4000 MacArthur Blvd. Ste 800
Newport Beach CA 92660
The mortgage loan process doesn't have to be difficult. Once you have made the decision to pursue applying for a mortgage loan with MVP Lending, your Mortgage Loan Originator will work with you to obtain the necessary documentation required for a loan decision to be made.
A pre-purchase home inspection, performed by a professional, is a visual examination of the readily-accessible areas of a home to provide an accurate evaluation of the home's condition at the inspection. This evaluation is presented to the buyer in a comprehensive report so buyers are fully informed of the home's condition during the mortgage loan process and prior to purchase. While a home inspection is not required, it is highly recommended.
Below is a summary of the mortgage loan process so that you will have a better understanding of what you can expect:
This is the first step in the Loan process. At this stage, you will will be asked for items needed to submit for processing. This may include :
Once this information is submitted to the us, we review the documents and a pre-approval is made, allowing you to continue in the process to get your new home.
This is the second step of the loan process. In this step, you will be asked to comletly fill out a loan application. MVP Lending has moved to an digital application making this stage Paperless. Depending on our customer's needs, sometimes this application is paper-based. The collected data from your loan application will be used to custom taylor your specific loan product.
When your application has been completed, our underwriting team takes over the loan process. Underwriting checks your application taking a variety of things into account: credit score, risk score. This process is fully automated and integrates with Credit scoring engine’s (Transunion,, Equifax, and EXPERIAN). Underwriting guidelines are loaded based on your specific loan product.
In this step, your application is has been sent to our processing department and is reviewed for accuracy & Completeness. If all the required fields are not completed, one of out loan assistants will contact you to complete the missing information.
Depending on the results from the underwriting process, an application will be approved, denied or sent back to the originator for additional information. If certain criteria’s don’t match according to the rule engine set in the system, there can be an automatic change in the parameters, such as reduced loan amount or different interest rates.
Since lending is highly regulated, the quality check stage of the loan process is critical to us. The application is sent to our quality control team, that analyze critical variables against internal and external rules and regulations. This is the last look at the application before it goes to funding.
You will be asked to sign your loan documents and mMost loans fund shortly after the loan documents are signed. Second mortgage loans, Business loans, Loan against property and lines of credit may require additional time for legal and compliance reasons.
4000 MacArthur Blvd. Ste 800
Newport Beach CA 92660
714.602.1334
mon-fri , 8AM - 5PMteam@mvplendingteam.com
we reply within 24 hrs