The Loan Process

At The Woodlands office of Republic State Mortgage, loans are usually closed within two to three weeks. You will receive constant communication as to the updated status at each step along the way.

Here's how the process works:

Submit an Application
Once you have submitted your information for the mortgage application (over the phone, in person or online) one of our expert Mortgage Bankers will make an appointment to meet with you at your convenience to review a Good Faith Estimate and all associated government-required loan disclosure documents. We will meet you at your office during the day; at your home in the evening or over the weekend or any other time and place that best fits your busy schedule. Even though we are a Texas Mortgage Bank, we DO NOT work by “banker’s hours.”

Sign Initial Disclosures and Provide Verification Documentation
When we set the appointment to review the initial paperwork, a list of documents will be sent to you in advance of our meeting. When we actually meet to review, and have you sign, the paperwork and collect your support documentation, an Application Fee, as noted on the Good Faith Estimate, will also be collected. This can be paid by you with a check or credit card and allows us to pay for the Credit Report and Appraisal, both of which are invoiced to RSMC when they are provided ahead of closing. If you do not live or work within the Houston area, a loan package consisting of all appropriate disclosures will be e-mailed to you and should be signed and returned, with all requested support paperwork, as soon as possible. Missing documentation or a delayed response will slow the loan process.

RSMC Reviews Documentation & Submits File To Underwriting
Once we receive your completed loan package, we will review your credit and documentation for a preliminary loan approval. We will start ordering your appraisal and title commitment when the loan is pre-approved. As all paperwork is received, your file will be processed and submitted to Underwriting. Once all documents, title work and the appraisal have been received and reviewed by the Underwriter and all parameters of your file has been verified to be in accordance with your respective loan program’s guidelines, your loan will be given final approval. Once your loan has been approved and you've locked an interest rate, we will request our attorneys to send the closing documents to the title or escrow company.

Lock a Loan Rate
Once you have committed to us that you are going to proceed and we have preliminarily approved your loan, you can request to lock an interest rate immediately, or continue to watch the market (float) and lock a rate any time prior to our ordering of the final closing documents from our attorneys. Lock requests can be made via email or phone at anytime through the week; however, we can only execute them Monday through Friday from 9AM to 8PM CST.

Closing
We will work closely with your title/escrow company to set up a closing date and time for you to review and sign the closing documents. In a purchase transaction the scheduling of your closing will typically also be coordinated through your Real Estate Agent. In a refinance transaction, we will schedule your closing with the title/escrow company based on your preferences. Once the title/escrow company has received your closing documents from our attorneys they will prepare the final settlement statement and send it to us for approval. Once we have determined that the settlement statement is correct, we will forward a copy to you with an explanation as to how to read it. This final stage typically occurs at least one or two days prior to your scheduled closing date. Our goal is to allow you plenty of time to arrange your funds needed at closing.

Money is Available!
For a purchase transaction, your new mortgage will be funded at the time of closing, or at least, within the same day, depending on the amount of wire traffic going through the Federal Reserve on that particular day. For all owner-occupied (primary residence) refinances, Federal and State Laws require that there be a 3-day “cooling off” period following closing. This “rescission period” is required to allow you the right to change your mind and “rescind” the process if you should desire.