Loan Application Roadmap
800.873.1172
community1.com
Thank you for choosing CommunityOne for your home lending needs. We have included a description and
timeline of the mortgage loan process for your convenience. We hope you find this information helpful, and
encourage you to contact us with any questions or concerns.
• The mortgage loan process begins with you discussing your financing needs with a Mortgage Loan Officer
(MLO). Contact any of our branches and ask to speak with the local MLO.
• The next step is to submit a mortgage loan application to your MLO. You may submit your application
in person, by telephone or by mail. Your MLO will obtain a credit report and ask you to provide supporting
documentation which will expedite your mortgage loan request.
• Your MLO will provide you with Good Faith Estimate and Truth in Lending Disclosures within three business
days of receiving your loan application. These disclosures are not binding. Once you have received the
disclosures, we will collect the appraisal fee so as to avoid delays when it is time to order an appraisal.
•
You typically have a choice at the time of application to lock or float your interest rate. Locking your rate
guarantees it is the rate you will receive at closing (presuming you provide us with required information
upon request and that your financial situation and loan request do not change during the loan process).
We must be able to close your loan on or before the rate lock expiration date. Once you lock your rate
you cannot unlock it in order to receive a lower rate. If you choose to float your rate, it will fluctuate up or
down until you decide to lock. You will be asked to lock your rate at least one week before closing.
• The next step is for us to review all of your submitted documentation and order an appraisal.
• Once we have received all required loan documentation we will give you a loan decision. Many loan types
can be approved in a short period of time, while other loans, such as FHA, VA and USDA, take longer to
review and render a decision.
• Upon final approval, the loan file will be handed to our closing department to coordinate the loan closing.
Our closing department will ask you to provide evidence of insurance and will prepare the closing package
to be sent to the closing attorney.
• Prior to closing, your MLO will review with you the loan program, interest rate, term, cash to close and
other information to ensure there are no surprises.
©CommunityOne Bank, N.A. + 20150407
Loan Application Checklist
800.873.1172
community1.com
We want your home lending experience to be quick and easy. To help us make a prompt and thorough
credit decision, please be prepared to provide us with the items and information listed below.
Verification of Income
• For salaried or hourly borrowers: W-2 forms for the past two years and pay stubs for the most recent
30-day period
• For self-employed borrowers: profit and loss statements and personal and business tax returns for the
most recent two-year period
• Additional income:
• Social Security: copy of most recent benefits statement
• Rental income: personal and business tax returns for the most recent two-year period
• Child support or alimony: copy of the divorce decree and proof the income has been received
Verification of Assets
• Listing of bank accounts with copies of checking / savings statements for the previous two months
• Listing of investment accounts with copies of statements for the previous two months
• Listing of retirement accounts with copies of the most recent statements and terms under which funds
may be withdrawn
• The above asset information is not needed for accounts currently held with CommunityOne
• Gifts: copy of gift letter (which must state that money will not have to be repaid) and copy of gift check
Information About the Property
• If a purchase: copy of the signed purchase contract
• If a construction loan: copies of plans, specifications and signed construction contract with the builder
Additional Information
• Listing of Debts and Real Estate Owned Property
• Home and work addresses for the last two years
• Check made payable to CommunityOne Bank, N.A. for appraisal: $
For Refinance Loans
• Copy of the deed
• Copy of the homeowners insurance policy
• Estimated annual property tax
• Copy of the existing note showing agreement and balance (if with another financial company)
©CommunityOne Bank, N.A. + 20150407