Every lender is different. Provident Funding is unique since it provides very competitive rates and has strict underwriting requirements. Here are the steps.
1. File review：Lender will send you an email from NoReply@myloanzone.com. You can click the link to go to https://www.myloanzone.com/ to sign some docs electronically. You need to type your SSN on the web site. Your Loan Officer (LO) will also send some docs for signing.
Note that for the Property Characteristics Disclosure，Choose I/We do not in most cases
2. Underwriting：Lender will have some conditions/TODO items during underwriting. You can upload the required docs directly or send the docs to LO. You just need to look at the Borrower section and the Broker section.
- One doc is called Incomplete Credit Application. It is a reminder and you can ignore it.
- Verification of employment: you can use a coworker’s email address. Refer to Step #5.
- Tax return: you can go to https://www.irs.gov/individuals/get-transcript to get the transcript or upload your tax return. Note that it needs to signed (electronically for by hand)
- Letter of explanation: no template needed. Just write a simple doc, save it as a pdf and sign it electronically or by hand
3. Closing Disclosure: Lender will send the Closing Disclosure after your loan is CTC (cleared to close). You can go to the portal to sign electronically. If there is a non borrowing spouse, the spouse needs to print the page as below, hand-sign it with the date your sign on the portal and then scan it back to your LO.
4. Signing: you need to bring your green card or I-797 with current visa if you are not a US citizen. There are two notes and not every notary knows about that.
Noe #1： NOTICE OF RIGHT TO CANCEL: do not forget to initial the highlighted dates
Note #2： ALIEN STATUS ID CERTIFICATION: Option 1 is for green card holders. Option 3 is for I-797 with visa
5. Funding review：Lender will do VOE (verification of employment). It will ask for Manager/HR’s email address. Lender does not accept the third party web sites like theworknumber.com, inverify.net, truework.com because those websites refresh the data monthly. Suggest using a coworker/a friend’s email address which needs to be your company domain. The questions asked by the lender are very simple. e.g. is the borrower still working? Replying to the email takes literally a couple of minutes.