We are a direct lender, which means that we fund our own loans rather than broker them. Unlike many banks and mortgage companies, we process, underwrite, draw loan documents and fund directly from our branch. What does this mean for the borrower? It means that the borrowers only have to work with one contact person from the date the application is submitted to the date that we fund the loan. We pride ourselves in being extremely efficient and customer service oriented. Below are the standard steps and average time frames for closing the CalSTRS loans.
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Process |
Tasks | Time Frame | Cumulative Days |
| Receive application | Analyze application and supporting documentation, run credit report, review income, assets and credit and determine qualification. We must have all supporting documentation prior to the loan being opened. | 1 business day | 1 business day |
| Open Loan | - Order verification of employment, social security number and tax returns
- Run through automated underwriting system - Order any miscellaneous credit report updates - Order title report, escrow instructions, contract and appraisal |
2 business days | 3 business days |
| Processing | Review documentation as it is received and follow-up on documents ordered as warranted. Verification's of employment, appraisal, pre-liminary title report etc. are delivered at various time frames. Once received they are reviewed within 24 to 48 hours. The time frame listed for this process is based on the average time to have received and reviewed all of these documents and to be ready for submission of your loan to underwriting. | 9 business days | 12 business days |
| Underwriting | Formal underwriting review of all documentation | 5 business days | 17 business days |
| Loan Conditions | Prior to drawing loan documents there may be additional documentation and/or information requested from the underwriter. We will contact you immediately upon receipt of the approval to review the additional documentation needed, if any. | 2 business days | 19 business days |
| Loan Documents | "Drawing" of your loan documents | 2 business days | 21 business days |
| Signing Loan Documents | Loan documents must be signed by a notary public. Many times this is done at escrow or we can arrange for a notary to come to your home or place of work. The time frame here varies depending on your schedule. The time frame listed here is the average time it takes for borrowers to set an appointment and sign loan documents. | 2 business days | 23 business days |
| Loan Funding | Loan documents must be packaged and the deed of trust must be delivered to the title company for recording. Once escrow, the title company, the seller and the borrower are ready the loan is funded. | 2 business days | 25 business days |
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Haven West Mortgage is a DBA of Golden Empire Mortgage who is licensed by the California Department of Corporations under the California Mortgage Lending Act. Haven West Mortgage is an 'Equal Opportunity Lender' |
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