The Mortgage Process

Interested in finding out how to apply for a mortgage? Click Here

Interested in finding out how to apply for a mortgage?

If you are interested in applying for a loan, the best thing to do is visit the following site and complete the application as best as you can:

http://natlbankofcommerce.web-loans.com/default.aspx
The following are the minimum details needed to complete the application.

  • Legal Name
  • Social Security Number
  • Birth Date
  • Where you have lived and worked for the last 2 years
  • Assets for down payment and closing costs
  • Your current debts
  • Email
  • A good phone number

If we need more information or clarification we will email you or call you

To find out what happens after the application is completed? Click Here

To find out what happens after the application is completed?

Upon receipt of your completed application, we will order your credit report. The credit report provides us with most of the details needed to generate an automated underwriting decision and narrow down which loan products you will qualify for. It will provide us with your current obligations and credit scores. Once the application process begins, your debt activity is monitored up until the day of closing. Based on this monitoring, it is best to avoid applying for new credit as this could affect our initial credit decision.

To find out when we send you disclosures: Click Here

To find out when we send you disclosures:

If you have a contract on a home or you are refinancing, we will send you a disclosure package from our 3rd party vendor, Doc Magic. You will be able to log in and follow the prompts to accept almost everything electronically. It will save you some time if you go ahead and do this immediately after receiving the emailed package. The disclosure package basically outlines the details of the loan you have applied for and other helpful mortgage details. By signing this electronic package, you are acknowledging that you have received this information. It does not say you agree with any of the documentation. It is not a commitment to borrow or to lend.

You are buying a home. Do you want to know what kind of documentation is needed: Click Here

You are buying a home. Do you want to know what kind of documentation is needed:

The following is the information that we will typically need on all loans. You do not have to provide this all at once, and we are happy to help you collect this information, so feel free to call (205-266-5669) or email (jmarbury@nationalbankofcommerce.com).

  1. Copy of a signed contract
  2. Copy of Current Driver's Licenses (You can take a picture of the driver’s license and text 205-266-5669) or email to jmarbury@nationalbankofcommerce.com.
  3. Most recent 2 Months Bank Statements of all assets on the application. The statements need to include all pages, your name, full account number and the institution’s logo. We normally have to document the source all larger deposits.
  4. Most recent 2 Years Personal Federal Tax Returns, all schedules, W-2's and any K-1's. If you own 25% or more of any company we will need the Business returns. If you have not completed your returns for that year and have filed for an extension and it is after April 15th; we will need a copy of the filed extension
  5. Most Recent Year to Date payroll stub – covering a 30 day period
  6. Realtor Contact information
    -Additional items that may not apply to every client-
  7. Most recent mortgage statement for current home and any additional properties owned. This will document if your property taxes and homeowners insurance are included in your monthly payment. If you have no escrow account, we will need documentation of your homeowners insurance and property tax amounts.
  8. Copy of Divorce Decree to document any Alimony or Child Support payment obligation. Most recent six month’s bank statements and Divorce Decree to document receipt of Alimony and/or Child Support income. The Divorce Decree must also detail that this income will continue for at least 3 years
  9. Most Recent Social Security and/or Pension/Annuity Awards Letters to document the receipt of this type of income. Further documentation may be needed to verify it’s continuance.
  10. Copy of Diploma/Degree and School Transcripts if attended school within the most recent 2 years employment
  11. For VA loan DD Form 214 (Long Form)

Other information that will be needed down the road:

  • Copy of your cleared earnest money check and documentation of funds available in your account for the last 2 months (Please provide this when these funds have cleared your account)
  • Condo Association contact information – if applicable.
  • Ok to order the appraisal after inspection negotiations have been completed
  • Title and Closing agent information (Normally your Realtor will supply this information)

Refinancing your home needed information: Click Here

Refinancing your home needed information:
  1. Copy of Current Driver's Licenses (You can take a picture of the driver’s license and text 205266-5669) or email to jmarbury@nationalbankofcommerce.com.
  2. Most recent 2 Months Bank Statements of all assets on the application. The statements need to include all pages, your name, full account number and the institution’s logo. We normally have to document the source all larger deposits.
  3. Most recent 2 Years Personal Federal Tax Returns, all schedules, W-2's and any K-1's. If you own 25% or more of any company we will need the Business returns. If you have not completed your returns for that year and have filed for an extension and it is after April 15th; we will need a copy of the filed extension.
  4. Most Recent Year to Date payroll stub – covering a 30 day period.
  5. Your homeowner’s insurance agent’s contact information
    -Additional items that may not apply to every client-
  6. Most recent mortgage statement for current home and any additional properties owned. This will document if your property taxes and homeowners insurance are included in your monthly payment. If you have no escrow account, we will need documentation of your homeowners insurance and property tax amounts.
  7. Copy of Divorce Decree to document any Alimony or Child Support payment obligation. Most recent six month’s bank statements and Divorce Decree to document receipt of Alimony and/or Child Support income. The Divorce Decree must also detail that this income will continue for at least 3 years.
  8. Most Recent Social Security and/or Pension/Annuity Awards Letters to document the receipt of this type of income. Further documentation may be needed to verify it’s continuance.
  9. Copy of Diploma/Degree and School Transcripts if attended school within the most recent 2 years employment
  10. For VA loan DD Form 214 (Long Form)

