The Mortgage Origination Timeline

Approval Process

Pipeline

0 to 14 days Application Lock Date

30 to 45 days

Warehouse

Funding Date

30 to 45 days

30 to 45 days

Lender pools mortgages

Lender pools mortgages

Sale Date

Borrower applies for mortgage

Lender extends irrevocable commitment to fund mortgage

Borrower may decline with no penalty

Mortgage banks typically "sell forward" expected production

Lender funds mortgage

Lender delivers mortgage to agent

Sale process complete

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