A typical application flows as follows:
Broker/Agent creates a new application in Expert.
When the name, current address, and date of birth
are entered for the applicant(s) in the application, the Broker/Agent
can then obtain a credit report from a credit reporting agency. The
credit report becomes part of the application that will be submitted
to the lender.
Broker/Agent enters the client and mortgage details
in Expert
Broker/Agent submits the application to the lender.
When an application is submitted to a lender, it cannot be submitted
to another lender until the original lender responds, or until four
hours transpires. This is known as the "lender lock" period.
Note: You can resubmit the application to the same lender within
the lender lock period.
The lender receives the application, and the underwriter
reviews and sends it to the Mortgage Insurer for insurance considerations.
The underwriter either offers a commitment or declines
the application. The lender response is sent to Expert.
The Broker/Agent views the details of the approval
or decline, and then accepts the response from the lender.
Broker/Agent processes any creditor insurance applications,
and prints any required documents.
Broker/Agent completes the fees and commissions.
Upon receipt of the lender funding cheque, the broker/agent updates the status of the application to Closed.