Appraisal, when to order and how do I get a copy: Click Here

Appraisal when to order and how do I get a copy:

The appraisal is generally ordered after you have E?signed all of the disclosures, and for purchases after inspection negotiations have been completed. Once we have received your appraisal we will deliver it to you by email through our 3rd party vendor “Mercury.” Once you have downloaded the appraisal, the system will inform us, and we will have complied with our Appraisal Delivery Requirements.

To find out what your insurance company needs: Click Here

To find out what your insurance company needs:

Many times insurance agents like to have a copy of the appraisal prior to providing the insurance. This document gives them the square footage and other information that they find helpful in providing you the right amount of coverage. Your agent will need to have our mortgagee clause which is:
National Bank of Commerce, ISAOA/ATIMA
Attn: Mortgage Dept.
1919 Cahaba Road
Birmingham, AL 35223
They will also like to know if the loan is being escrowed, the closing date, and the loan number
– which we will provide.

To find out what happens after the loan is submitted: Click Here

To find out what happens after the loan is submitted for underwriting:

After we have gathered up all of the needed information and inputted all of the data into our mortgage system the loan is submitted to an Underwriter. The underwriter looks over all of the documents and makes sure everything is in order and inputted correctly. Typically the underwriter will want some more information along with a letter of explanation. Many times we will know what might be required, but will let the underwriter make that decision before burdening the consumer with multiple requests for information which is unavoidable at times. When we find out exactly what is needed, we will request this information from you. Once the requested information is received along with your insurance, title insurance binder, and other need information, the loan is submitted for final approval. If all conditions are met we receive a Clear to Close.

What happens after we receive a Clear to Close: Click Here

What happens after we receive a Clear to Close:

When we receive a clear to close we are then given the Green light to order the closing package. We must give the closer time to provide an Initial Closing Disclosure 3 days prior to closing. You will be required to E?sign this disclosure before Midnight 3 days ahead of closing, or we will legally be required to postpone the closing until the 3 day time frame is met. The Initial Closing Disclosure is the last estimate that you will receive prior to closing. This disclosure is still an estimate, and some of the fees may not show up on the Closing Disclosure you will sign at closing. It may be in your best interest to go ahead and e?sign this document even if some of the charges are not accurate or will not be on the closing disclosure at all. If you delay signing you may be running the risk of the closing being postponed.

Once the Initial Closing Disclosure has been sent out, the closer and closing agent will begin working on the final Closing Disclosure that will be signed at closing. Under normal circumstances, we like to email this document to you one to two days prior to closing. Many times for purchases, the receipt of the Survey or Wood Infestation Report invoices is a hold up to providing the final closing disclosure.

What do we need to do prior to closing: Click Here

What do we need to do prior to closing:

Once you make it to closing you have seen a lot of information and you have jumped over and through many hoops. You will need to contact me or the closing agent for instructions on how to deliver your funds for closing. If you are getting money back you can skip this step. The best way to deliver your funds to the closing agent is by wire. You will need to provide your financial institution the closing agent’s wiring instruction and have it wired out the day before closing in order to ensure that the funds are delivered on time. If you use the required funds total from the Initial Closing Disclosure and this exceeds what is required for closing – the closing attorney will refund you the unused funds. If you are a little short on funds to close, many times the closing agent will accept your personal check for the difference. They will normally do this since it is usually a small amount. The last thing you will need to bring to closing is your Driver’s License and a second form of ID, like a Sam’s Card, Health Insurance Card or something else that has your name on it.

When will I make my first payment: Click Here

When will I make my first payment:

In your closing package you will receive a payment letter to National Bank of Commerce. This letter will tell you what month the payment is due and how much you will need to pay. Many of our loans are sold on the secondary market. This is how we can provide you with competitive rates. Even if your loan is sold you may make your first payment or two to National Bank of Commerce. For this reason, we recommend that you wait until your 3rd payment before setting up an automatic draft.

What do I do with myself after the mortgage process: Click Here

What do I do with myself after the mortgage process:

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Contact

John Marbury
jmarbury@nationalbankofcommerce.com
NMLS# 740833
Phone:205-266-5669
Fax: 866-217-4174

813 Shades Creek Parkway
Birmingham, Alabama 35209
 

Mission Statement

As a loan officer (mortgage broker 1989-2006) since 1985, I have seen a lot of changes over the years. The only consistency in the mortgage business and life is change. This is the reason that we believe it is necessary to move quickly and to be early. Let us know if you have any questions or if we can help in any way.

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