Step 1- Submission

Simply send in the following 3 items:

   1. Submittal form
   2. Tri-merged credit report (less than 25 days)
   3. Complete 1003
   4. Income/Expense operating statements (2 years)
   5. Rent Roll ( if applicable)

Step 2- Approval

Upon loan submission, we will issue a prequalification in 24 hrs. Once the borrower and broker understand and agree with the terms of the loan, we will issue a Conditional Letter of Approval (CLA).

Step 3- Appraisal

The CLA must be signed and returned with all the conditions required. The borrower will be able to
send a check, cashier’s check, wire transfer the funds, or credit card payment for the appraisal. ONLY New World can order the appraisal.

Step 4- Collect Conditions

While the appraisal is being completed, our processing and underwriting staff will collect and review all missing conditions.

Step 5- Appraisal Review

Upon completion of the appraisal our real estate department will review the appraisal.
(approx. 4-5 days)

Step 6- Closing

Once all conditions and appraisal are satisfied and reviewed, New World will send out closing documents. Once closing documents are signed and reviewed, New World will fund the loan in 48 hrs.