Processing & Underwriting - FAQS

A lock period is the window of time in which a mortgage lender must keep a specific loan offer open to a borrower. Your loan will be processed during this period of time so it's imperative that you respond promptly to any requests from your processor to avoid your lock expiring.

Your lock expiration date can be found on page 1 of your loan estimate.

If your locked rate expires prior to your closing date and you wish to continue with your closing, a lock extension fee will be charged. 

The only person licensed to answer these questions is your loan officer.

You can find your loan officer's contact info on the Closing Disclosure. Please note, your loan officer will not have information regarding your closing.

For any other questions, please visit your loan portal for your current point of contact.

It's not imperative that the closing disclosure have exact figures as your final closing documents will be balanced prior to closing. By signing your initial closing disclosures, you are simply agreeing to the terms of the loan.

This needs to be signed at least 3 days prior to closing per CFPB guidelines or the closing will need to be rescheduled.

Yes, please sign your initial closing disclosure as soon as you receive it - even if the figures aren't exactly accurate and your loan is not clear to close.

It is a requirement of the CFPB that the mortgage lender must deliver your closing disclosure 3 days prior to closing.

If your Closing Disclosure is not signed 3 days prior to closing, your closing will need to be rescheduled.

If your loan is "Conditionally Approved" or "Approved with Conditions" it means that your loan mostly satisfies guidelines and the underwriter is willing to approve your loan assuming you can meet the pending conditions.

Once the conditions are met, your loan will go back to the underwriter for final approval.

All documents should be uploaded to your loan portal. Due to the sensitive nature of the documents, please do not email them.

Screenshots are unacceptable because they are often missing important information that will source a document, such as a URL linking the website the document originated from to the document. This link authenticates the document being provided. Please provide PDF version of all documents, and print to PDF any documents that don't have a readily available statement.

Documents for a mortgage transaction are time sensitive and expire, so if you provided a bank statement or paystub, updated versions of these may need to be provided prior to closing.

The original payoff amount is derived from the principal balance listed on the credit report when credit report was pulled at the beginning of the process. Once a payoff is actually provided by your current lender, a daily (per diem) interest rate is calculated based on your current financing agreement with your lender and is added to your principal balance, based on the day of the month that you close.

Unfortunately, we do not support dual closings at this time.

LoanFlight.com uses an Appraisal Management Company (AMC) for all appraisals. The AMC then locates a licensed appraiser in your area to complete the appraisal. All fees are paid directly to the AMC.

The appraisal value is an estimate we initially provide based on your property and the state you live in. Ultimately, the appraiser found by the appraisal management company sets the final appraisal cost and may decide that certain qualities about your home warrant a more expensive fee. You will be provided a tolerance cure at closing for any difference between the disclosed amount (shown on your loan estimate) and any overage that you pay above this disclosed amount.

The appraisal fee will remain on your CD in case guidelines state that it is necessary to get an appraisal prior to closing.

If an appraisal waiver meets the guidelines for your loan, and no appraisal is needed, the charge will be removed from the final closing disclosure.