What happens to a file once it’s submitted to the lender?
Once the lender has received the file, it will be entered into their computer systems. All banks vary on the timeline here, whether they assign it immediately to a negotiator or whether the file makes its way through the many levels of review before actually being assigned to a negotiator. Either way, there is not much decisive activity until it reaches a negotiator and is analyzed by them. They will review the file in depth, they will most likely pull credit, if it wasn’t done already, they will request some kind of property report, but only in extreme cases will they actually order an appraisal. They will note in the file if more documentation is needed, but they will rarely contact you or anyone else. It is up to the Processor to maintain consistent contact with the bank to make sure the file is being reviewed and to follow up if any further documentation is needed.
