Your application is under review and a Bank representative will contact you if additional information is required. If you failed to submit all the documents during your application process, those documents will be requested and the file won't move forward until all the required documents have been received.

The Bank will order your appraisal to a state-licensed and/or certified appraiser. They will be in contact with the seller to schedule a date for the appraiser to determine the value of the property. The speed of the appraisal process is determined by the schedule of the seller. 

The Bank will order a title commitment, which dislcoses all the liens, defects, and burdens and obligations to all parties involved relating to the property. 

The Bank receives the appraisal and will do a thorough review. An appraisal review may be required, which is when a different appraiser from another company reviews the appraisal. You will receive a copy of the appraisal promptly upon completion or three business days prior to consummation, whichever is earlier.

A second certified appraiser will review the original appraised value to confirm the valuation is accurate. 

The Bank will review your title commitment and begin working to clear any outstanding items. 

An LSB underwriter will review your income information and (if not pre-approved) determine if you can afford the loan. 

Instead of someone reviewing your loan application across the country, LSB's underwriters work at the Lisle office, which helps accelerate the approval process.

An LSB underwriter will review your credit report and title commitment and contact you if required. 

An LSB underwriter will review your appraisal to confirm the market value of the property and identify the loan-to-value ratio you qualify for. 

An LSB underwriter will verify your employment. 

A commitment letter will be mailed and e-mailed (if email address was provided) to you, informing you of the Bank's decision. 

LSB sends a 'clear to close' to the attorney and title company. Your attorney will coordinate and schedule the closing and will inform you of the closing date, time, and location of the closing. 

You will need to submit a copy of your homeowner's insurance declaration page and a paid receipt. You'll need to update the mortgagee clause on your insurance policies as outlined on your Mortgage Loan Fact Sheet, so the insurance companies know where to send proof of insurance in the future. You may need to provide copies of your HOA and/or Flood Insurance policies (if applicable).

You need to submit proof of income to verify you are still employed. In addition, an LSB representative may contact your employer. 

You will receive a closing disclosure at least 3 days prior to your closing date. LSB will review our current mortgage rates to see if you are eligible for a free float down on your interest rate. 

You will need to have the funds for your down payment ready prior to closing. The dollar amount is listed on your closing disclosure. The funds are usually wired.

Only use wire information that is provided by your attorney. 

An LSB representative will not be present at the closing. They will be working with the title company remotely to expediate the process, which will usually take between 30-60 minutes.