What are the steps in the mortgage loan process?

he mortgage process typically includes these steps:

• Application – Submit your mortgage application and required information.
• Initial disclosures – Required disclosures are provided within three business days of application, in accordance with TRID requirements.
• Documentation collection – Provide the documents needed to verify your income, assets, employment, and other information.
• Appraisal – An appraisal is ordered to determine the value of the property.
• Underwriting – The loan application and supporting documentation are reviewed by the underwriting team.
• Conditional approval and title review – The loan may receive conditional approval while the title is reviewed with the appropriate attorneys.
• Clear to close – Once all conditions are satisfied and the lender provides final approval, the loan is cleared to close.
• Closing – Sign the final loan documents and complete the closing process.
• Funding – Refinances – the mortgage loan is funded three business days after closing. Purchase – Funding occurs at closing.