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What separates CSI Mortgage from other lenders is our ability to fund private loans for people with poor credit, but have equity in Arizona real estate, or borrowers with immediate financing needs. CSI Mortgage also has specialists offering borrowers any form of conventional financing for applicants with good credit.

Private Financing

The application process always begins with an application. With any Residential Real Estate loan, a 1003 Uniform Residential Loan Application is completed by the Borrower(s), as well as the submission of documentation of the Borrower(s) ability to repay the loan, ie. pay stubs, tax returns or bank statements.

Once the application is completed and signed, the information provided allows us to order a credit report, open escrow with a title company and order an appraisal, if necessary.

The private loans can typically be closed very quickly. Be advised, CSI Mortgage can only originate loans on property within the state of Arizona.

Following the initial signing of the application, CSI Mortgage will issue preliminary documents within three days. These documents include the Good Faith Estimate of Costs, Federal Truth in Lending document, if necessary, the Equal Credit Opportunity Act Notice, the Servicing Disclosure Statement and an Advance Fee Agreement.

During the period when all necessary information is being gathered, a lender is put in place to fund the loan. The lenders for these loans are typically private individuals who choose to invest their money in loans backed by Arizona real estate.

The private lender will evaluate the information provided and look at the property personally. From this aspect, the better the situation, the easier it is to find an lender, quickly. In addition, the condition of the property has much to do with placing a loan. A potential lender will be much more likely to lend on a well-maintained property than a poorly maintained one.

Once all documentation has been obtained and a lender has been found, loan documents will be drawn. Once the loan documents have been signed, one of two situations present the next step. If the property is 1-4 family and owner occupied, the borrower must wait until the 3 day right of recission is up before the loan can close and loan proceeds can be issued. If the property is not 1-4 family and is non-owner occupied, the funds will be available immediately following the proper recordation of the documents by the Title Company.

Conventional Financing

Conventional financing tends to take longer to close than private loans because of the documentation needed and the underwriting process for borrower(s) to qualify for a conventional loan. Conversely, our private loans are processed in an expedited manner with not as many "hoops" to jump through.

The first step is always the loan application. Conventional loans also require a 1003 Uniform Residential Loan Application.

Once the application is completed, the process can begin. A Title Company is contacted to prepare a title report, a real estate appraiser is contacted and a credit report is ordered.

Within 3 days of the application, the borrower is issued preliminary loan documents including the Good Faith Estimate of Costs, Federal Truth In Lending Disclosure, the Equal Credit Opportunity Act Notice, Servicing Disclosure Statement and an Advance Fee Agreement.

Once all the preliminary documents are signed and returned by the borrower, they are packaged and sent to a wholesale lender for approval. It usually takes 1-2 days to get an approval. The approval form will also contain a list of conditions to be satisfied for this loan to be closed.

With all the necessary services working in preparation for the closing, the Borrower is given a list of information which needs to be provided to the wholesale lender. These documents can include tax returns, bank statements and, in some cases, legal documents pertaining to settlements or agreements.

At this point, CSI Mortgage has gathered the information from the Borrower, Title Company, appraiser and Credit Reporting Agency as well as a few processing documents which are CSI's responsibility to complete. This is the final package which gets sent to the wholesale lender. If all the loan conditions are satisfied, CSI Mortgage can request documents be drawn.

Once the documents delivered to the Title Company, the borrower will sign them in front of the Escrow Officer. If the property being financed is an owner-occupied residence, there may be a 3 day right of recission imposed. This is a Federal requirement, giving Borrowers one last opportunity to cancel the loan, even after the final loan documents are signed.

The right of recission completed, the Title Company records the necessary documents with the County Recorder and the transaction is complete. The last item is for the Title Company to cut the appropriate checks from escrow.

In all, this process takes an average of 4 weeks.


CSI Mortgage Corp.tm
9832 N. Hayden Rd., Ste. 213, Scottsdale, AZ 85258
(480) 860-4028(800) 758-1793FAX (480) 451-4516
Arizona Mortgage Broker #0911216