How do I submit a loan application?
There are several ways to submit an application. First you can fax our application form to your appropriate Loan Officer, depending on your location. We also accept competitor’s applications. You also have the option of faxing in a completed 1003 Form or our Land/Home Manufactured and Modular Loan Worksheet. If you have entered into an agreement to use our Web-based technology, on-line loan applications are available at your co-branded website. You can also send your applicant to our website were they can become pre-qualified via our quick application.

What does it mean to pre-qualify an applicant and is there any cost involved?
Pre-qualification provides an estimate of the mortgage size for which your customer will be approved. There are no costs in pre-qualifying an applicant. We will run a credit report for your customer(s) at no charge.

What is the next step after pre-qualification?
We will contact you for the go-ahead to get in touch with the borrower, obtaining any needed information, discuss the loan and mortgage transaction procedures, and send out loan documents (disclosures) for the borrower to sign. We will stay in close communication with you throughout this process.

What happens after the customer submits the loan documents?
After the executed loan documents are received, a loan officer will review your customer’s file and verify the loan application information and conditions. Should there be any data missing or any discrepancy in information, we will contact the borrower and/or you for clarification. We will structure the loan to meet the customer’s and your needs and the loan will be submitted for automated underwriting. Once the loan documentation and conditions are acceptable by the automated underwriting, an appraisal and preliminary title report will be ordered.

What happens if a loan does not meet automated underwriting guidelines?
If a loan does not meet automated underwriting guidelines, you will be notified that a customer’s loan must be further reviewed and a decision made. If the loan is approved after review and restructuring, you will be notified and we will send revised disclosures directly to your customer for signature. If your customer fails to qualify for a loan, we will mail a denial letter to your customer via regular U.S. mail and provide you with notice of such denial.

What determines the interest rate?
Interest rates are subject to daily change. You may obtain the weekly manufactured rates from the “Rates” tab on this Website. You must call the Loan Officer for actual daily rates. Interest rates are determined by a many factors such as lock period, points paid, term of the loan, loan program, credit rating, loan to value and debt ratios, occupancy and loan amount. The LHFS loan officer quotes customers an interest rate at the time of pre-approval. That quoted rate is subject to change as market interest rates fluctuate or as the initial information provided in the loan application is clarified and/or modified.

How does a customer lock an interest rate?
A customer will coordinate with their loan officer about the specific lock type and best time to lock their rate. We will lock rates only after receiving the signed loan application, deposit, income and credit conditions, and valid lock request by the borrower. In the case of a construction-to-permanent loan, the permanent loan rate is normally not locked until 30-60 days prior to project completion. Communication between the Loan Officer and the borrower determines the timing. Rate lock requests are typically completed within one business day and are confirmed in writing by Land/Home Financial Services, Inc.

What if the value, income or credit changes during loan processing?
Any changes to property value, customer income or credit during the loan process may affect the loan program, interest rate, mortgage term or approval.

What is involved in closing a mortgage?
For manufactured and modular homes, we must have a satisfactory final inspection and a certificate of occupancy. Once a loan receives final approval, closing documents are ordered and prepared. Preparation of such documents requires a minimum of 48 hours. Once documents are prepared, your Loan Officer will coordinate the closing with you and your customer.

What types of loans do we offer?
Land/Home Financial is a licensed mortgage lender that allows us to write loans in 47 States and the District of Columbia (additional State licenses are in process). We offer a wide variety of residential, manufactured home and modular home loans to meet each customer's unique needs, including conforming conventional, jumbo, "Buy-For" by relatives, niche products and cash-out and debt consolidation refinances. HUD-Code manufactured home loans have stricter underwriting criteria than site-built or modular homes, and not all loan programs are offered. However, our MH Residential Program does allow homes that meet specific quality, amenities, architectural and installation guidelines to be treated as site-built homes for rates and underwriting treatment.