STEP 1 (Upon receipt of complete application) Initial Underwriting (U/W): Approve, suspense, or deny notice issued Third-party reports ordered: credit, appraisal, title, and closing Verifications sent (employment, deposit, mortgage, rent)

STEP 2 All reports and verifications in Complete loan package assembled and sent to final underwriter (U/W)

STEP 3 Final Loan Funding

It is important to note that once a complete application is received, we can lock in a rate immediately or “float” the rate, whereby the borrower instructs us when to lock the rate.

Comparing the industry norm to CB Investments streamlined mortgage process, the time it takes to go from Step1 to Step 2 is considerably longer, as it typically takes weeks to receive the third-party reports. CB Investments has forged alliances with these third-party vendors, greatly reducing the “wait time” to receive these reports.

Between Step 2 and Step 3, the loan package proceeds through final underwriting and document drawing before final loan funding. Upon final underwriting, two types of conditions will exist: prior-to-doc (PTD) conditions, which must be met before drawing documents, and prior-to-fund (PTF) conditions, which can be met after or concurrent with document signing.