Understanding the ESL Mortgage Process

When you choose ESL as your mortgage lender, you are choosing a team of highly experienced mortgage loan professionals. Your ESL mortgage team includes a Mortgage Origination Counselor, Processor, Underwriter and Closer. The mortgage process begins when you talk with an ESL Mortgage Origination Counselor.

An ESL Mortgage Origination Counselor will:

1. Assess your needs and recommend mortgage products that are best for you.
2. Qualify you for a mortgage amount, quote interest rates and determine your cash requirements at closing.
3. Review your credit history and take your application.
4. Inform you of any credit or cash issues and advise you of your options.

An ESL Mortgage Processor will:

1. Review your application, verify information and gather other information necessary to complete your file.
2. Order an appraisal.
3. Send you documents to sign and return.
4. Forward the completed file to an ESL Mortgage Underwriter.

An ESL Mortgage Underwriter will:

1. Evaluate your ability to repay the loan within the terms and conditions of the mortgage.
2. Analyze four factors: income, credit, cash to close and appraisal.
3. Approve or decline your loan request.
   1. Issue the final commitment letter upon loan request approval, which lists the terms and conditions of the approval.
   2. Defines all requirements to close the loan.
   3. Gives instructions to you and your attorney for the closing.
   4. This is an important document. Read it carefully when it arrives.
   5. Give a copy to your attorney immediately.
   6. Call ESL with any questions.

At the time of application, Mortgage Origination Counselors will inform borrowers if they have credit issues or insufficient cash to close. While examining verifiable facts, the Mortgage Underwriter may find discrepancies that could cause an applicant to be declined. When that happens, the Underwriter will:

1. Review the situation with you and ask for clarification.
2. Send a legally required letter describing why you were declined.
3. Suggest, when possible, a course of action for your loan to be approved.

If you are approved, your file then goes to the ESL Closing Department.

Questions about an ESL Mortgage? Call an ESL Mortgage Origination Counselor at 585.336.1502 or 800.352.6669. Or submit a request on line and we'll call you back!