BCM Management LLC

Description

LendSmart Mortgage was founded in 2006 and quickly emerged as a leader in mortgage banking and brokering. LendSmart is headquartered in Maple Grove, MN and has of?ces in Minnesota, Wisconsin, and Arizona and we are closing mortgages in many other states. LendSmart has invested hundreds of thousands of dollars in software and networking programs that allow branches such as ours to operate ef?ciently and in compliance with all State and Federal origination guidelines. LendSmart has relationships with dozens of investors who offer just about every type of loan available. LendSmart is one of Minnesota’s fastest growing Mortgage Companies and last year they originated over $200 million in residential loans.

The Loan Process Your Sales Associate will help you to select a mortgage lender. Once you have made your decision, these are the steps of the process: Application - All pertinent documentation is obtained. Fees and down payments are discussed, and the borrower will receive a Good Faith Estimate (GFE) and a Truth-in-lending statement (TIL), itemizing the rates and associated costs for the loan. You will be asked to provide certain documents to your lender in order that your loan can be processed in a timely manner. Loan Submission - Once all the necessary documentation is in, your completed file is submitted to a lender for approval. Loan Approval (Underwriting) - Loan approval, or underwriting, generally takes 24 to 72 hours. All parties are notified of the approval and any loan conditions that must be received before the loan can close. Closing - Once all parties have signed the loan documents, they are returned to the lender. If all the forms have been properly executed, the lender sends the loan funds by wire transfer. At this point, the borrower finishes the loan process and actually buys the house.

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