out 48 hours and 24 hours, respectively, from the time we reach you. Your Account Executive will also contact you to go over your preliminary HUD.- Time Frame: Typically, 48-72 hours after our Underwriter issues their approval, but it also depends on your availability
- Point of Contact: Closing Team & Account Executive
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Funding
We fund your loan once we’ve had the opportunity to confirm with the settlement agent that all of the loan documents were executed properly.- Time Frame: 24 Hours or Less
- Point of Contact: Account Executive
Remember, this is just a basic overview of our process, and your Processor and Account Executive will provide you with more details for your specific loan. We are here to guide you throughout the process, and we also offer ample additional resources on our blog and our Resources Page.
Related: 4 Most Common Mistakes that Slow Down the Loan Process, How to Ensure Your Visio Loan Closes Fast
